Cloetta AB Class B (SE:CLA.B)
:CLA.B
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Cloetta AB
(CLA.B)
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Rating:70Outperform
Price Target:
kr56.00
▲(42.42% Upside)
Action:ReiteratedDate:02/19/26
The score is driven primarily by improved profitability and a de-risked balance sheet, reinforced by a constructive earnings call with upgraded growth targets, strong cash flow, and higher dividends. Offsetting factors are technically overbought conditions (high RSI/Stoch) and only mid-range valuation, alongside lingering concerns around 2025 top-line softness and some one-off margin support.
Positive Factors
Margin recovery and profitability
Sustained margin expansion reflects successful net revenue management, cost control and portfolio actions, raising underlying earnings power. Higher operating margins improve cash conversion, support reinvestment and dividends, and provide buffer versus commodity or regional volatility.
Negative Factors
Softening top-line momentum
A negative revenue print indicates structural demand or pricing headwinds that can erode the base for future margin gains. Sustained top-line weakness would force more reliance on cost measures or price increases, constraining durable growth and earnings scalability.
Read all positive and negative factors
Positive Factors
Negative Factors
Margin recovery and profitability
Sustained margin expansion reflects successful net revenue management, cost control and portfolio actions, raising underlying earnings power. Higher operating margins improve cash conversion, support reinvestment and dividends, and provide buffer versus commodity or regional volatility.
Read all positive factors
Cloetta AB (CLA.B) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr13.66B
Dividend Yield2.74%
Average Volume (3M)523.54K
Price to Earnings (P/E)14.6
Beta (1Y)0.27
Revenue Growth-1.02%
EPS Growth66.44%
CountrySE
Employees2,559
SectorConsumer Defensive
Sector Strength42
IndustryFood Confectioners
Share Statistics
EPS (TTM)0.80
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)2.65
Revenue Forecast (FY)kr8.67B
Cloetta AB Business Overview & Revenue Model
Company Description
Cloetta AB (publ) operates as a confectionary company. It manufactures and markets chocolate confectionery products, including pralines, chocolate wafers, dragees, plates, and countlines under the Kexchoklad, Polly, Center, Plopp, Tupla, Royal, Sp...
How the Company Makes Money
Cloetta generates revenue primarily through the sale of its confectionery products across various segments, including retail, food service, and online platforms. The company benefits from multiple revenue streams, including direct sales to retaile...
Cloetta AB Earnings Call Summary
Earnings Call Date:Feb 04, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 06, 2026
Earnings Call Sentiment Positive
The call presents a predominantly positive operational and financial picture: strong profitability recovery (12.1% adjusted EBIT), record operating cash flow (+SEK 1.057 billion), reduced leverage (net debt-to-EBITDA 0.7), successful strategic moves (IKEA agreement, North America progress) and increased shareholder returns (dividend +27%). Headwinds include translation-related reported sales declines, regional softness outside the Nordics, an ongoing supplier compensation negotiation that temporarily boosted margins, cocoa-price related uncertainty in chocolate, and short-term variability in Pick & Mix. On balance, the positive performance, cash generation, deleveraging and clear strategic execution outweigh the manageable challenges.Positive Updates
Strong Revenue and Margin Recovery
Full-year sales of SEK 8.5 billion with an adjusted operating margin of 12.1% in 2025 versus 10.6% in 2024 (+150 bps). Q4 adjusted operating margin was 13.9%.
Negative Updates
Translation-Driven Reported Sales Decline
Reported net sales declined ~2% for the full year and ~3% in Q4 due to currency translation effects from a strong Swedish krona, even though underlying local performance was stronger.
Read all updates
Q4-2025 Updates
Positive
Negative
Strong Revenue and Margin Recovery
Full-year sales of SEK 8.5 billion with an adjusted operating margin of 12.1% in 2025 versus 10.6% in 2024 (+150 bps). Q4 adjusted operating margin was 13.9%.
