Nordea repeats its Buy rating on AAK, which produces plant-based specialty ingredients, but cuts the price target to SEK 220 from SEK 240 following lower forecasts.
The bank expects continued price pressure in both Food Ingredients and Chocolate & Confectionery Fats, which account for approximately 95 percent of operating profit. Results are not expected to return to year-over-year growth until the middle of next year.
Despite this, Nordea sees an attractive valuation at 10.6 times expected EBIT for 2027 and believes that the risk of further negative surprises has decreased.
