Volvo Cars (Hold, TP: SEK42.00) - Heavyweights on both sides
Although we are 2%, 8% and 26% above consensus on sales, gross profit and adj. EBIT before JVs for Q1e, we struggle to get excited about the stock as we still see material downside to consensus for 2025–2026e, where we are 26–42% below on adj. EBIT before JVs. We see reduced balance sheet risk from the planned distribution of Polestar shares to shareholders (10 April is last day of trading with the right to receive redemption shares). We have raised our 2024–2026e EBIT before JVs by 15–8% and our target price to SEK42 (35), but 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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.