Volvo Cars (Hold, TP: SEK64.00) - Another challenging year emerging
Volvo Cars has flagged that a deteriorating supply-chain situation is set to affect 2022 volumes, and that it is seeing faster cost inflation. We have cut our 2022e EBIT before JVs by 10% on lower volumes and higher costs, and are now 21% below consensus. We have also cut our target price to SEK64 (76), 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.
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