AAK (Buy, TP: SEK295.00) - 2024 likely to be a record year
Q1 was solid, with adj. EBIT 17% above consensus, driven by still-strong EBIT/kg and a return to organic volume growth. With high cocoa prices set for the near future and AAK’s solid position in helping customers shift into non-cocoa solutions (along with an ongoing factory optimisation programme), we still like AAK’s earnings momentum. We reiterate our BUY and have raised our target price to SEK295 (270) on 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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.