Following the positive profit warning on 13 October, we nudge up our 2025-27 estimates by 3-5%. Atria now expects its 2025 adjusted EBIT to increase from EUR 65m in 2024. Q3 sales were strong and we note the company is no longer experiencing a soft Finnish retail sales development. The impact from Chinese tariffs is likely limited in Finland, while African swine fever cases will likely continue to hamper Estonian profitability to some extent. Atria's new strategy focuses more on growth, which we see in the ongoing investments in convenience food. We derive a slightly higher DCF- and multiples-based fair value range of EUR 16.0-19.5 (15.2-18.6).
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