Volvo Cars (Hold, TP: SEK76.00) - Reason for caution
We reiterate our HOLD, but have reduced our target price to SEK76 (80) as management’s vague outlook comments added uncertainty. Thus, we have cut our underlying 2022e EBIT (adjusted before JVs) by 12%, while 2023e is broadly unchanged. We are c17% below consensus on underlying EBIT over our forecast period, as we do not believe it has fully captured the negative mix impact from a higher share of BEV sales.
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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