olivLaw · European equity research
Arla Plast AB ARPL.ST
Sweden · Nasdaq Stockholm · ISIN SE0015810817 · Vertical: Listed companies from Sweden
Arla Plast AB produces and sells extruded sheets of engineering plastics, mainly polycarbonate and acrylic, to customers across Europe. In October 2025 it bought Aikolon Oy, a Finnish processor and coater of plastic sheets, opening a new value-added direction. With 38% of net sales in the Swedish segment, the company remains exposed to base products where raw material prices strongly influence results.
At the close of 05 Nov 2026, Arla Plast AB (ARPL.ST) stock was 38.60 SEK (−1.03% on the day), with market capitalisation 809.6 m SEK, P/E 9.2 on diluted EPS of 4.21 SEK over the last 12 months, dividend yield 3.89%, beta 0.50, 52-week range 36.55–58.40 SEK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 57.7
- strong (55–70)
- Bollinger (20, 2)
- 37.10 – 38.71
- in the upper half of the band · %B 0.93 · band width 4.3%
- SMA 50 / 200
- 38.18 / 41.66
- mixed trend
- MACD (12, 26, 9)
- 0.15 / -0.00
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +1.8% | −0.6% | +2.5 pp | — |
| 3 months | −4.9% | −4.2% | −0.8 pp | — |
| 6 months | −10.2% | +4.3% | −14.6 pp | — |
| Year to date | −21.2% | +7.5% | −28.7 pp | — |
| 1 year | −35.7% | +9.9% | −45.6 pp | −8.2% |
| 3 years | +21.4% | +49.8% | −28.5 pp | +12.3% |
| 5 years | −23.9% | +42.8% | −66.7 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 0 percentile of its own 3-quarter history (min 10.0, median 11.6, max 11.6; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 1.0 bn | 1.4 bn | 1.4 bn |
| Revenue YoY | unavailable | +37.7% | +2.5% |
| Net income | 66.9 m | 97.9 m | 88.3 m |
| Net income YoY | unavailable | +46.3% | −9.8% |
| Diluted EPS | 3.19 | 4.67 | 4.21 |
| Diluted EPS YoY | unavailable | +46.4% | −9.9% |
| net % | 6.6% | 7.0% | 6.2% |
| Free cash flow | 159.1 m | 149.3 m | 158.5 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 183.5 m SEK
- Financial debt
- 60.3 m SEK
- Net debt
- -123.2 m SEK
- Equity
- 686.0 m SEK
- Total assets
- 993.0 m SEK
- Debt / equity
- 0.09x
- Current ratio
- 3.08x
- ROE
- 13.3%
- ROA
- 8.9%
- FCF margin
- 11.1%
Financial statements (source on every figure)
Revenue and net income (SEK)
Margins
Income statement · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 1.0 bn | 1.4 bn | 1.4 bn | esef· 26 Oct 2026verified |
| Cost of revenue | 795.8 m | 1.1 bn | 1.1 bn | esef· 26 Oct 2026verified |
| Gross profit | 219.3 m | 299.5 m | 327.5 m | esef· 26 Oct 2026verified |
| Operating income | 91.6 m | 116.7 m | 115.0 m | esef· 26 Oct 2026verified |
| Interest expense | 5.6 m | 2.1 m | 7.1 m | esef· 26 Oct 2026verified |
| Pre-tax income | 86.0 m | 117.0 m | 108.9 m | esef· 26 Oct 2026verified |
| Income tax | 19.1 m | 19.1 m | 20.6 m | esef· 26 Oct 2026verified |
| Net income | 66.9 m | 97.9 m | 88.3 m | esef· 26 Oct 2026verified |
| Diluted EPS | 3.19 | 4.67 | 4.21 | esef· 26 Oct 2026verified |
| Dividend per share | 0.98 | 1.50 | 1.50 | esef· 26 Oct 2026derived |
Balance sheet · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 176.1 m | 162.3 m | 183.5 m | esef· 26 Oct 2026verified |
| Inventories | 173.2 m | 261.2 m | 212.0 m | esef· 26 Oct 2026verified |
| Current assets | 490.3 m | 636.9 m | 560.0 m | esef· 26 Oct 2026verified |
| Property, plant & equipment, net | 238.0 m | 265.8 m | 300.4 m | esef· 26 Oct 2026verified |
| Total assets | 785.2 m | 982.8 m | 993.0 m | esef· 26 Oct 2026verified |
| Short-term debt | 62.7 m | 96.0 m | 47.2 m | esef· 26 Oct 2026verified |
| Long-term debt | 5.8 m | 25.8 m | 13.1 m | esef· 26 Oct 2026verified |
| Current liabilities | 150.7 m | 254.4 m | 181.9 m | esef· 26 Oct 2026verified |
| Total liabilities | 216.8 m | 338.1 m | 307.0 m | esef· 26 Oct 2026verified |
| Equity | 568.4 m | 644.7 m | 686.0 m | esef· 26 Oct 2026verified |
| Shares outstanding at year end | 20.3 m | 21.0 m | 21.0 m | esef· 26 Oct 2026derived |
Cash flow · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 165.5 m | 166.0 m | 183.0 m | esef· 26 Oct 2026verified |
| Capex | 6.4 m | 16.7 m | 24.5 m | esef· 26 Oct 2026verified |
| Free cash flow | 159.1 m ≈ | 149.3 m ≈ | 158.5 m ≈ | esef· 26 Oct 2026derived |
