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1. Company Snapshot

1.a. Company Description

AAK AB (publ.) develops and sells plant-based oils and fats worldwide.It offers food ingredients for the bakery, dairy, foodservice, and special nutrition industries; chocolate and confectionery, including cocoa butter alternatives, compound fats, filling fats, barrier fats, and spreads; caramel products; and functional emollients for the cosmetics industry.The company also provides fatty acids and glycerine for various applications; candle waxes; feed products; and natural emulsifiers.


AAK AB (publ.) was founded in 1871 and is headquartered in Malmö, Sweden.

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1.b. Last Insights on AAK

AAK AB (publ.)'s recent performance was positively driven by its robust business fundamentals. The company's strategic focus on food ingredients has enabled it to capitalize on emerging trends. A recent earnings release highlighted the company's resilience, with improving sales momentum. Moreover, AAK's expansion into new markets and product lines has enhanced its growth prospects. According to Bloomberg, analysts have maintained a "buy" rating on the stock, citing its strong long-term outlook. Additionally, the company's commitment to investing in its operations and share buyback initiatives has bolstered investor confidence.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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Should You Revisit AAK After the Recent 18% Drop in 2025?

Sep -09

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Soybean Oil Market Forecast and Company Analysis Report 2025-2033 Featuring ADM, Wilmar International, AAK, Bunge Global, Cargill, DuPont, Unilever, and Associated British Foods

Jul -18

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AAK AB (FRA:6AA0) Q2 2025 Earnings Call Highlights: Strong Profit Growth Amid Volume Challenges

Jul -18

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AAK AB (ARHUF) Q4 2024 Earnings Call Highlights: Strong Profit Growth Amid Volume Challenges

Feb -06

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AAK AB (FRA:6AA0) Q3 2024 Earnings Call Highlights: Strong Growth Amid Market Challenges

Oct -25

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Preliminary results: Strong profit growth and sequential volume improvement

Oct -10

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Invitation to presentation of AAK's third-quarter results

Sep -29

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Invitation to presentation of AAK's second quarter results

Jun -20

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (2.72%)

6. Segments

Food Ingredients

Expected Growth: 2.5%

AAK AB's Food Ingredients segment growth of 2.5% is driven by increasing demand for plant-based and specialty fats, expansion in emerging markets, and strategic partnerships. Additionally, the company's focus on sustainability and innovation in product development, such as vegan and gluten-free offerings, contributes to its growth momentum.

Chocolate & Confectionery Fats

Expected Growth: 3.2%

AAK AB's Chocolate & Confectionery Fats segment growth of 3.2% is driven by increasing demand for premium and artisanal chocolate products, rising consumer preference for healthier and sustainable fats, and expansion into emerging markets. Additionally, strategic partnerships and investments in innovation and technology are contributing to the segment's growth.

Technical Products & Feed

Expected Growth: 2.8%

AAK AB's Technical Products & Feed segment growth of 2.8% is driven by increasing demand for sustainable and specialty oils, expansion in emerging markets, and strategic partnerships. Additionally, the company's focus on innovation, quality, and customer service has led to market share gains and premium pricing, contributing to the segment's growth.

7. Detailed Products

Food Ingredients

Specialty vegetable oils and fats for the food industry, including bakery, confectionery, and dairy products.

Chocolate and Confectionery Fats

Specialty fats for the chocolate and confectionery industry, including cocoa butter equivalents and milk fat replacers.

Bakery Fats

Specialty fats for the bakery industry, including shortenings and margarines.

Dairy Fat Replacers

Vegetable-based alternatives to dairy fats, used in the production of dairy products.

Pharmaceutical Excipients

Specialty lipids used as excipients in pharmaceutical applications.

Cosmetic Ingredients

Specialty lipids used in personal care products, including skin care and hair care products.

8. AAK AB (publ.)'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for AAK AB (publ.) is moderate due to the availability of alternative products in the market.

Bargaining Power Of Customers

The bargaining power of customers is high due to the concentration of customers in the food industry, giving them significant negotiating power.

Bargaining Power Of Suppliers

The bargaining power of suppliers is low due to the availability of multiple suppliers in the market, reducing their negotiating power.

Threat Of New Entrants

The threat of new entrants is moderate due to the moderate barriers to entry in the industry, including regulatory requirements and capital investments.

Intensity Of Rivalry

The intensity of rivalry is high due to the competitive nature of the food industry, with multiple players competing for market share.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 20.76%
Debt Cost 5.88%
Equity Weight 79.24%
Equity Cost 5.88%
WACC 5.88%
Leverage 26.20%

11. Quality Control: AAK AB (publ.) passed 9 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Ebro Foods

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Value: 6.1

Growth: 5.0

Quality: 5.1

Yield: 8.1

Momentum: 8.0

Volatility: 10.0

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LDC

A-Score: 6.2/10

Value: 7.4

Growth: 2.2

Quality: 6.7

Yield: 3.8

Momentum: 9.0

Volatility: 8.3

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Cranswick

A-Score: 5.5/10

Value: 4.4

Growth: 6.7

Quality: 5.2

Yield: 3.1

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Lerøy Seafood

A-Score: 5.0/10

Value: 4.3

Growth: 4.7

Quality: 3.2

Yield: 6.9

Momentum: 4.0

Volatility: 7.0

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Südzucker

A-Score: 4.9/10

Value: 7.8

Growth: 5.0

Quality: 2.8

Yield: 3.8

Momentum: 1.0

Volatility: 9.0

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AAK

A-Score: 4.8/10

Value: 5.1

Growth: 7.4

Quality: 5.8

Yield: 3.1

Momentum: 0.5

Volatility: 6.7

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

271.2$

Current Price

271.2$

Potential

-0.00%

Expected Cash-Flows