SB1 Markets repeats its Buy rating for AAK, which produces plant-based specialty ingredients, but cuts the price target to SEK 220 from SEK 270 ahead of the Q3 report.
The bank expects adjusted EBIT of SEK 1,206 million, 3 percent below consensus. Food Ingredients is expected to remain under pressure from unfavorable raw material prices and competition, while Chocolate & Confectionery Fats is deemed stable.
The analysts see a less clear path back to growth and expect only 2.5 percent annual EBIT growth in 2025-2028, well below AAK’s target of 10 percent.