| Investing cash flow | -6.4 m | -108.7 m | -36.2 m | esef· 26 Oct 2026verified |
| Financing cash flow | -24.0 m | -76.4 m | -117.5 m | esef· 26 Oct 2026verified |
| Dividends paid | 20.0 m | 26.2 m | 31.5 m | esef· 26 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 84 / 100
A scoring methodology on indicators and valuation, not investment advice.
score >= 65 · margin_of_safety >= 0.15 · agreement in ['high', 'medium']
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 809.6 m SEK
Key indicators
Coverage and freshness
Score by group
- Quality73
- Returns73
- Balance sheet100
- Valuation96
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Attractive profile · Score 84/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 16.0% | 65 (vs peers) | 17% |
| Net margin · Quality | 6.2% | 58 (vs peers) | 10% |
| FCF conversion · Quality | 179.5% | 100 (on a fixed band) | 10% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 16.2x | 100 (on a fixed band) | 10% |
| Current ratio · Balance sheet | 3.1x | 100 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 9.2x | 92 (vs peers) | 17% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 19.6% | 100 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | 3.9% | 56 (on a fixed band) | 10% |
| Payout ratio (FCF) · Returns | 19.9% | 100 (on a fixed band) | 7% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet100/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality73/100 · 3/3 factors with a value
- Returns73/100 · 2/2 factors with a value
- Valuation96/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Arla Plast AB (ARPL.ST). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 1.4 bn SEK in 2025; YoY growth 2.5%; net margin 6.2%; ROE 13.3%.
The estimated value range is 68.58–109.36 SEK per share (median of 3 methods, agreement: medium); assumptions are illustrative. Against the central value of 89.56 SEK, the price of 38.60 SEK leaves a potential of 132.0% (value / price − 1) and a margin of safety of 56.9% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 84/100, methodological classification: attractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 179.5%
- Interest coverage: 16.2x
- Current ratio: 3.1x
- P/E (TTM): 9.2x
- FCF yield: 19.6%
- Payout ratio (FCF): 19.9%
- The price is below the estimated value range
What contradicts it
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA.
Versus the vertical median
Listed companies from Sweden · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ALFA.STAlfa Laval AB | 223.0 bn | 27.0 | 19.4% | 11.9% | +4.1% | +21% / +38% |
| BOL.STBoliden Ab | 143.0 bn | 15.2 | 13.3% | 10.1% | +4.8% | +12% / +81% |
| CAST.STCastellum Aktiebolag | 66.6 bn | 71.0 | 1.2% | 9.8% | −2.6% | +27% / +6% |
| AAK.STAak Ab (publ) | 47.5 bn | 13.9 | 17.2% | 7.5% | +2.2% | −31% / −14% |
| CAMX.STCamurus AB | 42.5 bn | 58.5 | 19.5% | 32.5% | +21.3% | +16% / +55% |
| BRAV.STBravida Holding AB | 30.1 bn | 24.5 | 13.7% | 4.4% | −4.9% | +84% / +123% |
| ASKER.STAsker Healthcare Group AB | 29.8 bn | 60.5 | 9.8% | 2.9% | +11.7% | −18% / unavailable |
| ALLEI.STAlleima AB | 22.7 bn | 33.8 | 4.1% | 3.6% | −5.4% | +11% / +19% |
| BURE.STBure Equity AB | 22.6 bn | — | -21.0% | — | unavailable | +20% / +19% |
| AQ.STAQ Group AB | 19.7 bn | 29.2 | 14.9% | 7.5% | +6.0% | +14% / +119% |
| ALTRA.STAltra Fastigheter AB | 18.4 bn | 33.9 | 3.0% | 15.1% | −2.2% | +9% / +19% |
| ATT.STAttendo AB (publ) | 16.8 bn | 20.7 | 15.1% | 4.3% | +0.1% | +34% / +223% |
| AFRY.STAfry Ab | 14.9 bn | 18.7 | 6.2% | 3.1% | −5.2% | −17% / +4% |
| ATRLJ-B.STAtrium Ljungberg AB | 14.0 bn | 17.1 | 2.9% | 23.9% | −2.0% | −33% / −44% |
| ALIG.STAlimak Group AB (publ) | 12.7 bn | 21.3 | 8.2% | 8.8% | −3.2% | −18% / +50% |
| ACAD.STAcadeMedia AB | 12.7 bn | 15.5 | 12.7% | 4.3% | +9.7% | +22% / +138% |
| APOTEA.STApotea AB (publ) | 10.7 bn | 46.8 | 31.3% | 3.2% | +10.1% | +15% / unavailable |
| BOOZT.STBoozt AB | 10.6 bn | 37.9 | 10.4% | 3.6% | +0.5% | +58% / +44% |
| BUFAB.STBufab AB (publ) | 5.0 bn | 9.2 | 15.1% | 6.9% | −7.4% | +36% / +110% |
| ACTI.STActive Biotech AB (publ) | 4.9 bn | — | -84.5% | — | unavailable | −32% / −77% |
| CEVI.STCellaVision AB | 4.7 bn | 30.8 | 18.0% | 20.2% | +4.9% | +20% / +12% |
