The Finnish grocery market remained stable in Q1, but we note the potential for material cost inflation in 2026 amid the Middle East crisis. We expect logistics costs to increase from Q2, while price adjustments would likely only be possible from Q3, we believe. Given Atria's strong market position, we believe the company can push through the majority of raw material increases to prices, but geopolitical tensions and possible interest rate increases could burden consumer confidence. Our DCF- and multiples-based fair value range remains intact, at EUR 17.7-21.6.
LÄS MER
