Cheffelo Valuation

Q: What is the Fair Price of CHEF when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

CHEF (SEK24.9) is trading below our estimate of [[fair value]] (SEK124.93)

Is CHEF undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

6/6

Valuation Score 6/6

Below Fair Value
Significantly Below Fair Value
Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of CHEF when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: CHEF (SEK24.9) is trading below our estimate of fair value (SEK124.93)

Significantly Below Fair Value: CHEF is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for CHEF?

Key metric: As CHEF is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for CHEF. This is calculated by dividing CHEF's market cap by their current earnings.
What is CHEF's PE Ratio?
PE Ratio	13x
Earnings	SEK 24.27m
Market Cap	SEK 315.70m

CHEF key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	0.3x
Enterprise Value/EBITDA	6.7x
PEG Ratio	0.6x

Price to Earnings Ratio vs Peers

How does CHEF's PE Ratio compare to its peers?

The above table shows the PE ratio for CHEF vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PE	Estimated Growth	Market Cap
Peer Average	29.8x
SNX Premium Snacks Nordic	26.4x	n/a	SEK 242.5m
SKMO Skåne-möllan	34.6x	n/a	SEK 550.0m
MSON B Midsona	40.3x	53.0%	SEK 1.3b
SCST Scandi Standard	18x	19.6%	SEK 5.4b
CHEF Cheffelo	13x	22.6%	SEK 315.7m

Price-To-Earnings vs Peers: CHEF is good value based on its Price-To-Earnings Ratio (13x) compared to the peer average (29.8x).

Price to Earnings Ratio vs Industry

How does CHEF's PE Ratio compare vs other companies in the European Food Industry?

3 Companies	Price / Earnings	Estimated Growth	Market Cap

3 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: CHEF is good value based on its Price-To-Earnings Ratio (13x) compared to the European Food industry average (13.2x).

Price to Earnings Ratio vs Fair Ratio

What is CHEF's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

CHEF PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	13x
Fair PE Ratio	18.9x

Price-To-Earnings vs Fair Ratio: CHEF is good value based on its Price-To-Earnings Ratio (13x) compared to the estimated Fair Price-To-Earnings Ratio (18.9x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst CHEF forecast and predictions for the stock price in 12 month’s time.
Date	Share Price	Average 1Y Price Target	Dispersion	High	Low	1Y Actual price	Analysts
Current	SEK 24.90	SEK 35.00 +40.6%	13.0%	SEK 41.00	SEK 30.00	n/a	3
Nov ’25	SEK 26.20	SEK 35.33 +34.9%	12.7%	SEK 41.00	SEK 30.00	n/a	3
Oct ’25	SEK 26.60	SEK 35.33 +32.8%	12.7%	SEK 41.00	SEK 30.00	n/a	3
Sep ’25	SEK 28.30	SEK 32.50 +14.8%	7.7%	SEK 35.00	SEK 30.00	n/a	2
Aug ’25	SEK 26.90	SEK 27.50 +2.2%	9.1%	SEK 30.00	SEK 25.00	n/a	2
Jul ’25	SEK 22.50	SEK 27.50 +22.2%	9.1%	SEK 30.00	SEK 25.00	n/a	2
Jun ’25	SEK 24.20	SEK 27.50 +13.6%	9.1%	SEK 30.00	SEK 25.00	n/a	2
May ’25	SEK 21.20	SEK 27.50 +29.7%	9.1%	SEK 30.00	SEK 25.00	n/a	2
Apr ’25	SEK 25.30	SEK 27.50 +8.7%	9.1%	SEK 30.00	SEK 25.00	n/a	2
Mar ’25	SEK 25.60	SEK 27.50 +7.4%	9.1%	SEK 30.00	SEK 25.00	n/a	2
Feb ’25	SEK 18.50	SEK 18.00 -2.7%	11.1%	SEK 20.00	SEK 16.00	n/a	2
Jan ’25	SEK 16.30	SEK 18.00 +10.4%	11.1%	SEK 20.00	SEK 16.00	n/a	2
Dec ’24	SEK 14.05	SEK 18.00 +28.1%	11.1%	SEK 20.00	SEK 16.00	n/a	2
Nov ’24	SEK 13.90	SEK 17.00 +22.3%	17.6%	SEK 20.00	SEK 14.00	SEK 26.20	2
Oct ’24	SEK 12.15	SEK 17.00 +39.9%	17.6%	SEK 20.00	SEK 14.00	SEK 26.60	2
Sep ’24	SEK 13.45	SEK 17.00 +26.4%	17.6%	SEK 20.00	SEK 14.00	SEK 28.30	2
Aug ’24	SEK 11.00	SEK 17.00 +54.5%	17.6%	SEK 20.00	SEK 14.00	SEK 26.90	2
Jul ’24	SEK 11.85	SEK 18.50 +56.1%	8.1%	SEK 20.00	SEK 17.00	SEK 22.50	2
Jun ’24	SEK 11.85	SEK 18.50 +56.1%	8.1%	SEK 20.00	SEK 17.00	SEK 24.20	2
May ’24	SEK 7.00	SEK 14.00 +100.0%	21.4%	SEK 17.00	SEK 11.00	SEK 21.20	2
Apr ’24	SEK 7.31	SEK 14.00 +91.5%	21.4%	SEK 17.00	SEK 11.00	SEK 25.30	2
Mar ’24	SEK 8.30	SEK 16.00 +92.8%	31.3%	SEK 21.00	SEK 11.00	SEK 25.60	2
Feb ’24	SEK 6.13	SEK 16.55 +170.0%	26.9%	SEK 21.00	SEK 12.10	SEK 18.50	2
Jan ’24	SEK 5.46	SEK 16.55 +203.1%	26.9%	SEK 21.00	SEK 12.10	SEK 16.30	2
Nov ’23	SEK 5.67	SEK 30.50 +437.9%	31.1%	SEK 40.00	SEK 21.00	SEK 13.90	2

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.