Want to see SE:CLA.B full AI Analyst Report?
Top Page
Cloetta AB
(CLA.B)
Select Model
Select Model
Rating:76Outperform
Price Target:
kr64.00
▲(13.17% Upside)
Action:Reiterated
Date:07/18/26
Overall score reflects strong fundamentals and an encouraging earnings update: low leverage, solid profitability, and robust cash conversion supported by reiterated targets and strong H1 execution are the main positives. The score is held back by stretched technical momentum (RSI/Stoch near overbought) and a moderate-to-high P/E multiple, alongside management’s warning that planned H2 investments and input-cost volatility may pressure margins near term.
Positive Factors
Conservative leverage and liquidity
Very low leverage and ample liquidity provide durable financial flexibility: the company can fund mid‑term CapEx, geographic rollouts and elevated dividends without stressing the balance sheet. This reduces refinancing and solvency risk during industry cyclicality.
Negative Factors
Planned H2 marketing and expansion costs
Management's planned step‑up in advertising, brand launches and geographic expansion will compress operating margins in the coming months. These deliberate investments can delay achieving full‑year margin targets and temporarily reduce free cash flow available for other uses.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative leverage and liquidity
Very low leverage and ample liquidity provide durable financial flexibility: the company can fund mid‑term CapEx, geographic rollouts and elevated dividends without stressing the balance sheet. This reduces refinancing and solvency risk during industry cyclicality.
Read all positive factors
Cloetta AB (CLA.B) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr15.57B
Dividend Yield2.55%
Average Volume (3M)523.54K
Price to Earnings (P/E)18.3
Beta (1Y)0.22
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. Volume306,057
30 Day Avg. Volume523,545
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)2.81
Revenue Forecast (FY)kr8.77B
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 mainly by producing and selling branded confectionery and snack products to retail and distribution customers. Its core revenue stream is net sales from packaged products (e.g., candy, chocolate and related confectionery items)...
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 | 1.39B | 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
56.55
Price Trends
52.35
Positive
51.39
Positive
46.52
Positive
Market Momentum
0.49
Positive
52.55
Neutral
14.88
Positive
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 56.55 is above the 20-day moving average (MA) of 55.95, above the 50-day MA of 52.35, and above the 200-day MA of 46.52, indicating a neutral trend. The MACD of 0.49 indicates Positive momentum. The RSI at 52.55 is Neutral, neither overbought nor oversold. The STOCH value of 14.88 is Positive, 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 |
|---|---|---|---|---|---|---|---|
76 Outperform | kr15.57B | 18.34 | 14.72% | 2.48% | 0.10% | 29.53% | |
65 Neutral | kr3.41B | 16.12 | ― | 2.10% | 41.66% | 38.15% | |
63 Neutral | kr1.73B | 15.45 | 3.73% | 2.34% | -2.47% | 460.15% | |
62 Neutral | $20.33B | 14.63 | -3.31% | 3.23% | 1.93% | -12.26% | |
59 Neutral | kr9.46B | 21.80 | ― | 2.56% | 8.24% | 53.10% | |
57 Neutral | kr3.69B | 18.17 | 6.05% | 6.49% | -2.46% | -7.73% | |
54 Neutral | kr2.48B | -4.47 | -11.29% | ― | 3.21% | -722.98% |
* Consumer Defensive Sector Average
SE:CLA.B
Cloetta AB
54.85
24.31
79.58%
SE:MSON.B
Midsona AB Class B
11.90
3.96
49.89%
SE:DUNI
Duni AB
78.30
-8.02
-9.29%
SE:HUMBLE
Humble Group AB
5.41
-2.11
-28.06%
SE:VIVA
Viva Wine Group AB
38.20
0.28
0.73%
SE:SCST
Scandi Standard AB
145.00
51.03
54.30%
Cloetta AB Corporate Events
Cloetta’s Superbrands and efficiency lift margins as global expansion advances
Jul 15, 2026
Cloetta reported a modest 0.4% rise in second-quarter net sales to SEK 2.1bn, but delivered a sharp improvement in profitability, with adjusted operating profit up 29.2% and the margin climbing to 14.9%. The uplift was driven by strong volume-led ...
Cloetta’s CandyKing Pilots Swedish Pick & Mix Candy in U.S. Retail
Jul 2, 2026
Cloetta’s CandyKing brand is expanding its reach beyond Europe, leveraging the global buzz around Swedish candy, which is prized for its quality and diverse flavors and shapes. The company’s pick mix concept is already established in ...
Cloetta Management Sells Shares to Cover Tax as LTIP Boosts Ownership
May 12, 2026
Cloetta has disclosed planned share sales by six members of its Group Management Team linked to the conclusion of its 2023 share-based long-term incentive programme. Around 255,000 shares allotted under the LTIP 2023 are expected to be sold to cov...
Cloetta lifts margins and expands pick & mix as 2026 starts strongly
May 6, 2026
Cloetta AB reported a strong start to 2026, delivering 6.9% organic sales growth in the first quarter, driven by higher volumes in both branded packaged products and pick mix, and helped by an earlier Easter. Net sales rose 3.6% to SEK 2.11 billi...
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.