Company Overview
Atria is a leading Finnish food company that operates in the Nordic region. With over 120 years of history, Atria has established itself as a trusted brand in the region, known for its high-quality products and commitment to sustainability.
Atria's primary mission is to become a leader in the Nordic food market by offering innovative and sustainable products that meet the changing needs of consumers. The company's core values include a passion for food, a commitment to quality, and a dedication to sustainability.
Atria's product portfolio includes a range of meat and poultry products, such as beef, pork, chicken, and lamb, as well as fish and seafood products. The company also offers a variety of dairy products, including milk, cheese, and yogurt. Additionally, Atria has a strong presence in the bakery and confectionery markets.
Atria is committed to sustainability and has set ambitious targets to reduce its environmental impact. The company aims to become carbon neutral by 2050 and has already made significant progress in reducing its energy consumption and waste.
Key Products and Services
Nurmi beef: A high-quality steak considered one of the best in the world.
Skölerstans: High-quality meat products known for their taste and quality.
Dairy products: A range of milk, cheese, and yogurt products available across the Nordic region.
Mission and Core Values
Passion for food: Atria is committed to delivering high-quality products that meet the changing needs of consumers.
Commitment to quality: Atria is dedicated to ensuring that its products meet the highest standards of quality and safety.
Dedication to sustainability: Atria aims to reduce its environmental impact and become carbon neutral by 2050.
Investment Opportunity
Atria offers a unique investment opportunity for those looking to invest in a sustainable and high-quality food company. With its ambitious targets and commitment to innovation, Atria is well-positioned for long-term growth and success.
The company's strong brand presence and diverse product portfolio make it an attractive investment opportunity for investors looking to diversify their portfolios.
Atria's focus on sustainability and environmental responsibility also makes it an attractive option for impact investors who are looking to support companies that share their values.
Valuation
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Number of Shares (million) | 28.3 | 28.3 | 28.3 | 28.3 | 28.3 | 28.3 | 28.3 |
| Target Valuation (MEur) | 576.1 | 593.1 | 578.8 | 610.1 | 586.7 | 529.5 | 529.5 |
| Targer Price | 20.38 | 20.98 | 20.48 | 21.58 | 20.76 | 18.73 | 18.73 |
| Potential, % | 119.9 | 100.6 | 89.6 | 41.1 | 29.4 | 16.8 | 16.8 |
| Recommendation | Buy | Buy | Buy | Buy | Buy | Hold | Hold |
| MCAP (MEur) | 262.0 | 295.7 | 305.3 | 432.5 | 453.4 | 453.4 | 453.4 |
| Price | 9.27 | 10.46 | 10.8 | 15.3 | 16.04 | 16.04 | 16.04 |
| EV | 497.0 | 570.0 | 567.0 | 651.0 | 675.0 | 662.0 | 634.0 |
| P/S | 0.15 | 0.17 | 0.17 | 0.24 | 0.24 | 0.24 | 0.23 |
| EV/S | 0.29 | 0.33 | 0.32 | 0.36 | 0.36 | 0.34 | 0.33 |
| EV/EBIT | 9.7 | 11.49 | 8.54 | 10.19 | 8.22 | 13.64 | 11.28 |
| P/E | 5.53 | 8.72 | 7.1 | 9.92 | 7.25 | 11.67 | 10.08 |
| P/B | 0.58 | 0.76 | 0.76 | 1.0 | 0.96 | 0.88 | 0.81 |
| P/OCF | 4.87 | 3.17 | 3.3 | 3.6 | 3.98 | 6.35 | 5.25 |
| EV/OCF | 9.23 | 6.11 | 6.14 | 5.43 | 5.93 | 9.28 | 7.34 |
| P/FCF | -5.49 | -23.65 | 7.34 | 6.2 | 27.36 | 34.9 | 16.22 |
| EV/FCF | -10.41 | -45.59 | 13.63 | 9.33 | 40.74 | 50.97 | 22.68 |
Income Statement
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Revenue | 1696.7 | 1752.8 | 1755.4 | 1813.8 | 1892.8 | 1925.7 | 1944.9 |
| Rev. Growth, % | 10.2 | 3.3 | 0.1 | 3.3 | 4.4 | 1.7 | 1.0 |
| Ebit | 51.2 | 49.6 | 66.4 | 63.9 | 82.1 | 48.5 | 56.2 |
| Ebit Growth, % | -0.6 | -3.1 | 33.9 | -3.8 | 28.5 | -40.9 | 15.9 |
| Ebit, % | 3.0 | 2.8 | 3.8 | 3.5 | 4.3 | 2.5 | 2.9 |
| Profit | 47.4 | 33.9 | 43.0 | 43.6 | 62.5 | 38.8 | 45.0 |
| EPS | 1.68 | 1.2 | 1.52 | 1.54 | 2.21 | 1.37 | 1.59 |
| Profit Growth, % | 19.1 | -28.5 | 26.8 | 1.4 | 43.3 | -37.9 | 16.0 |
| Profit, % | 2.8 | 1.9 | 2.4 | 2.4 | 3.3 | 2.0 | 2.3 |
Balance Sheet
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Inventory | 152.8 | 128.8 | 125.9 | 128.3 | 134.2 | 134.6 | 136.3 |
| Acc. Receivable | 135.3 | 115.8 | 108.4 | 106.2 | 111.9 | 122.6 | 127.8 |
| Cash | 31.0 | 10.1 | 19.9 | 30.9 | 64.0 | 77.0 | 104.9 |
| Equity | 449.4 | 389.0 | 402.4 | 432.0 | 473.5 | 512.4 | 557.3 |
| ROE, % | 10.5 | 8.7 | 10.7 | 10.1 | 13.2 | 7.6 | 8.1 |
| ROCE, % | 7.2 | 7.4 | 9.7 | 9.4 | 10.8 | 6.1 | 6.7 |
| Net Debt | 234.7 | 274.2 | 261.8 | 218.7 | 221.7 | 208.7 | 180.8 |
| Gearing, % | 52.2 | 70.5 | 65.1 | 50.6 | 46.8 | 40.7 | 32.4 |
| Equity ratio, % | 43.2 | 39.3 | 40.9 | 43.2 | 45.4 | 48.2 | 51.6 |
| Acc. Payable | 261.1 | 248.6 | 231.6 | 245.3 | 245.2 | 230.0 | 214.3 |
| Total Assets | 1039.8 | 989.0 | 984.8 | 999.4 | 1043.3 | 1062.5 | 1081.1 |
| ROA, % | 4.6 | 3.4 | 4.4 | 4.4 | 6.0 | 3.7 | 4.2 |
Cash Flow
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 53.8 | 93.2 | 92.4 | 120.0 | 113.9 | 71.4 | 86.4 |
| Investment Cash Flow | -101.5 | -105.7 | -50.8 | -50.2 | -97.3 | -58.4 | -58.4 |
| Free Cash Flow | -47.7 | -12.5 | 41.6 | 69.8 | 16.6 | 13.0 | 28.0 |
| OCF/CAPEX | 0.53 | 0.88 | 1.82 | 2.39 | 1.17 | 1.22 | 1.48 |
| Financial Cash Flow | 20.3 | -7.8 | -32.3 | -58.7 | -14.4 | 0.0 | 0.0 |
Disclaimer
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