Volvo Cars (Buy, TP: SEK85.00) - Q3 results provide some insights
Although the Q3 results were in line with the previously published trading update, they provided some valuable insights. While preliminary retail sales for November were weak, production in Q4 has shown encouraging improvements. This supports our expectation of a gradual recovery into 2022. As we have only fine-tuned our estimates and trimmed our target price to SEK85 (86), we struggle to explain the 14% surge in the share price following the report. We reiterate our BUY.
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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