AAK (Buy, TP: SEK270.00) - Nearing 10% EBIT margin
Q4 marked a strong end to 2023, and with similar raw materials price dynamics so far in 2024, we expect a solid start to Q1. With most of the improvements in EBIT/kg being internal efficiency and positive mix effects, we believe AAK is well positioned to further grow profits in 2024. We reiterate our BUY and have raised our target price to SEK270 (260) on our higher estimates.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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