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Cloetta AB
(CLA.B)
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Rating:75Outperform
Price Target:
kr59.00
▲(50.05% Upside)
Action:Reiterated
Date:07/03/26
The score is driven primarily by solid financial quality (improving leverage and stronger multi-year profitability) and a positive earnings-call setup (upgraded growth expectations and margin progress, alongside a stronger balance sheet and dividend). Technicals add support with price above key moving averages, while valuation is the main limiter given a mid-to-high P/E and a moderate dividend yield.
Positive Factors
Improving balance sheet leverage
Material deleveraging to ~0.27 D/E and net debt/EBITDA ~0.6x gives durable financial flexibility. Lower leverage supports ongoing dividend policy, cushions commodity or FX shocks, and creates optionality for targeted M&A or capital to fund the 4–5% sales CapEx plan without compromising solvency.
Negative Factors
One‑off supplier compensation boosted margins
Part of recent margin improvement reflects non‑recurring supplier compensation, which can overstate sustainable profitability. If recurring cost saves or price realization don’t fully replace such items, adjusted margins could revert, complicating medium‑term forecasting and pressuring free cash flow and payout capacity.
Read all positive and negative factors
Positive Factors
Negative Factors
Improving balance sheet leverage
Material deleveraging to ~0.27 D/E and net debt/EBITDA ~0.6x gives durable financial flexibility. Lower leverage supports ongoing dividend policy, cushions commodity or FX shocks, and creates optionality for targeted M&A or capital to fund the 4–5% sales CapEx plan without compromising solvency.
Read all positive factors
Cloetta AB (CLA.B) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr14.11B
Dividend Yield2.74%
Average Volume (3M)523.54K
Price to Earnings (P/E)18.6
Beta (1Y)0.28
Revenue Growth0.47%
EPS Growth20.22%
CountrySE
Employees2,446
SectorConsumer Defensive
Sector Strength42
IndustryFood Confectioners
Share Statistics
EPS (TTM)2.63
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 Target
kr59.00Price Target Upside50.05% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)2.8
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 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:May 06, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 15, 2026
Earnings Call Sentiment Positive
The call conveyed a clearly positive execution narrative: strong volume-driven organic growth, margin expansion (adjusted EBIT above the 2027 target on a Q1 basis), improving leverage (0.6x net debt/EBITDA) and a higher dividend all signal operational and financial momentum. Headwinds include currency translation, one-off compensation items that aided margins, Easter phasing that may temper Q2 comparables, and ongoing geopolitical/price uncertainty. On balance the company demonstrated durable improvements in growth, profitability and balance-sheet strength while acknowledging manageable near-term risks.Positive Updates
Strong Organic Net Sales Growth
Organic net sales grew 6.9% in Q1 2026 (reported growth 3.6% after ~3.3% negative currency translation). Even when adjusting for earlier Easter phasing (SEK 40–45m), organic growth sits at the upper end of the new long-term target range of 3%–4%.
Negative Updates
Dependence on One-Off Compensation for Margin Boost
SEK 44m of supplier compensation was recognized across Q4 2025 (SEK 32m) and Q1 2026 (SEK 12m). Management cautions that some margin improvements were aided by these non-recurring items, so repeatability must be monitored.
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Q1-2026 Updates
Positive
Negative
Strong Organic Net Sales Growth
Organic net sales grew 6.9% in Q1 2026 (reported growth 3.6% after ~3.3% negative currency translation). Even when adjusting for earlier Easter phasing (SEK 40–45m), organic growth sits at the upper end of the new long-term target range of 3%–4%.
