AAK (Buy, TP: SEK260.00) - Earnings momentum still attractive
We are neutral ahead of the Q4 report, as we are largely in line with consensus on adj. EBIT. We expect AAK’s earnings momentum to continue on lower input costs, still-favourable currency effects, and a better mix, as higher prices should more than offset lower volumes. We reiterate our BUY and SEK260 target price, as we continue to find the valuation and earnings momentum attractive.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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