Read all positive updates
Company Guidance
Cloetta’s guidance updated key financial targets and near-term operational expectations: long‑term organic growth is now 3–4% (up from ~1–2%), adjusted EBIT target remains 14% with a nearer‑term objective of at least 12% by 2027 (FY2025 reported 12.1%; Q4 adjusted EBIT 13.9% aided by a partial supplier compensation expected to conclude in H1 2026), a new net‑debt target below 1.5x (historical ~2.5x; year‑end net debt SEK 956m, net‑debt/EBITDA 0.7) and a dividend policy targeting payout above 50% (Board proposal SEK 1.40/share, +27% y/y); management expects to realize SEK 60–70m of annualized restructuring savings (≈30% or ~SEK 20m delivered in 2025), delivered operating cash flow > SEK 1.057bn in 2025, Q4 free cash flow SEK 394m, Q4 capex SEK 31m with capex set to rise to support growth, available liquidity ~SEK 2.8bn, and timing/seasonality effects including an expected SEK 30–40m shift of Easter sales from Q2 into Q1 2026.Cloetta AB Financial Statement Overview
Summary
Income Statement
71
Positive
Balance Sheet
78
Positive
Cash Flow
67
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 8.53B | 8.61B | 8.30B | 6.87B | 6.05B |
| Gross Profit | 3.21B | 2.87B | 2.60B | 2.13B | 2.15B |
| EBITDA | 1.42B | 1.14B | 1.05B | 661.00M | 854.00M |
| Net Income | 791.00M | 477.00M | 437.00M | 275.00M | 472.00M |
Balance Sheet | |||||
| Total Assets | 10.41B | 11.14B | 10.68B | 10.32B | 9.55B |
| Cash, Cash Equivalents and Short-Term Investments | 737.00M | 953.00M | 658.00M | 583.00M | 692.00M |
| Total Debt | 1.60B | 2.51B | 2.48B | 2.48B | 2.37B |
| Total Liabilities | 4.71B | 5.71B | 5.58B | 5.32B | 5.03B |
| Stockholders Equity | 5.71B | 5.43B | 5.10B | 4.99B | 4.51B |
Cash Flow | |||||
| Free Cash Flow | 924.00M | 602.00M | 496.00M | 305.00M | 664.00M |
| Operating Cash Flow | 1.06B | 765.00M | 778.00M | 519.00M | 858.00M |
| Investing Cash Flow | -131.00M | -91.00M | -280.00M | -213.00M | -191.00M |
| Financing Cash Flow | -1.19B | -367.00M | -379.00M | -406.00M | -436.00M |
Cloetta AB Technical Analysis
Neutral
39.32
Price Trends
51.58
Negative
46.08
Positive
39.87
Positive
Market Momentum
0.30
Positive
41.92
Neutral
5.73
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:CLA.B, the sentiment is Neutral. The current price of 39.32 is below the 20-day moving average (MA) of 52.02, below the 50-day MA of 51.58, and below the 200-day MA of 39.87, indicating a neutral trend. The MACD of 0.30 indicates Positive momentum. The RSI at 41.92 is Neutral, neither overbought nor oversold. The STOCH value of 5.73 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 |
|---|---|---|---|---|---|---|---|
70 Outperform | kr13.66B | 14.56 | 14.28% | 2.74% | -1.02% | 66.44% | |
69 Neutral | kr1.80B | 5.56 | -0.17% | 2.34% | -3.99% | 123.69% | |
65 Neutral | kr9.75B | 23.89 | ― | 2.56% | 8.70% | 47.82% | |
62 Neutral | $20.33B | 14.63 | -3.31% | 3.23% | 1.93% | -12.26% | |
61 Neutral | kr2.89B | 15.14 | ― | 4.40% | 30.52% | 20.71% | |
57 Neutral | kr3.99B | 33.11 | 9.34% | 4.83% | -1.56% | 16.94% | |
55 Neutral | kr3.28B | 29.51 | 0.87% | ― | 4.55% | -71.28% |
* Consumer Defensive Sector Average
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Cloetta AB Corporate Events
Cloetta Caps Profitable 2025 with Margin Gains and Dividend Raise
Feb 4, 2026
The company’s 2025 performance featured 1.9% organic growth, an adjusted EBIT margin of 12.1%, record low leverage, and SEK 924m free cash flow, prompting a proposed dividend hike as operational restructuring and cost savings accelerated mor...
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.