Kakel Max AB (KAKEL) AI Stock Analysis

• Market Cap: kr31.91M
• Dividend Yield: N/A
• Average Volume (3M): 9.55K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.36
• Revenue Growth: 11.58%
• EPS Growth: -57.58%
• Country: SE
• Employees: 57
• Sector: Services
• Sector Strength: N/A
• Industry: Construction Materials
• EPS (TTM): 0.34
• Shares Outstanding: 3,038,818
• 10 Day Avg. Volume: 4,830
• 30 Day Avg. Volume: 9,549
• PEG Ratio: 0.25
• Price to Book (P/B): 0.54
• Price to Sales (P/S): 0.15
• P/FCF Ratio: 0.00
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 60 Neutral
• Price Target: kr11.50 ▲(22.34% Upside)
• Action: Reiterated Date: 03/01/26
• Date: Action: Reiterated 03/01/26

The score is driven by stabilizing fundamentals (revenue recovery, improved cash flow, and low leverage) but held back by still-negative profitability and compressed margins. Technicals are supportive with a clear uptrend, while valuation remains weak due to losses and a negative P/E.

Positive Factors

Conservative leverage

A low debt-to-equity (~0.13) and conservative leverage give Kakel financial flexibility to withstand construction-cycle volatility, fund modest capex, or absorb shocks without forced financing. This balance-sheet strength supports durable operations and strategic optionality over months.

Improved cash generation

Operating cash flow turned strong and free cash flow is now positive, moving the firm from prior-period negative FCF to cash generation. Sustained cash conversion enables reinvestment, working-capital management and reduces reliance on external funding for several months ahead.

Revenue recovery

A 9.5% TTM revenue rebound signals recovering demand or market share restoration in construction materials. Consistent top-line recovery increases utilization potential and gives scope to leverage fixed costs, improving structural prospects if the trend persists over the coming quarters.

Negative Factors

Negative profitability

Persistent negative EBIT and net income mean the business has yet to restore operating profitability, limiting retained earnings and shareholder returns. Continued losses constrain long-term reinvestment capacity and increase dependence on cash reserves or external financing.

Compressed gross margins

Notable gross margin compression suggests structural pressure from input costs, mix shifts, or pricing weakness. Lower margins reduce the firm's ability to absorb SG&A and cyclical downturns, making sustained operating profitability harder unless margins recover.

Volatile free cash flow

Although FCF is positive now, a sharp prior-period decline indicates material volatility from working-capital swings or capex timing. Such variability undermines planning and increases the risk that cash buffers or external financing will be needed if adverse conditions recur.

Kakel Max AB Business Overview & Revenue Model

Company Description

Kakel Max AB (publ) operates in the building ceramic market in Sweden. It offers tiles and other bathroom accessories. The company sells its products through project customers and retailers, as well as through its own network of stores. Kakel Max AB (publ) was founded in 1987 and is based in Östervåla, Sweden.

How the Company Makes Money

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Kakel Max AB Financial Statement Overview

Summary

Revenue rebounded in TTM and the net loss narrowed, with operating cash flow strong and free cash flow positive. However, EBIT and net income remain negative and gross margin has compressed, keeping overall profitability and earnings quality mixed despite a conservative balance sheet.

Income Statement

TTM (Trailing-Twelve-Months) revenue rebounded (+9.5% growth) after a weak 2024, and the net loss narrowed materially versus 2024. However, profitability remains pressured: EBIT and net income are still negative in TTM, and gross margin has compressed notably versus 2022–2024 levels, signaling weaker pricing/premix or cost headwinds. Overall, the top-line recovery is a positive, but earnings quality is still mixed until margins and operating profit turn sustainably positive.

Balance Sheet

Leverage appears conservative in TTM with low debt relative to equity (debt-to-equity ~0.13), improving from prior years and providing financial flexibility. Equity is sizable relative to total assets, which helps cushion cyclical volatility typical for construction materials. The key weakness is returns: return on equity is negative in TTM (and also negative in 2024), reflecting that the balance sheet strength is not currently translating into shareholder profitability.

Cash Flow

Cash generation improved meaningfully in TTM: operating cash flow is strong and free cash flow is positive, a clear step up from 2024 when free cash flow was negative. That said, free cash flow fell sharply versus the prior period (large negative growth), indicating volatility and potential working-capital or capex swings. Cash flow is currently a relative strength versus reported earnings, but consistency remains the main watch item.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	175.38M	143.48M	155.29M	176.21M	151.14M
Gross Profit	-4.47M	46.30M	50.81M	60.38M	48.91M
EBITDA	4.46M	3.22M	8.94M	13.83M	8.01M
Net Income	-1.41M	-5.51M	848.00K	5.36M	1.39M
Balance Sheet
Total Assets	97.12M	95.33M	95.71M	98.67M	90.90M
Cash, Cash Equivalents and Short-Term Investments	6.72M	1.59M	5.36M	4.92M	3.85M
Total Debt	1.48M	16.13M	14.93M	11.11M	14.63M
Total Liabilities	47.19M	43.99M	38.86M	42.67M	40.31M
Stockholders Equity	49.93M	51.34M	56.85M	56.00M	50.59M
Cash Flow
Free Cash Flow	0.00	-2.62M	1.25M	4.53M	-908.00K
Operating Cash Flow	12.18M	828.00K	4.31M	10.35M	248.00K
Investing Cash Flow	-3.34M	-10.94M	-3.06M	-5.82M	-1.16M
Financing Cash Flow	-3.71M	-487.00K	-804.00K	-3.47M	-6.98M

Kakel Max AB Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 9.40
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:KAKEL, the sentiment is Neutral. The current price of 9.4 is below the 20-day moving average (MA) of 11.22, below the 50-day MA of 10.54, and below the 200-day MA of 9.60, indicating a neutral trend. The MACD of 0.01 indicates Positive momentum. The RSI at 42.44 is Neutral, neither overbought nor oversold. The STOCH value of 32.40 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for SE:KAKEL.

Kakel Max AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
KAKEL	60 Neutral	kr31.91M	-18.95	―	―	11.58%	-57.58%
Sector *	55 Neutral	$13.29B	17.42	10.03%	0.93%	7.13%	-12.93%
REFINE	54 Neutral	kr34.45M	0.76	―	―	-41.68%	65.38%
LOYAL	52 Neutral	kr35.34M	―	―	―	-4.44%	-14.29%