AAK (Buy, TP: SEK200.00) - Winds shifting
Our Q4e EBIT is slightly below consensus as we expect the high raw-material prices seen in H1 2022 as well as negative effects from the Russian exit to weigh on margins. However, with raw-material prices now lower we expect margins to improve throughout 2023 and believe this is where investor focus lies. We reiterate our BUY and have raised our target price to SEK200 (175), reflecting an improved commodity-price outlook.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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