Atria's Q2 EBIT beat LSEG Data & Analytics consensus clearly. All divisions improved profitability, led by Finland, where the ramp-up of the new poultry unit has been completed without any surprises. Given its strong market position in Finland, we believe the company can continue to deliver in H2 and beyond, while improvement in Sweden could give further support to earnings growth. We raise our 2024-26 EBIT estimates by 3-6% and nudge up our DCF- and multiples-based fair value range to EUR 13.1-16.0 (12.9-15.7). Marketing material commissioned by Atria.
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