The Discounted Cash Flow (DCF) valuation of AAK AB (publ) (AAK.ST) is 315.52 SEK. With the latest stock price at 265.20 SEK, the upside of AAK AB (publ) based on DCF is 19%.

Is AAK.ST a buy or a sell?

Based on the latest price of 265.20 SEK and our DCF valuation, AAK AB (publ) (AAK.ST) is a buy. Buying AAK.ST stocks now will result in a potential gain of 19%.

	Range	Selected
WACC / Discount Rate	5.2% - 7.4%	6.3%
Long-term Growth Rate	1.0% - 3.0%	2.0%
Fair Price	221.53 - 583.43	315.52
Upside	-16.5% - 120.0%	19.0%

265.20 SEK

Stock Price

315.52 SEK

Fair Price

REVENUE & EXPENSES

CAPEX

D&A

WORKING CAPITAL

TERMINAL VALUE

AAK.ST DCF Valuation: Revenue & Expenses Forecast

(SEK in millions)		Projections

	12-2024	12-2025	12-2026	12-2027	12-2028	12-2029

Revenue	45,052	46,505	48,050	46,340	47,267	48,212
% Growth	2%	3%	3%	-4%	2%	2%

Cost of goods sold	(32,056)	(33,090)	(34,189)	(32,972)	(33,632)	(34,304)
% of Revenue	71%	71%	71%	71%	71%	71%

Selling, G&A expenses	(7,355)	(7,592)	(7,844)	(7,565)	(7,717)	(7,871)
% of Revenue	16%	16%	16%	16%	16%	16%

Research & Development	0	0	0	0	0	0
% of Revenue	0%	0%	0%	0%	0%	0%

Net interest & other expenses	(981)	(1,013)	(1,046)	(1,009)	(1,029)	(1,050)
% of Revenue	2%	2%	2%	2%	2%	2%

Tax expense	(1,118)	(1,154)	(1,192)	(1,150)	(1,173)	(1,196)
Tax rate	24%	24%	24%	24%	24%	24%

Net profit	3,542	3,656	3,778	3,643	3,716	3,790
% Margin	8%	8%	8%	8%	8%	8%