Atria: Broad offering to secure solid volumes - Nordea

Atria raised its guidance on 11 September and now expects adjusted EBIT to improve in 2023. Commissioning of the new poultry factory is proceeding well, with additional costs being lower than previously anticipated. Moreover, the company noted a better sales structure in Finland, which, to our understanding, reflects relatively lower industrial and export sales. We believe volumes have remained stable in both the Retail and Foodservice channels, and that the company has likely maintained price levels. Uncertainty over 2024 prices remains, but the company should benefit from large investments coming on line in 2023-24. We derive a slightly higher DCF- and multiples-based fair value range of EUR 12.9-15.8 (12.3-15.0). Marketing material commissioned by Atria.

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