Read all positive updates
Company Guidance
Management reiterated updated long‑term targets and near‑term expectations: organic growth 3–4% (up from ~1–2%), long‑term adjusted EBIT 14% (with at least 12% by 2027), net debt/EBITDA <1.5% (temporary overshoot allowed for strategic M&A) and a dividend policy targeting ~50% of profit after tax (2025 ordinary dividend SEK 1.40/share = SEK 402m, +27% y/y, paid in April). Q1 2026 metrics underpinning the guidance were: organic net sales +6.9% (reported +3.6% after ~‑3.3% FX), Easter phasing +SEK 40–45m, adjusted operating margin 12.9% (12.4% excl. SEK 12m compensation), pick & mix margin 12% (vs long‑term 7–9%), branded package margin 13.4% (aiming to return to >15% pre‑pandemic), free cash flow SEK 144m, CapEx SEK 38m (planned to rise to 4–5% of sales over 5 years), permanent SG&A savings SEK 60–70m p.a., net debt SEK 820m and leverage 0.6x, and available liquidity just under SEK 3bn; management flagged inflation has stabilised so future growth should be volume‑driven and Q2 will reflect the Easter phasing with H1 expected to be in line with the long‑term growth target.Cloetta AB Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
79
Positive
Cash Flow
71
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 8.60B | 8.53B | 8.61B | 8.30B | 6.87B | 6.05B |
| Gross Profit | 3.12B | 3.21B | 2.87B | 2.60B | 2.13B | 2.15B |
| EBITDA | 1.29B | 1.42B | 1.14B | 1.05B | 661.00M | 854.00M |
| Net Income | 747.00M | 791.00M | 477.00M | 437.00M | 275.00M | 472.00M |
Balance Sheet | ||||||
| Total Assets | 10.79B | 10.41B | 11.14B | 10.68B | 10.32B | 9.55B |
| Cash, Cash Equivalents and Short-Term Investments | 877.00M | 737.00M | 953.00M | 658.00M | 583.00M | 692.00M |
| Total Debt | 1.63B | 1.60B | 2.51B | 2.48B | 2.48B | 2.37B |
| Total Liabilities | 4.82B | 4.71B | 5.71B | 5.58B | 5.32B | 5.03B |
| Stockholders Equity | 5.97B | 5.71B | 5.43B | 5.10B | 4.99B | 4.51B |
Cash Flow | ||||||
| Free Cash Flow | 869.00M | 924.00M | 602.00M | 496.00M | 305.00M | 664.00M |
| Operating Cash Flow | 1.01B | 1.06B | 765.00M | 778.00M | 519.00M | 858.00M |
| Investing Cash Flow | -137.00M | -131.00M | -91.00M | -280.00M | -213.00M | -191.00M |
| Financing Cash Flow | -1.19B | -1.19B | -367.00M | -379.00M | -406.00M | -436.00M |
Cloetta AB Technical Analysis
Negative
39.32
Price Trends
50.22
Negative
50.21
Negative
43.95
Positive
Market Momentum
0.02
Positive
44.85
Neutral
42.87
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:CLA.B, the sentiment is Negative. The current price of 39.32 is below the 20-day moving average (MA) of 49.85, below the 50-day MA of 50.22, and below the 200-day MA of 43.95, indicating a neutral trend. The MACD of 0.02 indicates Positive momentum. The RSI at 44.85 is Neutral, neither overbought nor oversold. The STOCH value of 42.87 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
75 Outperform | kr14.11B | 18.59 | 14.28% | 2.74% | 0.47% | 20.22% | |
69 Neutral | kr2.12B | 24.66 | -0.17% | 2.34% | -3.99% | 123.69% | |
65 Neutral | kr9.22B | 23.00 | ― | 2.56% | 8.70% | 47.82% | |
64 Neutral | kr3.41B | 16.03 | ― | 4.40% | 41.66% | 38.15% | |
62 Neutral | $20.33B | 14.63 | -3.31% | 3.23% | 1.93% | -12.26% | |
57 Neutral | kr3.57B | 12.63 | 9.34% | 4.83% | -1.56% | 16.94% | |
55 Neutral | kr2.93B | 91.42 | 0.87% | ― | 4.55% | -71.28% |
* Consumer Defensive Sector Average
SE:CLA.B
Cloetta AB
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Cloetta AB Corporate Events
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...
Cloetta AGM Approves Dividend, Higher Board Fees and New Share-Based Incentive Plan
Apr 21, 2026
Cloetta’s annual general meeting in Stockholm approved the 2025 accounts and confirmed a dividend of SEK 1.40 per share, with a total payout of about SEK 401 million to shareholders. The meeting also discharged the board and CEO from liabili...
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.