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AAK AB (AAK) Fair Value & Analysis

Consumer Defensive · SE · Market cap 63.7B SEK

AA AAK AB AAK · ST
Pricekr 202.80
Fair Valuekr 210.30
Upside+3.7%
Quality58/100
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Expensive Growth
Thin margins · 7.6% net margin
Low debt · negative free cash flow
2.27% dividend yield
Mixed vs. peers (7/14)
Moderate moat 55/100
Evidence: High Range kr 147.21 – kr 317.99 Share as image

Fair value as of: Jul 17, 2026

From 15 valuation models · updated 23 days ago

Fair value updated Jul 17, 2026, revised from kr 209.86 to kr 210.30 (+0.2%) since Jul 14, 2026. Share price −15.9% over the past month.

A solid business, currently priced close to our fair value.

What matters now

  • The price sits close to our fair value, market and models broadly agree here, little valuation tension.
  • A fairly wide model range (kr 147.21 to kr 317.99) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

kr 326.25 kr 134.72 Fair Value kr 210.30 May 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 17, 2026.

How to read this chart

60‑month range kr 134.72 – kr 326.25 · fair‑value band kr 147.21 – kr 317.99 · the kr 202.80 price screens below the kr 210.30 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 17, 2026.

Full chart & analysis →

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Analysis

AAK AB (AAK) currently trades at kr 202.80, while our model-based Fair Value estimate is kr 210.30, implying the stock looks roughly 3.7% fairly valued today. The Quality Score stands at 58/100 (solid quality), in the Consumer Defensive sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, AAK AB generated revenue of 45.7B SEK at a net margin of 7.6%. Revenue declined 3.0% year over year. It earns a return on equity of 16.9%. Net debt stands at 3.7B SEK. Fundamentals as of Jul 17, 2026

Our scenario range runs from kr 147.21 (bear case) to kr 317.99 (bull case); at kr 202.80, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 27% below its 52-week high, currently below its 200-day average. For context, the median of 10 Consumer Defensive peers we cover trades at -3% fair-value upside, at 4%, AAK screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model BearBaseBull Evidence
Highest evidence
Residual Income kr 86.52 kr 114.03 kr 376.52 76
ROIC Compounder kr 140.15 kr 182.18 kr 235.32 72
Growth-Adj P/E kr 147.21 kr 210.30 kr 273.39 68
All 15 models by family
DCF Models
Owner Earnings kr 141.73 kr 230.65 kr 373.33 31
Earnings-Based
Graham-Dodd kr 89.32 kr 329.31 kr 444.77 54
Lynch FV kr 78.80 kr 112.57 kr 146.34 50
PEG = 1.0 kr 78.80 kr 112.57 kr 146.34 46
EPV kr 128.11 kr 148.71 kr 166.74 59
Multiples
P/E Multiple kr 206.89 kr 275.85 kr 344.81 63
P/S Multiple kr 167.48 kr 223.31 kr 279.13 58
P/B Multiple kr 167.48 kr 223.31 kr 279.13 55
EV/EBIT kr 222.14 kr 294.69 kr 367.24 53
EV/EBITDA kr 203.88 kr 270.34 kr 336.79 54
EV/Revenue kr 159.84 kr 226.41 kr 292.98 43
Asset-Based
NCAV (Graham) kr 38.11 kr 51.07 kr 76.22 50
Economic Profit
Residual Income kr 86.52 kr 114.03 kr 376.52 76
ROIC Compounder kr 140.15 kr 182.18 kr 235.32 72
Growth Earnings
Growth-Adj P/E kr 147.21 kr 210.30 kr 273.39 68

Widest divergence: DCF Models (kr 230.65) versus Asset-Based (kr 51.07). Highest evidence: Residual Income (76).

Key figures & financial health

Revenue (TTM) 45.7B SEK
Revenue growth (YoY) -3.0%
Net margin 7.6%
Return on equity 16.9%
Free cash flow −441M SEK FY2025
P/E ratio 18.4
More key figures
Operating margin 11.3%
EPS (TTM) kr 13.26
Dividend yield 2.3%
EPS growth (YoY) +3.1%
Net debt 3.7B SEK FY2025

Figures from reported company fundamentals · as of Jul 17, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 58/100

Of which business quality 56 · Market factors (momentum, volatility) 38

Profitability 59
Margins and returns on capital today
Quality Growth 44
Are margins and returns improving?
Cashflow 8
Earnings quality: real cash, not paper profit
Fin. Strength 78
Balance sheet, leverage, solvency risk
Investment 82
Disciplined investing over empire-building
Low Volatility 88
Calm price path (market factor)
Momentum 24
Price trend over the last 3–12 months (market factor)
52W Momentum 7
Distance to the 52-week high (market factor)
Net Issuance 81
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

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.

