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Cloetta AB
(CLA.B)
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Rating:76Outperform
Price Target:
kr63.00
▲(11.11% Upside)
Action:Reiterated
Date:10/18/26
The score is driven primarily by solid financial performance (strong balance sheet and good cash generation) and a strong earnings-call backdrop (robust margins, organic growth in line with targets, and very low leverage). Technicals are supportive with an uptrend, though near-term momentum looks stretched. Valuation appears fair rather than compelling at a ~18.5 P/E with a ~2.5% yield.
Positive Factors
Organic volume growth
Volume-led organic growth at the upper end of management’s long-term target indicates sustained demand for Cloetta’s branded portfolio. Continued growth across core confectionery categories can support scale, strengthen retailer relevance, and provide a durable base for future revenue expansion.
Negative Factors
Recent margin compression
The recent decline in gross, EBIT and EBITDA margins shows that improved sales have not fully protected profitability from cost or pricing pressure. If this pattern persists, it could limit earnings growth, reduce returns on the asset base, and make the 14% long-term margin target harder to sustain.
Read all positive and negative factors
Positive Factors
Negative Factors
Organic volume growth
Volume-led organic growth at the upper end of management’s long-term target indicates sustained demand for Cloetta’s branded portfolio. Continued growth across core confectionery categories can support scale, strengthen retailer relevance, and provide a durable base for future revenue expansion.
Read all positive factors
Cloetta AB (CLA.B) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr16.36B
Dividend Yield2.47%
Average Volume (3M)286.17K
Price to Earnings (P/E)19.0
Beta (1Y)0.25
Revenue Growth0.10%
EPS Growth29.53%
CountrySE
Employees2,447
SectorConsumer Defensive
Sector Strength42
IndustryFood Confectioners
Share Statistics
EPS (TTM)2.99
Shares Outstanding282,884,060
10 Day Avg. Volume279,213
30 Day Avg. Volume286,165
Financial Highlights & Ratios
PEG Ratio0.22
Price to Book (P/B)2.02
Price to Sales (P/S)1.35
P/FCF Ratio12.47
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)2.94
Revenue Forecast (FY)kr8.76B
Cloetta AB Business Overview & Revenue Model
Company Description
Cloetta AB (publ), an confectionery enterprise established in 1862 and based in Sundbyberg, Sweden, focuses on the creation and commercialization of a diverse range of sweet products. Its extensive portfolio encompasses various chocolate items, in...
How the Company Makes Money
Cloetta makes money by selling branded confectionery and snack products to retail and wholesale customers. Revenue is generated primarily from the sale of packaged goods (e.g., chocolate, sugar confectionery, pastilles, chewing gum and related sna...
Cloetta AB Earnings Call Summary
Earnings Call Date:Jul 15, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 04, 2026
Earnings Call Sentiment Positive
The call conveyed strong operational execution and financial performance: organic volume growth (3.8% YTD) met the company's long-term target, margins were exceptionally high (14.9% in Q2, 13.9% YTD), free cash flow improved and leverage is very low (0.8x). Management also announced concrete geographic expansion progress (Netherlands, U.S., Germany) and a clear CapEx and operating-model roadmap to support future growth. Offsetting these positives are temporary headwinds (Easter phasing), currency translation effects that depressed reported sales, commodity/packaging cost volatility, and planned one-time and marketing investments in H2 that will pressure second-half margins. Overall, the positives (growth, record margins, cash generation, low leverage and tangible expansion steps) outweigh the manageable near-term challenges, while management has been transparent about H2 investments and cost dynamics.Positive Updates
Organic Growth in Line with Long‑Term Target
Organic volume-driven growth of 3.8% year-to-date (H1 2026), at the upper end of the long-term target range of 3%-4%. Q2 organic growth was 0.8% (volume-driven).
Negative Updates
Easter Phasing Temporarily Depressed Q2 Results for Pick & Mix
Earlier Easter this year created a tougher year‑over‑year comparison for Q2, limiting Pick & Mix visibility in the quarter and contributing to the softer Q2 organic growth (0.8%).
Read all updates
Q2-2026 Updates
Positive
Negative
Organic Growth in Line with Long‑Term Target
Organic volume-driven growth of 3.8% year-to-date (H1 2026), at the upper end of the long-term target range of 3%-4%. Q2 organic growth was 0.8% (volume-driven).
