Atria: 2024 likely to be back-end loaded - Nordea

Atria is currently ramping up its EUR 160m poultry investment in Finland. We believe the ramp-up will weigh on Finland's performance in H1, but efficiency gains could become visible in H2. Owing to slowing inflation, grocery market volumes have shown the first signs of improvement, but we expect Foodservice volumes to be burdened, at least in H1. Ahead of the Q1 report, we make minor estimate revisions and derive a slightly lower DCF- and multiples-based fair value range of EUR 11.5-14.0 (11.6-14.2). Marketing material commissioned by Atria.

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