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SENASTE
We take a more cautious view ahead of Atria's Q1 results due on 3 May. While foodservice sales have clearly recovered following the easing of restrictions, we expect the poor harvest and the geopolitical situation in Ukraine to increase cost inflation. We expect multiple sales price hikes in 2022, while it might take until 2023 before prices catch up with the ongoing cost inflation. We argue that even though Atria could manage to pass on cost inflation to prices, consumer retail demand could decline due to higher prices in the latter part of 2022. We derive a fair value range of EUR 11.4-13.9 (12.6-15.4) per Atria share. Marketing material commissioned by Atria.
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