Read all positive updates
Company Guidance
The management reiterated upgraded financial guidance and near-term priorities: long‑term organic growth of 3–4%, a long‑term adjusted EBIT target of 14% (with a mid‑term goal of at least 12% by 2027), and a mid‑term CapEx increase to 4–5% of NSV (step‑up visible from next year), plus a dividend policy targeting a payout above 50% of profit after tax. They noted exceptionally strong H1 metrics (organic growth 3.8% YTD; branded packaged +3.3% in Q2 / 3.4% H1; Pick & Mix ~4.7% YTD), an adjusted operating margin of 14.9% in Q2 and 13.9% YTD (but cautioned that H2 will see higher A&P and one‑off geographic expansion costs so Q2 levels shouldn’t be assumed for H2), Q2 CapEx SEK 40m, Q2 free cash flow SEK 86m (SEK 230m YTD), net debt SEK 1.2bn and net debt/EBITDA 0.8x (well below the <1.5x target), SEK 2.7bn available liquidity, and last year’s dividend paid SEK 401m (SEK 140/share, +27% YoY); execution on supply‑chain, digitalization and commercial investments remains key to achieving these targets.Cloetta AB Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
82
Very Positive
Cash Flow
74
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 8.61B | 8.53B | 8.61B | 8.30B | 6.87B | 6.05B |
| Gross Profit | 3.15B | 3.21B | 2.87B | 2.60B | 2.13B | 2.15B |
| EBITDA | 1.46B | 1.42B | 1.12B | 1.05B | 661.00M | 851.00M |
| Net Income | 849.00M | 791.00M | 477.00M | 437.00M | 275.00M | 472.00M |
Balance Sheet | ||||||
| Total Assets | 10.62B | 10.41B | 11.14B | 10.68B | 10.32B | 9.55B |
| Cash, Cash Equivalents and Short-Term Investments | 547.00M | 737.00M | 953.00M | 658.00M | 583.00M | 692.00M |
| Total Debt | 1.64B | 1.60B | 2.51B | 2.48B | 2.48B | 2.37B |
| Total Liabilities | 4.80B | 4.71B | 5.71B | 5.58B | 5.32B | 5.03B |
| Stockholders Equity | 5.82B | 5.71B | 5.43B | 5.10B | 4.99B | 4.51B |
Cash Flow | ||||||
| Free Cash Flow | 963.00M | 924.00M | 602.00M | 496.00M | 305.00M | 664.00M |
| Operating Cash Flow | 1.11B | 1.06B | 765.00M | 778.00M | 519.00M | 858.00M |
| Investing Cash Flow | -148.00M | -131.00M | -91.00M | -280.00M | -213.00M | -191.00M |
| Financing Cash Flow | -1.28B | -1.19B | -367.00M | -379.00M | -406.00M | -436.00M |
Cloetta AB Technical Analysis
Positive
56.70
Price Trends
54.10
Positive
53.43
Positive
51.14
Positive
Market Momentum
1.22
Negative
61.06
Neutral
67.19
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:CLA.B, the sentiment is Positive. The current price of 56.7 is above the 20-day moving average (MA) of 53.60, above the 50-day MA of 54.10, and above the 200-day MA of 51.14, indicating a bullish trend. The MACD of 1.22 indicates Negative momentum. The RSI at 61.06 is Neutral, neither overbought nor oversold. The STOCH value of 67.19 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SE:CLA.B.
Cloetta AB Peers Comparison
UnderperformOutperform
Sector (62)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
85 Outperform | kr5.53B | 12.13 | 48.04% | 4.34% | 32.85% | 101.50% | |
76 Outperform | kr16.36B | 18.96 | 14.72% | 2.47% | 0.10% | 29.53% | |
69 Neutral | kr185.92B | 16.81 | 12.25% | 3.19% | -1.84% | -8.27% | |
65 Neutral | kr1.35B | 8.16 | 5.43% | 2.37% | -1.42% | ― | |
62 Neutral | $20.33B | 14.63 | -3.31% | 3.23% | 1.93% | -12.26% | |
58 Neutral | kr3.04B | 35.19 | 1.24% | 1.47% | 2.73% | 36.67% | |
52 Neutral | kr2.45B | -5.27 | -9.80% | ― | 3.05% | -1130.58% |
* Consumer Defensive Sector Average
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Cloetta AB Corporate Events
Cloetta Schedules Q3 2026 Interim Report Release and Investor Call
Oct 8, 2026
Cloetta AB will release its interim report for the third quarter of 2026 on 4 November, followed by a same-day conference call for press, investors and analysts led by President and CEO Katarina Tell and CFO Frans Rydén. The live webcast and ...
Cloetta Appoints Nomination Committee Ahead of 2027 AGM
Sep 29, 2026
Cloetta AB has appointed its Nomination Committee ahead of the 2027 Annual General Meeting to be held in Stockholm on 13 April 2027. The committee, comprising representatives from major shareholders and the company’s board, is tasked with pr...
Cloetta’s Ahlgrens bilar makes U.S. retail debut through Target
Sep 9, 2026
Cloetta AB has secured a nationwide supplier agreement with Target, paving the way for the U.S. retail debut of its iconic Swedish foam candy brand Ahlgrens bilar. The range, including Original, Sour, Fruity Duo and Sour Fruity varieties, will ro...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.