AAK AB (publ.) (AAK.ST) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+157.4%

SEK 457.87

vs SEK 177.90 price

Levered DCF

SEK 90.85

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

4.09

Safe zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	20.03×	23.15×	19.81×	26×	34.94×	26.95×	30.38×	23.6×
P/B	3.45×	4.08×	3.41×	3.06×	4.26×	4.35×	4.37×	3.5×
P/S	1.49×	1.82×	1.27×	0.91×	1.42×	1.51×	1.58×	1.13×
EV / EBITDA	13.5×	14.52×	12.29×	15.39×	17.64×	15.53×	17.2×	13.42×
Gross margin	25.9%	28.8%	25.5%	19.4%	21.9%	26.4%	27.2%	24.9%
Operating margin	9.7%	10.9%	8.9%	5.0%	5.9%	7.8%	7.5%	7.1%
Net margin	7.5%	7.8%	6.4%	3.5%	4.1%	5.6%	5.2%	4.8%
Current ratio	1.99×	1.93×	1.95×	1.66×	1.48×	1.54×	1.78×	1.96×
Debt / equity	0.25×	0.18×	0.26×	0.48×	0.39×	0.45×	0.45×	0.36×
Interest coverage	17.41×	14.49×	12.94×	10.99×	17.26×	16.05×	13.73×	12.78×
Dividend yield	1.9%	1.2%	1.2%	1.4%	1.2%	1.3%	1.0%	1.3%
Payout ratio	37.9%	27.1%	24.2%	36.5%	41.1%	34.3%	31.5%	31.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	17.2%	17.6%	17.2%	11.8%	12.2%	16.1%	14.4%	14.8%
Return on invested capital	13.0%	14.9%	13.9%	8.3%	8.7%	11.0%	9.9%	11.1%
Return on assets	10.5%	10.3%	9.6%	5.2%	5.3%	7.0%	6.5%	7.3%
Free cash flow yield	-0.6%	1.4%	7.0%	-2.8%	-0.2%	3.0%	1.7%	1.2%
Earnings yield	5.0%	4.3%	5.0%	3.8%	2.9%	3.7%	3.3%	4.2%
Enterprise value	SEK 72.1B	SEK 83.6B	SEK 61.3B	SEK 51.8B	SEK 53.8B	SEK 45.3B	SEK 48.8B	SEK 33.7B
Net debt / EBITDA	0.63×	0.29×	0.6×	1.7×	1.17×	1.09×	1.29×	0.99×
Cash conversion cycle (days)	158	143	107	108	104	105	112	91