Volvo Cars - Initiation of coverage - Roll with me
We believe Volvo Cars’ transformation over the past decade has put it in pole position for the auto industry’s race towards electrification. We see an attractive valuation at a 2022e EV/sales of 0.2x, and 34–68% upside potential to our 2025e adj. EBIT should the company reach its mid-decade targets. We initiate coverage with a BUY and SEK86 target price.
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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