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AAK AB (publ.)

DB:6AA0
Snowflake Description

Flawless balance sheet average dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
6AA0
DB
SEK49B
Market Cap
  1. Home
  2. DE
  3. Food, Beverage & Tobacco
Company description

AAK AB (publ.) develops and sells vegetable oils and fats in Sweden and internationally. The last earnings update was 6 days ago. More info.


Add to Portfolio Compare Print
  • AAK AB (publ.) has significant price volatility in the past 3 months.
6AA0 Share Price and Events
7 Day Returns
4.7%
DB:6AA0
-4.9%
DE Food
-0.7%
DE Market
1 Year Returns
35.8%
DB:6AA0
-1.6%
DE Food
-7.6%
DE Market
6AA0 Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
AAK AB (publ.) (6AA0) 4.7% 13.1% 31.6% 35.8% 63% -
DE Food -4.9% -3.4% 5.3% -1.6% -17.2% 15%
DE Market -0.7% -0.8% -3.8% -7.6% 8.2% 11.1%
1 Year Return vs Industry and Market
  • 6AA0 outperformed the Food industry which returned -1.6% over the past year.
  • 6AA0 outperformed the Market in Germany which returned -7.6% over the past year.
Price Volatility
6AA0
Industry
5yr Volatility vs Market

6AA0 Value

 Is AAK AB (publ.) undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of AAK AB (publ.) to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for AAK AB (publ.).

DB:6AA0 Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 5 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 5%
Perpetual Growth Rate 10-Year DE Government Bond Rate 0.2%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for DB:6AA0
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate 0.2%
Equity Risk Premium S&P Global 6%
Food Unlevered Beta Simply Wall St/ S&P Global 0.56
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.565 (1 + (1- 22%) (8.83%))
0.734
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.8
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.23% + (0.8 * 5.96%)
5%

Discounted Cash Flow Calculation for DB:6AA0 using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for AAK AB (publ.) is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

DB:6AA0 DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (SEK, Millions) Source Present Value
Discounted (@ 5%)
2020 1,164.40 Analyst x5 1,108.99
2021 1,489.60 Analyst x5 1,351.21
2022 1,684.09 Est @ 13.06% 1,454.95
2023 1,839.16 Est @ 9.21% 1,513.31
2024 1,958.96 Est @ 6.51% 1,535.19
2025 2,049.63 Est @ 4.63% 1,529.81
2026 2,117.43 Est @ 3.31% 1,505.22
2027 2,167.91 Est @ 2.38% 1,467.77
2028 2,205.57 Est @ 1.74% 1,422.22
2029 2,233.90 Est @ 1.28% 1,371.95
Present value of next 10 years cash flows SEK14,260.63
DB:6AA0 DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= SEK2,233.90 × (1 + 0.23%) ÷ (5% – 0.23%)
SEK46,958.81
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= SEK46,958.81 ÷ (1 + 5%)10
SEK28,839.62
DB:6AA0 Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= SEK14,260.63 + SEK28,839.62
SEK43,100.25
Equity Value per Share
(SEK)
= Total value / Shares Outstanding
= SEK43,100.25 / 253.73
SEK169.87
DB:6AA0 Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:6AA0 represents 0.09354x of OM:AAK
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.09354x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (SEK) x Listing Adjustment Factor
= SEK 169.87 x 0.09354
€15.89
Value per share (EUR) From above. €15.89
Current discount Discount to share price of €18.09
= -1 x (€18.09 - €15.89) / €15.89
-13.9%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of AAK AB (publ.) is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for AAK AB (publ.)'s earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are AAK AB (publ.)'s earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:6AA0 PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-06-30) in SEK SEK5.55
OM:AAK Share Price ** OM (2019-07-22) in SEK SEK193.4
Germany Food Industry PE Ratio Median Figure of 5 Publicly-Listed Food Companies 20.11x
Germany Market PE Ratio Median Figure of 422 Publicly-Listed Companies 19.75x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of AAK AB (publ.).

DB:6AA0 PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= OM:AAK Share Price ÷ EPS (both in SEK)

= 193.4 ÷ 5.55

34.83x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • AAK AB (publ.) is overvalued based on earnings compared to the DE Food industry average.
  • AAK AB (publ.) is overvalued based on earnings compared to the Germany market.
Price based on expected Growth
Does AAK AB (publ.)'s expected growth come at a high price?
Raw Data
DB:6AA0 PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 34.83x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts
10.8%per year
Europe Food Industry PEG Ratio Median Figure of 67 Publicly-Listed Food Companies 1.68x
Germany Market PEG Ratio Median Figure of 270 Publicly-Listed Companies 1.44x

*Line of best fit is calculated by linear regression .

