Atria: Solid performance in tough environment - Nordea

Atria's Q3 adjusted EBIT of EUR 16.2m was in line with our expectations, supported by strong sales growth of 13% y/y that was driven by price increases. Volume development in retail has levelled off, while foodservice remained on its strong track. Costs continue to increase and the main concerns relate to logistics and energy. Large investments are progressing according to plan and we note the positive development in Sweden, where the company had previously been struggling with its poultry operations. We believe Atria can maintain its strong market positions, although uncertainties related to overall market volumes remain. We derive a fair value range of EUR 12.2-14.9 (12.0-14.7) per Atria share. Marketing material commissioned by Atria.

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