| COOR.STCoor Service Management Holding AB | 4.7 bn | 18.2 | 13.0% | 2.2% | +16.7% | +1% / +25% |
| BHG.STBHG Group AB | 4.5 bn | 31.1 | 2.5% | 1.4% | +6.2% | −18% / +113% |
| CARA.STCarasent AB (publ) | 1.8 bn | 51.7 | 4.1% | 10.1% | +24.9% | −8% / +87% |
| BICO.STBICO Group AB | 1.7 bn | — | -46.0% | -72.7% | −13.3% | +16% / −51% |
1- and 3-year price returns: for ARPL.ST from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (SEK)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 22.36 Total return -39% · Per year -39% | 39.57 Total return 6% · Per year 6% | 59.65 Total return 59% · Per year 59% |
| 3 years | 20.84 Total return -37% · Per year -14% | 41.57 Total return 20% · Per year 6% | 68.94 Total return 94% · Per year 25% |
| 5 years | 19.42 Total return -36% · Per year -8% | 43.68 Total return 34% · Per year 6% | 79.67 Total return 134% · Per year 19% |
- Exit P/E± 10.39
- Net margin± 7.28
- Annual revenue growth± 6.09
- Annual dilution± 0.61
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Arla Plast AB produces and sells extruded sheets of engineering plastics, mainly polycarbonate and acrylic, to customers across Europe. In October 2025 it bought Aikolon Oy, a Finnish processor and coater of plastic sheets, opening a new value-added direction. With 38% of net sales in the Swedish segment, the company remains exposed to base products where raw material prices strongly influence results.1
SWOT
Strengths
- The company has a diversified customer base, long-term relationships and a customer-centred culture built on quality, service and flexibility.1
- Production is spread across several countries, which reduces reliance on a single market and allows nearby service to customers.1
- The company has technical expertise in polymer chemistry and extrusion technology, and recycles almost all of its residual material.1
Weaknesses
- The raw material PC is the main cost and moves in cycles, making margins hard to forecast.1
- Standard products are exposed to price competition, and some units mainly produce volume materials.1
- The environmental footprint is dominated by raw material production, which remains the largest source of emissions.1
Opportunities
- The Aikolon acquisition could add value through advanced processing and functional coating for demanding applications.1
- Developing partly fossil-free raw material and increasing recycling could support demand from environmentally focused customers.1
- Integrating Aikolon could strengthen control over the value chain and support growth in internal processing capacity.1
Threats
- Volatility in raw material and energy prices could squeeze margins if they cannot be passed on to customers.1
- Stricter regulation and reporting requirements such as CSRD could raise compliance costs.1
- Competitors with lower costs or alternative materials could reduce market share in standard products.1
Risks
- Raw material price volatilityhigh
The price of PC, the largest cost, is hard to predict and could affect results if price adjustments lag.1
- Dependence on European marketsmedium
Sales are concentrated in Europe, and an economic slowdown in these markets could reduce volumes.1
- Integration of Aikolonmedium
Integrating a newly acquired company and its technology could bring operational difficulties and unforeseen costs.1
- Regulation and reportinglow
The company is not yet required to report under CSRD or the EU taxonomy, but these requirements could become mandatory and raise costs.1
- Share liquiditylow
The share is listed in the Small Cap segment and trading may be limited, which could amplify price moves.1
Investment thesis
What would need to be true (bull case)
- If the advanced processing at Aikolon develops as expected, the company could gain value added in applications with high optical requirements.1
- A diversified customer base and long-term relationships could provide stability in volatile periods.1
- If recycling and lower-footprint raw material become a commercial advantage, the company could differentiate its products from competitors.1
What to watch
- Development of PC raw material prices and sales price adjustments2026
- Integration of Aikolon and its contribution to results2026
