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Atria: Strong sales mix secured in Q3 - Nordea

Atria's Q3 EBIT of EUR 19.3m easily beat Refinitiv consensus, despite a weaker top-line development. Retail and foodservice channels performed solidly, while lower-margin sales to feed, industrial and export customers declined y/y. The ramp-up of Swedish and Finnish production and processing plant investments are proceeding as planned and should offer stable ground for profit improvements in 2024E. We derive a slightly higher DCF- and multiples-based fair value range of EUR 13.1-16.0 (12.9-15.8). Marketing material commissioned by Atria.

Atria's Q3 EBIT of EUR 19.3m easily beat Refinitiv consensus, despite a weaker top-line development. Retail and foodservice channels performed solidly, while lower-margin sales to feed, industrial and export customers declined y/y. The ramp-up of Swedish and Finnish production and processing plant investments are proceeding as planned and should offer stable ground for profit improvements in 2024E. We derive a slightly higher DCF- and multiples-based fair value range of EUR 13.1-16.0 (12.9-15.8). Marketing material commissioned by Atria.
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