AAK (Buy, TP: SEK260.00) - Estimates not updatedEstimates not updatedStrong cash flow and Q4 guidance Estimates not updated Estimates not updated
We consider this a positive report for AAK, including Q3 adj. EBIT in line with pre-announced figures and still-strong cash flow, driven by higher profits and inventory normalisation. AAK expects to finish the year in line with its average performance in the first nine months. We expect consensus 2023e adj. EBIT to be raised by c2–3% on the better than expected Q4 guidance, and we expect a positive share price reaction.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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