- Segment results, especially Sweden, Spain and Czech Republicnext annual report
- Application of CSRD and EU taxonomy requirements2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Arla Plast makes extruded sheets in clear and opaque engineering plastics such as PC, ABS, PETG and PMMA, selling to vacuum formers, converters, distributors, original equipment makers and end users.1 Production takes place in Sweden (Borensberg), the Czech Republic (Kadaň and Pelhřimov), Spain (Polinyá) and Finland (Uleåborg and Vanda).1 The sales price is adjusted to market prices, and the main cost is the raw material PC.1
The company has been listed on Nasdaq Stockholm in the Small Cap segment since May 2021 and has a diversified customer base with long-term relationships.1 The Aikolon acquisition in October 2025 adds advanced processing and coating with functional layers, aiming to strengthen control over the value chain.1
The sustainability work focuses on environmental footprint, social responsibility and business ethics, with emphasis on lowering the footprint of raw materials and increasing recycling.1 Several production sites hold ISO 14001 and ISO 9001 certifications.1
Segments
Sweden
The Sweden segment, producing TPC, ABS and OPC at Borensberg, accounts for 38% of net sales and sells mainly to markets in northern and central Europe.1
Spain
The Spain segment, producing TPC, PETG and PMMA at Polinyá, accounts for 33% of net sales and focuses on sales in southern Europe.1
Czech Republic
The Czech segment, producing MWPC, PETG and OPC at Kadaň and Pelhřimov, accounts for 21% of net sales; MWPC is bulky to transport, so competitiveness is stronger on nearby markets.1
Market context
The European market for extruded engineering plastic sheets is competitive, and raw material prices, especially PC, move in cycles and are hard to predict.1 Energy costs and environmental rules also shape competition, and companies offering higher value and circular solutions have an advantage.1
The market is fragmented between material producers and processors, and large customers such as distributors and original equipment makers buy in high volumes.1 The Aikolon acquisition points to a shift toward advanced processing and coating, where optical and strength requirements are higher.1
Trends
- Volatility of PC pricesmixed
The raw material PC moves in cycles and was very high in 2022, which could weigh on margins if sales prices do not follow cost.1
- Regulation and environmental demandstailwind
Tighter regulation and recycling requirements favour producers with lower-impact products and circular solutions, if they can pass on costs.1
- Advanced processing and coatingtailwind
Demand for plastic with scratch, UV and chemical resistance could grow in applications with high optical requirements, supporting the Aikolon strategy.1
- Energy costsheadwind
Energy prices affect production competitiveness, and a sustained rise could reduce margins.1
Competitive position
Competing materials include ABS, PETG and PMMA, each with strengths in impact resistance, temperature, fire rating or optics, and the choice depends on the application.1
Arla Plast differentiates through flexibility, fast service and technical expertise in polymers and extrusion, but price competition remains intense in standard products.1
- ABS producers
ABS is impact tolerant but available only in opaque colours, making it a competitor in applications that do not require transparency or high heat resistance.1
- PETG producers
PETG offers good impact resistance and fire classification but limited temperature resistance, making it a competitor in transparent applications of medium complexity.1
- PMMA producers
PMMA has excellent scratch resistance and optics but is less suitable where fire ratings are required, making it a competitor in optical applications.1
- Polycarbonate producers
Producers of extruded polycarbonate in Europe face the same raw material price cycles and compete on quality and service.1
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202526 Oct 2026
- Annual report 202408 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Arla Plast AB · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.