DB:6AA0 PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 34.83x ÷ 10.8%

3.23x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • AAK AB (publ.) is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on AAK AB (publ.)'s assets?
Raw Data
DB:6AA0 PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-06-30) in SEK SEK37.57
OM:AAK Share Price * OM (2019-07-22) in SEK SEK193.4
Germany Food Industry PB Ratio Median Figure of 7 Publicly-Listed Food Companies 2.06x
Germany Market PB Ratio Median Figure of 570 Publicly-Listed Companies 1.71x
DB:6AA0 PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= OM:AAK Share Price ÷ Book Value per Share (both in SEK)

= 193.4 ÷ 37.57

5.15x

* Primary Listing of AAK AB (publ.).

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • AAK AB (publ.) is overvalued based on assets compared to the DE Food industry average.
X
Value checks
We assess AAK AB (publ.)'s value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Food industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Food industry average (and greater than 0)? (1 check)
  5. AAK AB (publ.) has a total score of 0/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

6AA0 Future Performance

 How is AAK AB (publ.) expected to perform in the next 1 to 3 years based on estimates from 5 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
10.8%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is AAK AB (publ.) expected to grow at an attractive rate?
  • AAK AB (publ.)'s earnings growth is expected to exceed the low risk savings rate of 0.2%.
Growth vs Market Checks
  • AAK AB (publ.)'s earnings growth is positive but not above the Germany market average.
  • AAK AB (publ.)'s revenue growth is expected to exceed the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:6AA0 Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:6AA0 Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts 10.8%
DB:6AA0 Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 5 Analysts 5.8%
Germany Food Industry Earnings Growth Rate Market Cap Weighted Average 36%
Europe Food Industry Revenue Growth Rate Market Cap Weighted Average 3.9%
Germany Market Earnings Growth Rate Market Cap Weighted Average 12.5%
Germany Market Revenue Growth Rate Market Cap Weighted Average 5.2%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
DB:6AA0 Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 weeks ago) See Below
Future Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below
All numbers in SEK Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:6AA0 Future Estimates Data
Date (Data in SEK Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 32,048 2,172 1,848 5
2020-12-31 30,231 2,010 1,674 5
2019-12-31 28,484 1,977 1,502 5
DB:6AA0 Past Financials Data
Date (Data in SEK Millions) Revenue Cash Flow Net Income *
2019-06-30 28,003 1,892 1,409
2019-03-31 27,986 1,880 1,351
2018-12-31 27,592 1,090 1,322
2018-09-30 27,194 1,368 1,322
2018-06-30 26,713 1,336 1,273
2018-03-31 26,396 1,111 1,234
2017-12-31 26,436 1,099 1,194
2017-09-30 26,168 1,099 1,126
2017-06-30 25,293 472 1,074
2017-03-31 23,771 821 1,042
2016-12-31 22,057 1,213 1,003
2016-09-30 20,997 1,030 958

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • AAK AB (publ.)'s earnings are expected to grow by 10.8% yearly, however this is not considered high growth (20% yearly).
  • AAK AB (publ.)'s revenue is expected to grow by 5.8% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
DB:6AA0 Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 weeks ago) See Below
Future Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below

All data from AAK AB (publ.) Company Filings, last reported 3 weeks ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:6AA0 Future Estimates Data
Date (Data in SEK Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31 7.28 7.79 6.98 5.00
2020-12-31 6.60 6.90 6.35 5.00
2019-12-31 5.92 6.05 5.73 5.00
DB:6AA0 Past Financials Data
Date (Data in SEK Millions) EPS *
2019-06-30 5.55
2019-03-31 5.32
2018-12-31 5.21
2018-09-30 5.21
2018-06-30 5.02
2018-03-31 4.86
2017-12-31 4.71
2017-09-30 4.44
2017-06-30 4.24
2017-03-31 4.11
2016-12-31 3.95
2016-09-30 3.78

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • AAK AB (publ.) is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess AAK AB (publ.)'s future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Germany market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
AAK AB (publ.) has a total score of 2/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

