Volvo Cars (Hold, TP: SEK25.00) - Margins up, guidance down – again
The Q3 report was mixed, with solid earnings beats but lowered 2024 retail sales and cash flow guidance. The report has not changed our neutral view on the stock, with several risks balanced by a low valuation, in our opinion. We have raised our 2024e EBIT by 15%, while 2025–2026e are broadly unchanged, on which we are still 19–38% below consensus. We reiterate our HOLD, but have cut our target price to SEK25 (28).
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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