Bilia AB (Buy, TP: SEK160.00) - On the right track despite mixed Q2
While the car business’s operating earnings beat consensus on a recovering Norwegian market, the service business missed consensus by c8% with Sweden weighed down by start-up and implementation costs for workshop and new operations. We still expect high campaign activity to boost new car sales in Q3, and the used car and service business to perform well in H2. We reiterate our BUY and SEK160 target price.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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