Volvo Cars (Hold, TP: SEK23.00) - ‘Transitioning’ to further uncertainty
Volvo Cars flagged that 2025 would be a transition year, with volumes and profits set to decline YOY. In fact, the raised 2025 FCF outlook was the lone bright spot in management’s comments indicating a tougher market, increased discounts and pressure on profitability in the coming year. We have lowered our 2025–2026e adj. EBIT by 12% on average and are now 25–41% below consensus. We reiterate our HOLD, but have cut our target price to SEK23 (25).
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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