AAK (Buy, TP: SEK260.00) - Structurally higher margins
The Q3 results were in line with pre-warned figures, with an upbeat Q4 outlook and still-strong cash flow. Although no firm 2024 outlook was given, AAK was upbeat in its comments for the adj. EBIT margin returning to healthy levels following the raw materials headwinds of 2022. We reiterate our BUY and SEK260 target price as we still like AAK’s earnings momentum and cash flow generation.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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