Volvo Cars (Hold, TP: SEK43.00) - Good quarter but unchanged view
Volvo Cars’s Q1 report was good, and we have raised our 2023e EBIT before JVs by 37%, while our 2024–2025e are broadly unchanged. We still see plenty of risks and reiterate our HOLD. We have trimmed our target price to SEK43 (47).
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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