AAK (Buy, TP: SEK215.00) - Acceleration gaining momentum
We reiterate BUY and have raised our target price to SEK215 (195) on a more bullish near-term outlook in terms of the acceleration of AAK’s financial performance as well as greater confidence in the attractiveness of the ESG profile. We see material scope for higher multiples given the outlook, with the stock trading at a 12-month forward 2021e P/E of 26.1x.AAK is a producer of high-value added vegetable oils and fats. Co. operates in three business segments: food ingredients, chocolate and confectionery and technical products and feed.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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