Bilia AB (Buy, TP: SEK145.00) - Car recovery delayed to H2 2024e
Q4 marked the end of a tough year for Bilia, with operating earnings down c15% YOY, mainly driven by car earnings, as service proved surprisingly resilient (comprising c77% of group earnings). With a new car recovery likely delayed from H1 to H2, we have cut our 2024–2025e operating earnings by c3–2%. We reiterate our BUY, but have cut our target to SEK145 (150).Bilia is mainly engaged in the distribution and servicing of cars and transport vehicles in Sweden, Norway and Denmark. Co. has a range of services and products in the Services Business, including workshop services, spare parts and store sales. Co.'s Car Business includes sales of new and used cars and transport vehicles, customer financing and supplementary services. The Fuel Business involves sales of fuels. This includes sales of petrol, diesel, ethanol and compressed gas.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.