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    Benjamin Wahlstedt

    Research Analyst at ABGSC

    Benjamin Wahlstedt is an Equity Research Analyst at ABG Sundal Collier, specializing in the retail sector with coverage of companies such as Boozt, BHG, and Byggmax. He has developed financial models and research reports for key Nordic retail firms, contributing to investment insights for ABGSC’s clients. Wahlstedt began his career as an Equity Research Intern and Bookkeeping Assistant at FREYS HYRVERK STOCKHOLM AB, later taking on management responsibilities at Systembolaget AB and Deputy Store Manager duties at Matboden Ektorp before joining ABG Sundal Collier. He holds a B.Sc. in Business and Economics from the Stockholm School of Economics, providing a strong foundation in financial and equity analysis.

    Benjamin Wahlstedt's questions to ARHUF leadership

    Benjamin Wahlstedt's questions to ARHUF leadership • Q4 2024

    Question

    Sought more detail on the 2-3% decline in chocolate volumes, asking if there were differences between categories like chocolate bars and snacks, and requested an update on the company's view of its balance sheet and M&A strategy.

    Answer

    The 2-3% volume decline refers to the total end-consumer market. The company's prime market is in more complex products like snack bars, which can be resilient as consumers might 'trade down' to products that contain more of AAK's ingredients. Regarding the balance sheet, it is strong and provides flexibility for M&A. However, the company will remain disciplined, will not overpay, and is actively searching for good opportunities in a market that is not highly fragmented. If no suitable M&A is found, other capital allocation methods like dividends will be considered.

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