AAK AB (AAK) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of AAK AB stock SEK 117, price SEK 183, that is 35.7% below the price, quality 59 out of 100. Rating: strongly overvalued. Calculated from audited financials with 17 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 7, 2026.
How to read this chart
60‑month range kr 134.72 – kr 326.25 · fair‑value band kr 89.75 – kr 195.61 · the kr 182.60 price screens above the kr 117.48 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 7, 2026.
Follow AAK in your weekly email
Every Wednesday you see whether AAK is on track or worth a review, plus price against fair value. Free, up to 3 stocks.
We send you a confirmation link. Unsubscribe with one click.
AAK AB (publ.) develops and sells plant-based oils and fats in Sweden and internationally. It operates through Food Ingredients, Chocolate & Confectionery Fats, and Technical Products & Feed segments.
Show moreShow less
The company offers food ingredients for chocolate and confectionery; dairy and ice cream; bakery; lecithin; special nutrition; foodservice and retail; personal care; candles; technical products; and animal nutrition.
It also provides natural emulsifiers; fatty acids; plant-based candle waxes; and animal feed, proteins, and fats products. AAK AB (publ.) was founded in 1871 and is headquartered in Malmö, Sweden.
Stock analysis
AAK AB (AAK) currently trades at kr 182.60, while our model-based Fair Value estimate is kr 117.48, 36% below the price, so the stock looks overvalued today.
Show more
Valuation
Bull case: the Multiples group reads highest at a median of kr 265.48 per share, and 9 of the 17 models we run sit above the kr 182.60 price.
Bear case: the Asset-Based group reads lowest at kr 33.50, and 8 of the 17 models stay below the price. Data coverage for this calculation is high.
Scenario range: kr 89.75 (bear) to kr 195.61 (bull), the price of kr 182.60 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 59/100 (solid quality), in the Consumer Defensive sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
AAK AB reported revenue of 46.0B SEK in FY2025 versus 35.5B SEK in FY2021, a compound +6.7%/yr. Reported net income was 3.4B SEK in FY2025, compounding +24.3%/yr from FY2021.
Key figures
Market cap 47.9B SEK (≈ $4.8B) Mid · P/E ratio 13.2 · P/S ratio 1.04 · EPS (TTM) kr 13.79 · Dividend yield 3.0% · Net margin 7.7% · Return on equity 17.6% · Return on assets (EBIT) 11.3% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 55 out of 100 (low confidence).
What moves the price
The share trades about 32% below its 52-week high and 5% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Consumer Defensive peers we cover trades at −1% fair-value upside, at −36%, AAK screens richer than that median.
Fair Value models
Bearkr 89.75Fair Value kr 117.48Bullkr 195.61
Price kr 182.60 · Downside -35.7%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (kr 7.09 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.40/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
+2.2%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−3.0%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+10.5%
Start year 2020 (pandemic). Over 10 years: +8.6% a year
Revenue growth 25 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+12.0%
’14
’15
’16
’17
’18
’19
’20
’21
’22
’23
’24
’25
What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+20.6%
Earnings growth per share plus dividend.
Earnings per share, growth per year+17.6%
Dividend (yield on the price)3.0%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.17.6% vs 13.5%, picking up
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.8% → 10%
News mood ⓘNews mood, the average tone of recent news (86 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Neutral
Recent news coverage is roughly neutral, about typical for how stocks are covered.
AI conclusion: The main strength lies in the expected steady profit growth from the Chocolate & Confectionery Fats segment, offset by the main weak point of soft demand in Food Ingredients and negative free cash flow.
Main risk: Soft demand in the Food Ingredients segment poses the biggest risk by pressuring overall volumes and potentially eroding profitability despite growth in other areas.
AAK keeps repurchasing its own shares under the ongoing buyback program to adjust its capital structure. This runs alongside soft demand in Food Ingredients, even as the Chocolate & Confectionery Fats segment is expected to deliver steady profit growth. Our models currently see the stock as overvalued. Will the buybacks and segment mix deliver enough to close that gap, or will volume pressures dominate?
Price, fair value, quality and upside side by side.
Free, no sign-up
Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Packaged Foods · 627 stocks
Beats the industry median on 8/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score59 · Above median
Fair Value upside−35.7% · Below median
Profitability
Return on equity (12 months)17.6% · Top 25%
Return on assets10.5% · Top 25%
Net margin (12 months)7.7% · Above median
Operating margin (12 months)9.7% · Above median
Growth and dividend
Revenue growth (quarter YoY)3.6% · Below median
Dividend yield (12 months)3.0% · Above median
Balance sheet
Debt / equity0.02× · Below median
Valuation Multiplesvs Packaged Foods median · lower = cheaper
P/E (12 months)13.2× · Cheaper than median
P/B2.41× · Priciest 25%
P/S (12 months)1.04× · Pricier than median
EV/EBITDA8.5× · Pricier than median
PEG2.31× · Pricier than median
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 35
FUTURE (revenue growth)18· sector 25
PAST (return on equity)70· sector 31
HEALTH (low debt)99· sector 96
DIVIDEND (yield)60· sector 55
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "AAK AB Fair Value". https://www.fairvalue-calculator.com/stock/AAK
Frequently asked questions
Is AAK AB (AAK) overvalued or undervalued?
As of Nov 7, 2026, our model estimates a fair value of kr 117.48 versus a price of kr 182.60, about 36% lower (overvalued).
What is the fair value of AAK?
Our model-based fair value for AAK AB is kr 117.48 (as of Nov 7, 2026), built from audited fundamentals. The current price: kr 182.60.
What is the quality score of AAK?
AAK AB has a Quality Score of 59/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for AAK AB (AAK)?
