Cheffelo AB

CHEF.ST

Grocery Stores · Consumer Defensive

Price

kr 130.60

-0.40 (-0.31%)

Market Cap

kr 1.70B

Exchange

Stockholm Stock Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Share count rising — dilution

+18.6% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 10.8M (2021) → 12.9M (2025)

Cheffelo AB is a Swedish meal kit company that delivers pre-portioned ingredients and recipes directly to customers' homes. Its main brands include Linas Matkasse and Middagsfrid, which are among the most recognized meal kit services in the Nordic region. The company serves everyday consumers who want convenient, home-cooked meals without the hassle of meal planning or grocery shopping.

Cheffelo makes money by charging customers a weekly subscription fee for boxes containing enough ingredients to cook several dinners. It operates primarily in Sweden and the broader Nordic market, generating roughly 1.6 billion SEK in annual revenue. The company's moat comes from its established brand recognition and logistics network, which are difficult for new entrants to replicate quickly. The main risk the business faces is customer churn, since meal kit subscribers frequently cancel or pause their plans, making it expensive to keep acquiring new customers to replace lost ones.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+11.4% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+55.9% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (2%)

Research and development spending

Insider Activity

34.0%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$221M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Cheffelo AB is a rare growth stock that's already generating positive cash flow while growing at 11%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Gross Margin

43.0%

Healthy — 43.0% gross margin

Operating Margin

9.5%

Modest — 9.5% operating margin

ROCE

7.2%

Weak — 7.2% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales YoY

+10.9%

Steady sales growth (10.9% YoY)

EPS YoY

+55.4%

Earnings growing fast (55.4% YoY)

Earnings growing 25%+ a year. The compounder zone.

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Cash Conversion

240%

Turns 240% of profit into real cash

FCF Margin

12.3%

Converts sales into free cash efficiently (12.3%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

Debt / Equity

0.01

Conservative — low debt load (0.01)

Interest Cover

6.94x

Adequate interest coverage (6.9x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

P/E Ratio (TTM)

25.2x

Growth-priced — P/E 25.2

P/E above the market average. People are paying up for expected growth.

P/E vs Forward

+5.9

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (25.2 → 19.2)

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Dividends

Dividend Yield

5.72%

Healthy income — 5.72% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend Growth

N/A

no trend

Data not available

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