AAK (AAK.ST) — 2026-W113

Analysis date: 2026-05-31 | Country: SE | Currency: SEK

Recommendation Summary

Field	Value
Rating	Buy
Intrinsic Value	295.0 SEK
24m Target	272.0 SEK
Price at Analysis	247.8 SEK
Buffett Score	15/20
ROIC	15.3%
Economic Profit	+1,693.1M SEK
Implied Upside (IV)	19.0%

Research history · this company (3 notes)

2026-W113 · 2026-05-31 · AAK.STviewingBuy · ROIC 15% · tgt 272 SEKΔ tgt +10% · IV +19% · HOLD→Buy · MEDIUM→high convAAK: Starkt värdeskapande ROIC 15.26% >> WACC 8%

2026-06-15 · 2026-06-15 · AAK.STHOLD · tgt 248 SEK 2026-06-08 · 2026-06-08 · AAK.STHOLD · tgt 248 SEKfirst note

0. Company Identification

Ticker: AAK.ST | Name: AAK | Country: SE | Sector: Industrial/Commercial

1. What the Company Sells

AAK operates in the Nordic market. ROIC 15.3% vs WACC 8% → EP +1,693.1M SEK.

2. Who Pays and Why They Stay

Customers pay for products/services based on value proposition and brand strength.

3. Revenue Model

Revenue generated through product/service sales. Scalability and recurring revenue characteristics vary by segment.

4. Margin and Cash Mechanics

ROIC 15.3% vs WACC 8.0% → Economic Profit +1,693.1M SEK.

5. Supply-side Dependencies

Raw materials, suppliers, distribution channels, and human capital.

6. Competitive Position

Moat strength: 3/5. Brand strength, technology, and customer relationships drive competitive advantage.

7. Growth Engine

Market penetration, geographic expansion, and product development.

8. Business Model Risks

Top risks: Cyclical demand, competitive pressure, raw material costs, macro exposure.

9. History, Management & ESG

Established Nordic industrial company with stable management.

10. Synthesis and Recommendation

Buy — AAK: Strong value creation, ROIC 15.3% >> WACC 8%, attractive at current price.

mttssn research · AAK (AAK.ST) · 2026-W113 · 2026-05-31