Atria's Q1 was solid with adjusted EBIT beating LSEG Data & Analytics consensus by 6%. Higher subsidies supported the development in Estonia, while an avian influenza-driven shortage of poultry impacted sales and earnings negatively in Sweden. Ahead of the important grilling season, Atria has strong top-line momentum, while we note that rising cost inflation could put slight pressure on earnings before pricing actions are possible. We make only minor estimate revisions and nudge up our DCF- and multiples-based fair value range to EUR 18.1-22.1 (17.7-21.6).
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