Atria's Q1 EBIT came in clearly above LSEG Data & Analytics consensus despite the ongoing ramp-up of the new poultry unit in Finland. Efficiency measures are starting to bear fruit in Sweden and Denmark; combined with the closure of the old poultry unit in Finland this week, we believe the measures could trigger a positive guidance revision as early as the Q2 report. Despite short-term market uncertainties, we believe Atria is well positioned to gain from a trend increase in poultry demand and ongoing efficiency measures. We derive a slightly higher DCF- and multiples-based fair value range of EUR 12.1-14.7 (11.5-14.0) per Atria share. Marketing material commissioned by Atria.
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