6AA0 Past Performance

  How has AAK AB (publ.) performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare AAK AB (publ.)'s growth in the last year to its industry (Food).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • AAK AB (publ.)'s year on year earnings growth rate has been positive over the past 5 years.
  • AAK AB (publ.)'s 1-year earnings growth is less than its 5-year average (10.7% vs 10.9%)
  • AAK AB (publ.)'s earnings growth has not exceeded the DE Food industry average in the past year (10.7% vs 11.3%).
Earnings and Revenue History
AAK AB (publ.)'s revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from AAK AB (publ.) Company Filings, last reported 3 weeks ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:6AA0 Past Revenue, Cash Flow and Net Income Data
Date (Data in SEK Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-06-30 28,003.00 1,409.00 4,828.00
2019-03-31 27,986.00 1,351.00 4,703.00
2018-12-31 27,592.00 1,322.00 4,535.00
2018-09-30 27,194.00 1,322.00 4,374.00
2018-06-30 26,713.00 1,273.00 4,250.00
2018-03-31 26,396.00 1,234.00 4,142.00
2017-12-31 26,436.00 1,194.00 4,070.00
2017-09-30 26,168.00 1,126.00 4,082.00
2017-06-30 25,293.00 1,074.00 3,954.00
2017-03-31 23,771.00 1,042.00 3,817.00
2016-12-31 22,057.00 1,003.00 3,699.00
2016-09-30 20,997.00 958.00 3,588.00
2016-06-30 20,377.00 959.00 3,550.00
2016-03-31 20,241.00 954.00 3,483.00
2015-12-31 20,114.00 933.00 3,423.00
2015-09-30 19,704.00 992.00 3,305.00
2015-06-30 19,361.00 961.00 3,197.00
2015-03-31 18,521.00 906.00 3,061.00
2014-12-31 17,814.00 879.00 2,927.00
2014-09-30 17,244.00 808.00 2,775.00
2014-06-30 16,735.00 783.00 2,640.00
2014-03-31 16,655.00 764.00 2,548.00
2013-12-31 16,537.00 732.00 2,454.00
2013-09-30 16,456.00 711.00 2,389.00
2013-06-30 16,527.00 680.00 2,354.00
2013-03-31 16,700.00 655.00 2,321.00
2012-12-31 16,911.00 640.00 2,292.00
2012-09-30 17,189.00 632.00 2,255.00

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • AAK AB (publ.) has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • AAK AB (publ.) used its assets more efficiently than the DE Food industry average last year based on Return on Assets.
  • AAK AB (publ.)'s use of capital has not improved over the past 3 years (Return on Capital Employed).
X
Past performance checks
We assess AAK AB (publ.)'s performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Food industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
AAK AB (publ.) has a total score of 2/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

6AA0 Health

 How is AAK AB (publ.)'s financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up AAK AB (publ.)'s finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • AAK AB (publ.) is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • AAK AB (publ.)'s cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of AAK AB (publ.)'s finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is covered by short term assets, assets are 3.1x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from AAK AB (publ.) Company Filings, last reported 3 weeks ago.

DB:6AA0 Past Debt and Equity Data
Date (Data in SEK Millions) Total Equity Total Debt Cash & Short Term Investments
2019-06-30 9,616.00 3,578.00 744.00
2019-03-31 9,765.00 3,297.00 814.00
2018-12-31 8,996.00 3,219.00 737.00
2018-09-30 8,821.00 3,455.00 723.00
2018-06-30 8,633.00 4,221.00 872.00
2018-03-31 8,461.00 3,761.00 669.00
2017-12-31 7,734.00 2,987.00 480.00
2017-09-30 7,406.00 3,661.00 545.00
2017-06-30 7,333.00 4,062.00 639.00
2017-03-31 7,830.00 3,633.00 581.00
2016-12-31 7,576.00 3,075.00 586.00
2016-09-30 7,087.00 3,459.00 403.00
2016-06-30 6,765.00 2,680.00 485.00
2016-03-31 6,663.00 2,565.00 414.00
2015-12-31 6,650.00 2,461.00 462.00
2015-09-30 6,422.00 2,783.00 391.00
2015-06-30 6,220.00 2,897.00 377.00
2015-03-31 6,397.00 2,915.00 342.00
2014-12-31 5,800.00 2,678.00 266.00
2014-09-30 5,268.00 3,701.00 429.00
2014-06-30 4,811.00 3,149.00 277.00
2014-03-31 4,659.00 2,838.00 222.00
2013-12-31 4,364.00 2,420.00 231.00
2013-09-30 4,051.00 2,930.00 244.00
2013-06-30 3,996.00 2,917.00 254.00
2013-03-31 3,947.00 3,077.00 282.00
2012-12-31 3,836.00 2,910.00 330.00
2012-09-30 3,717.00 3,449.00 294.00
  • AAK AB (publ.)'s level of debt (37.2%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (65.5% vs 37.2% today).
  • Debt is well covered by operating cash flow (52.9%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 15.7x coverage).
X
Financial health checks
We assess AAK AB (publ.)'s financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. AAK AB (publ.) has a total score of 6/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

