Stock AAK AAK AB
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Financials AAK AB

Equities

AAK

SE0011337708

Food Processing

Market Closed - Nasdaq Stockholm
Other stock markets
 08:59:43 03/05/2024 pm IST 		5-day change 1st Jan Change
284.4 SEK -0.14% Intraday chart for AAK AB +1.28% +26.51%
25/04 Transcript : AAK AB (publ.), Q1 2024 Earnings Call, Apr 25, 2024
25/04 AAK AB (publ.) Reports Earnings Results for the First Quarter Ended March 31, 2024 CI

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 45,164 42,399 50,485 46,163 58,349 73,819 - -
Enterprise Value (EV) 1 48,281 45,137 54,302 51,870 60,774 75,013 72,797 71,176
P/E ratio 30.4 x 27.3 x 35.1 x 26 x 19.8 x 21 x 19.9 x 18.2 x
Yield 1.18% 1.39% 1.28% 1.55% 1.65% 1.66% 1.78% 1.74%
Capitalization / Revenue 1.58 x 1.52 x 1.42 x 0.92 x 1.27 x 1.63 x 1.56 x 1.52 x
EV / Revenue 1.69 x 1.62 x 1.53 x 1.03 x 1.32 x 1.66 x 1.54 x 1.46 x
EV / EBITDA 17.1 x 15.4 x 17.8 x 15.5 x 12.2 x 13.3 x 12.3 x 11.7 x
EV / FCF 63.8 x 35.2 x -489 x -39.9 x 14.9 x 27.4 x 23 x 21.2 x
FCF Yield 1.57% 2.84% -0.2% -2.5% 6.7% 3.65% 4.35% 4.72%
Price to Book 4.37 x 4.37 x 4.28 x 3.07 x 3.41 x 3.74 x 3.33 x 3 x
Nbr of stocks (in thousands) 2,53,731 2,55,414 2,58,501 2,59,559 2,59,559 2,59,559 - -
Reference price 2 178.0 166.0 195.3 177.8 224.8 284.4 284.4 284.4
Announcement Date 30/01/20 28/01/21 04/02/22 02/02/23 07/02/24 - - -
1SEK in Million2SEK
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 28,510 27,934 35,452 50,425 46,028 45,295 47,230 48,722
EBITDA 1 2,829 2,922 3,047 3,337 4,993 5,651 5,928 6,080
EBIT 1 2,142 2,165 2,393 2,538 4,116 4,850 5,085 5,213
Operating Margin 7.51% 7.75% 6.75% 5.03% 8.94% 10.71% 10.77% 10.7%
Earnings before Tax (EBT) 1 2,011 2,040 1,987 2,350 3,824 4,546 4,751 5,049
Net income 1 1,487 1,563 1,437 1,770 2,946 3,586 3,796 4,246
Net margin 5.22% 5.6% 4.05% 3.51% 6.4% 7.92% 8.04% 8.71%
EPS 2 5.860 6.070 5.570 6.840 11.35 13.54 14.26 15.65
Free Cash Flow 1 757 1,281 -111 -1,299 4,069 2,736 3,167 3,362
FCF margin 2.66% 4.59% -0.31% -2.58% 8.84% 6.04% 6.71% 6.9%
FCF Conversion (EBITDA) 26.76% 43.84% - - 81.49% 48.42% 53.43% 55.3%
FCF Conversion (Net income) 50.91% 81.96% - - 138.12% 76.3% 83.44% 79.2%
Dividend per Share 2 2.100 2.300 2.500 2.750 3.700 4.718 5.068 4.948
Announcement Date 30/01/20 28/01/21 04/02/22 02/02/23 07/02/24 - - -
1SEK in Million2SEK
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2
Net sales 1 10,441 11,239 12,563 13,306 13,317 12,345 11,229 11,619 10,835 11,390 11,801 11,246 - -
EBITDA 1 841 852 827 1,021 987 1,180 1,086 1,392 1,335 1,378 1,442 1,421 1,440 1,414
EBIT 1 659 664 624 822 778 952 880 1,143 1,141 1,147 1,224 1,225 1,196 1,141
Operating Margin 6.31% 5.91% 4.97% 6.18% 5.84% 7.71% 7.84% 9.84% 10.53% 10.07% 10.37% 10.89% - -
Earnings before Tax (EBT) 1 633 646 268 803 633 875 812 1,058 1,079 1,132 1,156 1,131 1,152 1,100
Net income 1 476 490 155 610 515 661 614 805 866 841 885.9 858.6 875 836
Net margin 4.56% 4.36% 1.23% 4.58% 3.87% 5.35% 5.47% 6.93% 7.99% 7.38% 7.51% 7.63% - -
EPS 2 1.840 1.890 0.6000 2.360 1.980 2.550 2.360 3.100 3.340 3.329 3.541 3.353 3.360 3.210
Dividend per Share 2 - - - - 2.750 - - - 3.700 4.000 - - - 4.250
Announcement Date 04/02/22 27/04/22 19/07/22 25/10/22 02/02/23 04/05/23 19/07/23 25/10/23 07/02/24 - - - - -
1SEK in Million2SEK
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 3,117 2,738 3,817 5,707 2,425 1,194 - -
Net Cash position 1 - - - - - - 1,021 2,643
Leverage (Debt/EBITDA) 1.102 x 0.937 x 1.253 x 1.71 x 0.4857 x 0.2114 x - -
Free Cash Flow 1 757 1,281 -111 -1,299 4,069 2,736 3,167 3,362
ROE (net income / shareholders' equity) 15.5% 15.6% 13.4% 13.2% 18.3% 19.2% 17.1% 18%
ROA (Net income/ Total Assets) 7.26% 6.92% 5.81% 5.79% 9.13% 11.1% 10.5% 10.1%
Assets 1 20,477 22,598 24,722 30,578 32,271 32,221 36,223 42,192
Book Value Per Share 2 40.70 38.00 45.60 57.90 66.00 76.10 85.40 94.80
Cash Flow per Share 2 6.140 7.920 1.970 -0.2800 20.50 14.00 16.80 18.60
Capex 1 801 742 619 1,226 1,245 1,251 1,249 1,294
Capex / Sales 2.81% 2.66% 1.75% 2.43% 2.7% 2.76% 2.64% 2.66%
Announcement Date 30/01/20 28/01/21 04/02/22 02/02/23 07/02/24 - - -
1SEK in Million2SEK
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for AAK AB

Trading Rating
Investor Rating
ESG Refinitiv
B+
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
7
Last Close Price
284.4 SEK
Average target price
290.7 SEK
Spread / Average Target
+2.22%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Starch, Vegetable Fat & Oil Manufacturing

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Starch, Vegetable Fat & Oil Manufacturing
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