Bilia AB (Buy, TP: SEK150.00) - Focus shifting to 2024–2025e
We are cautious ahead of Bilia’s Q4 results, mostly driven by still-weak consumer sentiment hindering its retail car business. We expect focus on new car orders and backlog, and service operations’ growth. We reiterate our BUY, but have raised our target price to SEK150 (130) as we have rolled our valuation to 2024–2025e.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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