Atria's Q1 adjusted EBIT beat LSEG Data & Analytics consensus by 31%. The beat was broad-based, although the new poultry unit in Finland was the main driver behind the y/y improvement. Despite the uncertain consumer demand outlook, we continue to view the 2025 guidance for declining adjusted EBIT as conservative and see the possibility of a guidance raise during the summer. We nudge up our DCF- and multiples-based fair value range to EUR 15.1-18.4 (14.8-18.1). Marketing material commissioned by Atria.
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