Atria's Q2 adjusted EBIT of EUR 20.7m was 15% above LSEG Data & Analytics consensus and sales were 1% above. The company noted a strong start to the grilling season, while cost inflation started to intensify towards the end of the quarter. However, we note the upcoming pricing window, which will likely allow for cost inflation to be mitigated through pricing. The company kept its guidance for increasing adjusted EBIT intact. We make minor positive revisions and derive a slightly higher DCF- and multiples-based fair value range of EUR 18.7-22.8 (18.3-22.3).
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