Atria: Costs in focus for H2 - Nordea

Atria's Q2 EBIT of EUR 10m fell short of Refinitiv consensus expectations despite continued strong top-line development. A ramp-up of investments and high input costs weighed on the gross margin, while the company has been able to improve its market share in Finland and Estonia. Cost pressure continues into H2, although we expect volumes to hold up relatively well. We continue to believe that Atria's ability to maintain price levels is one of the key factors for H2. Guidance for declining adjusted EBIT was reiterated, which incorporated additional costs from the ramp-up of investments, which we believe are running somewhat ahead of the original schedule. We derive a somewhat lower DCF- and multiples-based fair value range of EUR 12.3-15.0 (13.0-15.9) per share. Marketing material commissioned by Atria.

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