AAK (Buy, TP: SEK230.00) - Q1 in line with pre-warned figures
We consider this a mixed report for AAK, including figures in line with the pre-warned level, weaker cash flow than expected, and EPS coming in slightly below consensus. We expect broadly unchanged consensus 2023e adj. EBIT on the back of the report, but EPS to come down by 0–1%. We expect a slightly negative share price reaction following the results.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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