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): 0.37
• 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: kr11.00 ▲(17.02% 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 / balance sheet health

A very low debt-to-equity (~0.13) gives the company durable financial flexibility in a cyclical construction-materials sector. Low leverage reduces refinancing risk, supports investment and working-capital needs during downturns, and preserves options to fund growth without immediate external capital.

Improved cash generation

A move to positive free cash flow and stronger operating cash generation strengthens internal funding for capex, working capital, and debt servicing. Durable cash generation reduces reliance on equity or debt markets and supports rebuilding reserves, making the recovery more self-sustaining if maintained.

Revenue recovery / top-line growth

A rebound in TTM revenue points to improving demand and market traction, which is a structural positive if sustained. Rising top line can unlock operating leverage in production and distribution, enabling margins and profit to recover over a multi-quarter horizon as fixed costs are spread over higher volumes.

Negative Factors

Negative profitability (EBIT & net loss)

Persisting negative EBIT and net loss limit the company's ability to generate shareholder returns and reinvest earnings. Until operating profitability turns positive, the firm may face constrained retained earnings, slower balance-sheet repair, and continued pressure to access external capital for sustained growth initiatives.

Compressed gross margins

Material compression in gross margins suggests structural pricing pressure or rising input costs. In a low-differentiation construction materials market, margin recovery may be slow without cost leadership, improved product mix, or sustained price increases, reducing the pace at which revenue growth converts into profits.

Volatility in free cash flow

Large swings in free cash flow signal unstable working-capital dynamics or capex timing, increasing execution risk. Even with current positive FCF, volatility complicates budgeting, investment planning and consistent deleveraging; recurring swings could force reliance on short-term liquidity solutions during stress.

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

null

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 11.06, below the 50-day MA of 10.61, and below the 200-day MA of 9.61, indicating a neutral trend. The MACD of -0.08 indicates Positive momentum. The RSI at 43.14 is Neutral, neither overbought nor oversold. The STOCH value of 51.39 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	53 Neutral	kr38.61M	0.76	―	―	-41.68%	65.38%
LOYAL	52 Neutral	kr35.34M	―	―	―	-4.44%	-14.29%