Ahead of Atria's Q1 report, we keep our group estimates largely intact. Meat raw material costs are increasing in Sweden while they are trending lower elsewhere. We expect a relatively stable demand situation in Q1 and note early spring weather that could support the Q2 top line and earnings through a more favourable mix. Atria is currently planning to modernise its food factory in Nurmo, with an investment decision due by the end of 2025. Our DCF- and multiples-based fair value range is intact at EUR 14.8-18.1. Marketing material commissioned by Atria.
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