Atria: Warm autumn could have supported mix - Nordea

Ahead of Atria's Q3 report, we nudge up our estimates, owing to the warm autumn and the continued decline in raw material prices for meat. We expect relatively stable organic sales, while completion of the Finnish poultry unit and profit improvement measures in Sweden should support earnings development. In line with our estimate revisions, our DCF- and multiples-based fair value range is nudged up to EUR 13.6-16.6 (13.1-16.0) per share. Marketing material commissioned by Atria.