Bilia AB (Buy, TP: SEK145.00) - Cautious on Q4e, focus on 2025
We are cautious ahead of Bilia’s Q4 results, as new car registrations for its brands have been soft, along with still-high cost inflation, ongoing investments, and consolidation of recent M&A weighing on opex. Consequently, we expect focus to be on the outlook commentary for 2025. We reiterate our BUY and SEK145 target price, as we continue to find the valuation attractive.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.
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