Volvo Cars (Hold, TP: SEK37.00) - Upside potential to Q2e, downside risk beyond
Approaching the Q2 report, we are above consensus by 3% on sales and by 14% on adj. EBIT before JVs, and expect BEV gross margins to be stable QOQ at 16%. However, we still struggle to get excited about the stock as we are 26–44% below consensus on adj. EBIT before JVs for 2025–2026e. We have lowered our 2024–2026e EBIT before JVs by 6–3% due to FX and our target price to SEK37 (39) and 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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