Our model-based price target is the fair value of kr 117.48 (as of Nov 7, 2026) from 17 valuation models. Cautious scenario kr 89.75, optimistic scenario kr 195.61. It is a calculation from audited fundamentals, not an analyst target.
What is the AAK AB stock forecast for 2026?
Our models put fair value at kr 117.48, about 36% lower versus a price of kr 182.60 (overvalued). Cautious scenario kr 89.75, optimistic scenario kr 195.61. The calculation is refreshed regularly with new filings.
What is the revenue of AAK AB (AAK)?
AAK AB reported trailing-twelve-month revenue of about 46.0B SEK (latest available figure, as of Nov 7, 2026).
Does AAK AB pay a dividend?
AAK AB currently shows a dividend yield of 3.01% relative to its recent price (as of Nov 7, 2026).
How much is the dividend of AAK AB (AAK) and when is the ex-dividend date?
AAK AB pays a dividend of kr 5.50 per share a year, a dividend yield of 3.0%. The last ex-dividend date was May 11, 2026. A dividend has been paid every year since at least 2006. The payout ratio is 39.9% of earnings. Our assessment: Watch coverage. The dividend isn’t fully covered by free cash flow or earnings, part of it is funded from reserves or debt. Fine for now, but worth watching: if it stays uncovered, the dividend could be cut.
What is the intrinsic value of AAK AB (AAK)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For AAK AB it is kr 117.48 per share (as of Nov 7, 2026), against a price of kr 182.60. It is the blended result of 17 valuation models in 7 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Economic Profit, Growth Earnings).
Is AAK AB stock overvalued or undervalued in 2026?
As of Nov 7, 2026, AAK trades above its calculated fair value: price kr 182.60, fair value kr 117.48, a gap of about −36% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of AAK?
No. The price is what the market pays today (kr 182.60); the fair value is what the company's own numbers justify (kr 117.48). For AAK AB the two are kr 65.12 per share apart. That gap is exactly why we show both numbers side by side.
How much is AAK AB worth?
The market values AAK AB at about 47.9B SEK (market capitalisation, as of Nov 7, 2026). Per share that is kr 182.60; our models calculate a fair value of kr 117.48 per share.
What do the bullish and bearish scenarios say about AAK?
Our models span a range for AAK AB: cautious scenario kr 89.75, base kr 117.48, optimistic kr 195.61 per share (as of Nov 7, 2026, price kr 182.60). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of AAK?
AAK AB trades at a price-to-earnings ratio of 13.2 (as of Nov 7, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of kr 117.48 is built from several models across several years. Median P/E at fiscal year-end, 8 fiscal years (2018 to 2025), reported earnings: 24.8. Other multiples: PEG 2.3, P/B 2.4, P/S 1.0, EV/EBITDA 8.5.
What is the PEG ratio of AAK?
The PEG ratio of AAK AB is 2.31 (P/E divided by earnings growth, as of Nov 7, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of AAK AB (AAK)?
Balance-sheet figures for AAK AB (as of Nov 7, 2026): return on equity 17.6%, debt of 0.02 per unit of equity. They feed the Quality Score of 59/100, which measures business quality independently of the share price.
How far is AAK from its 52-week high?
AAK AB trades at kr 182.60, about 32% below its 52-week high of kr 268.15 and 5% above the low of kr 174.50 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of kr 117.48 is for.
Which stocks are comparable to AAK AB?
From the same area (Consumer Defensive) we also value Nestlé S.A, Danone S.A, Foshan Haitian Flavouring and Food Company, The Kraft Heinz Company, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is AAK AB stock attractive at the current price?
The data as of Nov 7, 2026: price kr 182.60, calculated fair value kr 117.48 (−36%), Quality Score 59/100, from 17 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of AAK calculated?
We run AAK AB through 17 models from 7 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of kr 117.48 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.0% above its aggregate fair value. AAK AB itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of AAK AB (AAK)?
The closing price on Nov 6, 2026 was kr 182.60. Our model-based fair value is kr 117.48, about 36% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with AAK AB right now?
Solid but not exceptional quality (59/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range (kr 89.75 to kr 195.61) leaves room in how you read the outcome.
Where does the earnings growth of AAK AB (AAK) come from?
Earnings per share at AAK AB grew +14.7 % a year from 2014 to 2025. Broken into its drivers: revenue per share +9.3 %, EBIT margin +3.6 %, tax rate +0.5 %, residual (interest, one-offs) +0.8 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of AAK AB
How large is the market capitalisation of AAK AB (AAK)?
The market capitalisation of AAK AB is 47.9B SEK (≈ $4.8B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of AAK AB (AAK)?
The price-to-sales ratio of AAK AB is 1.04 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of AAK AB (AAK)?
Earnings per share at AAK AB are kr 13.79 (price ÷ EPS = P/E 13.2). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of AAK AB (AAK)?
The dividend yield of AAK AB is 3.0% (payout 39.9%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of AAK AB (AAK)?
The net margin of AAK AB is 7.7% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of AAK AB (AAK)?
The return on equity (ROE) of AAK AB is 17.6% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of AAK AB (AAK)?
On an EBIT basis the return on assets of AAK AB is 11.3% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of AAK AB (AAK)?
The operating margin of AAK AB is 9.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at AAK AB (AAK)?
Revenue at AAK AB is growing +3.6% versus a year earlier (3y avg −3.0%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at AAK AB (AAK)?
Earnings per share at AAK AB are growing −8.0% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does AAK AB (AAK) generate?
The free cash flow of AAK AB is −441M SEK (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does AAK AB (AAK) carry?
The net debt of AAK AB is 3.7B SEK (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
Free · no account needed
Watch AAK AB in the live analysis
One click puts AAK AB on your watchlist: fair value and trend at a glance, plus comparison, the diversification check and the 27,000+ stock screener.
Broad data
Nov 7, 2026