Atria: Guidance appears undemanding for H2 - Nordea

Atria's strong Q2 results included adjusted EBIT of EUR 12.6m versus our expectation of EUR 6.3m. The recovery of foodservice continued, while retail sales growth has flattened. The company increased its exports to China during H1, while the recent drop in export prices could lead to less favourable market conditions during H2, especially in Q3. Although we take a slightly more cautious view on H2, we believe the company will raise its guidance in conjunction with the Q3 report. Chinese demand and pork prices will remain the key drivers for European meat raw material prices in the short term. We derive a fair value range of EUR 14.1-17.3 (13.6-16.7) per Atria share. Marketing material commissioned by Atria.

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