Volvo Cars (Hold, TP: SEK17.60) - I roll…into the kitchen sink
Volvo Cars pulled the plug on 2025 and 2026 guidance, as returning CEO Håkan Samuelsson cited a “very challenging” environment. Q1 sales, margins, and cash flow missed expectations, with tariffs, weaker demand, and price pressure forcing a pivot to cost-cutting and regionalisation, including a SEK18bn cost and cash savings programme. We have lowered our 2025–2027e adj. EBIT by c23% on average and our target price to SEK17.6 (18.0). We reiterate our HOLD.
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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