Stock AAK AAK AB
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Financials AAK AB

Equities

AAK

SE0011337708

Food Processing

Market Closed - Nasdaq Stockholm
Other stock markets
 11:29:31 2024-04-26 am EDT 		5-day change 1st Jan Change
280.8 SEK +4.93% Intraday chart for AAK AB +10.20% +24.91%
Apr. 25 Transcript : AAK AB (publ.), Q1 2024 Earnings Call, Apr 25, 2024
Apr. 25 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 72,884 - -
Enterprise Value (EV) 1 48,281 45,137 54,302 51,870 60,774 74,131 71,863 70,406
P/E ratio 30.4 x 27.3 x 35.1 x 26 x 19.8 x 21.4 x 20.2 x 19.5 x
Yield 1.18% 1.39% 1.28% 1.55% 1.65% 1.67% 1.79% 1.76%
Capitalization / Revenue 1.58 x 1.52 x 1.42 x 0.92 x 1.27 x 1.61 x 1.54 x 1.5 x
EV / Revenue 1.69 x 1.62 x 1.53 x 1.03 x 1.32 x 1.63 x 1.52 x 1.45 x
EV / EBITDA 17.1 x 15.4 x 17.8 x 15.5 x 12.2 x 13.2 x 12.2 x 11.7 x
EV / FCF 63.8 x 35.2 x -489 x -39.9 x 14.9 x 27.5 x 23.1 x 21.4 x
FCF Yield 1.57% 2.84% -0.2% -2.5% 6.7% 3.63% 4.34% 4.68%
Price to Book 4.37 x 4.37 x 4.28 x 3.07 x 3.41 x 3.7 x 3.3 x 2.98 x
Nbr of stocks (in thousands) 253,731 255,414 258,501 259,559 259,559 259,559 - -
Reference price 2 178.0 166.0 195.3 177.8 224.8 280.8 280.8 280.8
Announcement Date 1/30/20 1/28/21 2/4/22 2/2/23 2/7/24 - - -
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 45,396 47,208 48,692
EBITDA 1 2,829 2,922 3,047 3,337 4,993 5,611 5,883 6,013
EBIT 1 2,142 2,165 2,393 2,538 4,116 4,728 4,969 5,082
Operating Margin 7.51% 7.75% 6.75% 5.03% 8.94% 10.41% 10.53% 10.44%
Earnings before Tax (EBT) 1 2,011 2,040 1,987 2,350 3,824 4,507 4,699 4,979
Net income 1 1,487 1,563 1,437 1,770 2,946 3,489 3,687 3,779
Net margin 5.22% 5.6% 4.05% 3.51% 6.4% 7.69% 7.81% 7.76%
EPS 2 5.860 6.070 5.570 6.840 11.35 13.11 13.87 14.38
Free Cash Flow 1 757 1,281 -111 -1,299 4,069 2,694 3,117 3,295
FCF margin 2.66% 4.59% -0.31% -2.58% 8.84% 5.93% 6.6% 6.77%
FCF Conversion (EBITDA) 26.76% 43.84% - - 81.49% 48.01% 52.99% 54.81%
FCF Conversion (Net income) 50.91% 81.96% - - 138.12% 77.2% 84.55% 87.21%
Dividend per Share 2 2.100 2.300 2.500 2.750 3.700 4.685 5.018 4.948
Announcement Date 1/30/20 1/28/21 2/4/22 2/2/23 2/7/24 - - -
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 11,291 11,749 11,209 - -
EBITDA 1 841 852 827 1,021 987 1,180 1,086 1,392 1,335 1,365 1,433 1,412 1,440 1,414
EBIT 1 659 664 624 822 778 952 880 1,143 1,141 1,141 1,207 1,174 1,196 1,141
Operating Margin 6.31% 5.91% 4.97% 6.18% 5.84% 7.71% 7.84% 9.84% 10.53% 10.1% 10.28% 10.48% - -
Earnings before Tax (EBT) 1 633 646 268 803 633 875 812 1,058 1,079 981 1,051 1,082 - -
Net income 1 476 490 155 610 515 661 614 805 866 809.4 900.9 900.3 - -
Net margin 4.56% 4.36% 1.23% 4.58% 3.87% 5.35% 5.47% 6.93% 7.99% 7.17% 7.67% 8.03% - -
EPS 2 1.840 1.890 0.6000 2.360 1.980 2.550 2.360 3.100 3.340 3.119 3.471 3.473 - -
Dividend per Share 2 - - - - 2.750 - - - 3.700 4.000 - - - 4.250
Announcement Date 2/4/22 4/27/22 7/19/22 10/25/22 2/2/23 5/4/23 7/19/23 10/25/23 2/7/24 - - - - -
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 1,247 - -
Net Cash position 1 - - - - - - 1,021 2,478
Leverage (Debt/EBITDA) 1.102 x 0.937 x 1.253 x 1.71 x 0.4857 x 0.2222 x - -
Free Cash Flow 1 757 1,281 -111 -1,299 4,069 2,694 3,117 3,295
ROE (net income / shareholders' equity) 15.5% 15.6% 13.4% 13.2% 18.3% 18.5% 16.5% 17.1%
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 31,356 35,185 37,551
Book Value Per Share 2 40.70 38.00 45.60 57.90 66.00 76.00 85.10 94.40
Cash Flow per Share 2 6.140 7.920 1.970 -0.2800 20.50 12.40 17.10 19.60
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 1/30/20 1/28/21 2/4/22 2/2/23 2/7/24 - - -
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
280.8 SEK
Average target price
284 SEK
Spread / Average Target
+1.14%
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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