6AA0 Dividends

 What is AAK AB (publ.)'s current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
0.96%
Current annual income from AAK AB (publ.) dividends. Estimated to be 1.18% next year.
If you bought €2,000 of AAK AB (publ.) shares you are expected to receive €19 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • AAK AB (publ.)'s pays a lower dividend yield than the bottom 25% of dividend payers in Germany (1.48%).
  • AAK AB (publ.)'s dividend is below the markets top 25% of dividend payers in Germany (3.92%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
DB:6AA0 Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below
Germany Food Industry Average Dividend Yield Market Cap Weighted Average of 5 Stocks 1.5%
Germany Market Average Dividend Yield Market Cap Weighted Average of 325 Stocks 3.2%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.8%
Germany Bottom 25% Dividend Yield 25th Percentile 1.5%
Germany Top 25% Dividend Yield 75th Percentile 3.9%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

DB:6AA0 Future Dividends Estimate Data
Date (Data in SEK) Dividend per Share (annual) Avg. No. Analysts
2021-12-31 2.53 5.00
2020-12-31 2.27 5.00
2019-12-31 2.04 5.00
DB:6AA0 Past Annualized Dividends Data
Date (Data in SEK) Dividend per share (annual) Avg. Yield (%)
2019-02-08 1.850 1.206
2018-04-24 1.625 1.187
2017-04-10 1.458 1.323
2016-02-03 1.292 1.288
2015-03-27 1.125 1.209
2014-02-05 1.000 1.430
2013-05-03 0.875 1.406
2012-02-09 0.792 1.900
2011-05-17 0.750 2.526
2010-04-16 0.708 2.547
2009-05-19 0.667 2.927

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of AAK AB (publ.)'s earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (3x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (2.9x coverage).
X
Income/ dividend checks
We assess AAK AB (publ.)'s dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can AAK AB (publ.) afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. AAK AB (publ.) has a total score of 4/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

6AA0 Management

 What is the CEO of AAK AB (publ.)'s salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Johan Westman
COMPENSATION SEK13,599,098
AGE 46
TENURE AS CEO 1.2 years
CEO Bio

Mr. Johan Westman has been the President and Chief Executive Officer of AAK AB (publ.) since May 2, 2018. Mr. Westman served as Managing Director of Blanklight and Senior Vice President of Europe at Shiloh Industries Inc. until March 2018 and served as its Vice President of Europe since July 2014. He served as the Chief Executive Officer and President at Finnveden Metal Structures AB (FMS), FinnvedenBulten AB (publ) and Finnveden AB from 2008 to June 30, 2014. He has been Director of Absolent Group AB (publ) since 2017. Mr. Westman joined FinnvedenBulten in 2006 as Vice President of Business Development after eight years of management consulting with Arthur D. Little. He holds a Master of Science in Industrial Engineering and Management from the Chalmers University of Technology and has studied Finance at the University of Gothenburg.

CEO Compensation
  • Insufficient data for Johan to compare compensation growth.
  • Johan's remuneration is lower than average for companies of similar size in Germany.
Management Team Tenure

Average tenure and age of the AAK AB (publ.) management team in years:

4.3
Average Tenure
56
Average Age
  • The tenure for the AAK AB (publ.) management team is about average.
Management Team

Johan Westman

TITLE
President & CEO
COMPENSATION
SEK14M
AGE
46
TENURE
1.2 yrs

Fredrik Nilsson

TITLE
CFO, Head of Corporate Communications
COMPENSATION
SEK2M
AGE
42
TENURE
5.5 yrs

