Volvo Cars (Hold, TP: SEK44.00) - Gross margins set to improve
We are 11% above consensus on Q3e EBIT before JVs. We expect Volvo Cars to report improving gross margins for its BEVs QOQ, as raw materials costs finally start to ease. We will look for any comments relating to demand and pricing – thus far, the company has said demand has remained resilient and that it has not participated in the price cuts observed in the broader industry. We reiterate our HOLD, but have cut our target price to SEK44 (48) on minor changes to our estimates.
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.