Atria reported strong headline figures for Q1, clearly beating Refinitiv consensus expectations despite additional costs in Sweden and Denmark. Strength came from Finland, where the company continues to gain market shares ahead of the more important H2. Broad-based cost inflation has continued, while the company has been able to protect its margins with stable volumes and price increases. Atria is keeping its guidance for declining adjusted EBIT intact, while we now model 5% growth for 2023. In addition to the poultry unit ramp-up, we view Atria's ability to maintain price levels as one of the key factors in 2023. We derive a DCF- and multiples-based fair value range of EUR 13.0-15.9 (12.4-15.1) per share. Marketing material commissioned by Atria.
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