David Smith

TITLE
President Global Operations & VP
AGE
59

Karsten Nielsen

TITLE
CTO & VP
AGE
56
TENURE
8.5 yrs

Anne Olesen

TITLE
Chief Marketing Officer & VP of Corporate Social Responsibility
AGE
55

Renald Mackintosh

TITLE
Chairman Special Nutrition & Personal Care and VP
AGE
68
TENURE
3.9 yrs

Torben Lange

TITLE
President of Asia
AGE
56

Mikael Ekdahl

TITLE
Secretary of the Board
COMPENSATION
SEK900K
AGE
68
TENURE
1.2 yrs

Octavio de León

TITLE
VP & President of North Latin America
AGE
52

Gerardo Garza de Hereida

TITLE
VP & President AAK South Latin America
AGE
58
TENURE
4.8 yrs
Board of Directors Tenure

Average tenure and age of the AAK AB (publ.) board of directors in years:

2.2
Average Tenure
56
Average Age
  • The average tenure for the AAK AB (publ.) board of directors is less than 3 years, this suggests a new board.
Board of Directors

Georg Brunstam

TITLE
Chairman of the Board
COMPENSATION
SEK950K
AGE
62
TENURE
1.2 yrs

Märta Andreen

TITLE
Director
COMPENSATION
SEK550K
AGE
35
TENURE
6.2 yrs

Gun Nilsson

TITLE
Director
COMPENSATION
SEK625K
AGE
64
TENURE
2.2 yrs

Lillie Valeur

TITLE
Director
COMPENSATION
SEK500K
AGE
49
TENURE
6.2 yrs

Marianne Kirkegaard

TITLE
Director
COMPENSATION
SEK375K
AGE
51
TENURE
4.2 yrs

Bengt Baron

TITLE
Director
COMPENSATION
SEK375K
AGE
57
TENURE
2.2 yrs

Patrik Andersson

TITLE
Director
AGE
56
TENURE
0.2 yrs

Annica Edvardsson

TITLE
Deputy Director
TENURE
2.2 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
12. Mar 19 Sell Melker Schorling Tjanste AB Company 07. Mar 19 12. Mar 19 -1,805,282 €12.71 €-22,734,271
27. Aug 18 Sell Karsten Nielsen Individual 23. Aug 18 23. Aug 18 -41,000 €14.05 €-576,007
24. Aug 18 Sell Karsten Nielsen Individual 23. Aug 18 23. Aug 18 -32,000 €14.07 €-449,602
X
Management checks
We assess AAK AB (publ.)'s management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. AAK AB (publ.) has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

6AA0 News

Simply Wall St News

6AA0 Company Info

Description

AAK AB (publ.) develops and sells vegetable oils and fats in Sweden and internationally. It offers food ingredients for the bakery, dairy, special nutrition, and foodservice industries; chocolate and confectionery fats, including cocoa butter alternatives under the TROPICAO, ILLEXAO, AKOPOL, CEBES, SILKO, CHOCOFILL, and DELIAIR brands; speciality fats for confectionery filling; and functional emollients for the personal care industry. The company also provides fatty acids and glycerine for various applications, as well as proteins and fats for animal feeds. AAK AB (publ.) is headquartered in Malmö, Sweden.

Details
Name: AAK AB (publ.)
6AA0
Exchange: DB
Founded:
SEK4,648,893,117
253,730,934
Website: http://www.aak.com
Address: AAK AB (publ.)
Skrivaregatan 9,
Malmö,
Skåne County, 215 32,
Sweden
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
OM AAK Ordinary Shares OMX Nordic Exchange Stockholm SE SEK 29. Sep 2005
OTCPK ARHU.F Ordinary Shares Pink Sheets LLC US USD 29. Sep 2005
DB 6AA0 Ordinary Shares Deutsche Boerse AG DE EUR 29. Sep 2005
LSE 0A0J Ordinary Shares London Stock Exchange GB SEK 29. Sep 2005
BATS-CHIXE AAKS Ordinary Shares BATS 'Chi-X Europe' GB SEK 29. Sep 2005
Number of employees
Current staff
Staff numbers
3,700
AAK AB (publ.) employees.
Industry
Packaged Foods and Meats
Food, Beverage & Tobacco
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/07/22 21:49
End of day share price update: 2019/07/22 00:00
Last estimates confirmation: 2019/07/17
Last earnings filing: 2019/07/16
Last earnings reported: 2019/06/30
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.