Full company description

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. 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.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

AAK AB reported revenue of kr 46.0B in FY2025 versus kr 35.5B in FY2021, a compound +6.7%/yr. Reported net income was kr 3.4B in FY2025, compounding +24.3%/yr from FY2021.

Growth Quality 55/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
46.0B SEK
Latest YoY
+2.2%
Avg. growth/yr (3Y)
−3.0%
Avg. growth/yr (5Y)
+10.5%
Avg. growth/yr (25Y)
+12.0%
Revenue +6.7%/yr
FY21 kr 35.5B
FY22 kr 50.4B
FY23 kr 46.0B
FY24 kr 45.1B
FY25 kr 46.0B
Net income +24.3%/yr
FY21 kr 1.4B
FY22 kr 1.8B
FY23 kr 2.9B
FY24 kr 3.5B
FY25 kr 3.4B

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Cite: Fair Value Calculator (2026). "AAK AB Fair Value". https://www.fairvalue-calculator.com/stock/AAK

Peer Group

Packaged Foods · 653 stocks

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.

Quality Score 58 · Above median
Fair Value upside +4% · Above median
Return on equity (TTM) 17% · Top 25%
Return on assets 9% · Top 25%
Net margin (TTM) 8% · Above median
Operating margin (TTM) 11% · Top 25%
Revenue growth -3% · Bottom 25%
Dividend yield (TTM) 2.3% · Below median
Debt / equity 0.02× · Lower than median

Valuation Multiples vs Packaged Foods median · lower = cheaper

P/E (TTM) 18.4× · Pricier than median
P/B 3.20× · Pricier than 75% of peers
P/S (TTM) 1.40× · Pricier than median
EV/EBITDA 11.5× · Pricier than median
PEG 2.31× · Pricier than median

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 38 · sector 29
FUTURE 0 · sector 19
PAST 68 · sector 27
HEALTH 99 · sector 96
DIVIDEND 45 · sector 47

Insider activity: 40/100

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Packaged Foods stocks, each showing price versus our Fair Value estimate (as of Jul 17, 2026).

Stock Price Fair Value vs Fair Value
Nestlé India Limited NESTLEIND ₹1,427 ₹362.37 -75%
Britannia Industries Limited BRITANNIA ₹5,413 ₹1,870 -65%
Tata Consumer Products Limited TATACONSUM ₹1,089 ₹327.27 -70%
PT Indofood CBP Sukses Makmur Tbk ICBP 6,650 IDR 15,757 IDR +137%
Samyang Foods Co 003230 1,139,000 KRW 1,010,543 KRW -11%
Patanjali Foods Limited PATANJALI ₹413.80 ₹157.04 -62%
Vietnam Dairy Products Joint Stock Company VNM 58,500 VND 68,259 VND +17%
PT Mayora Indah Tbk, MYOR 1,750 IDR 2,699 IDR +54%
PT Cisarua Mountain Dairy Tbk CMRY 4,490 IDR 4,355 IDR -3%
Nongshim Co 004370 348,500 KRW 530,619 KRW +52%

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Frequently asked questions

Is AAK AB (AAK) overvalued or undervalued?
As of Jul 17, 2026, our model estimates a fair value of kr 210.30 versus a price of kr 202.80, about +4% (fairly valued).
What is the fair value of AAK?
Our model-based fair value for AAK AB is kr 210.30 (as of Jul 17, 2026), built from audited fundamentals. The current price is kr 202.80.
What is the quality score of AAK?
AAK AB has a Quality Score of 58/100. 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 revenue of AAK AB (AAK)?
AAK AB reported trailing-twelve-month revenue of about 45.7B SEK (latest available figure, as of Jul 17, 2026).
What is the net profit margin of AAK?
The net profit margin of AAK AB is about 7.6%, meaning it keeps roughly 7.6% of revenue as net income. Based on the latest reported figures.
Does AAK AB pay a dividend?
AAK AB currently shows a dividend yield of about 2.29% relative to its recent price (as of Jul 17, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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