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Atria: Retail and exports supporting volumes - Nordea

Atria will report its Q1 results on 29 April. We expect good growth in retail and export volumes, while restrictions in the restaurant market will likely result in a sub-par sales mix.

Focus in the report will be on the divestment of the Russian retail and foodservice operations and we expect the company to discontinue reporting the Atria Russia segment after completion of the deal.

Atria's 2021 guidance for EUR 37-43m adjusted EBIT appears conservative to us given easing of restaurant restrictions, the divestment of the loss-making Russian operations and continuing efficiency improvements.

For 2021, we forecast adjusted EBIT of EUR 46m. We derive a fair value range of EUR 12.9-15.8 (12.3-15.0) per Atria share. Marketing material commissioned by Atria.
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