Volvo Cars (Sell, TP: SEK32.00) - Still a stay-away
Despite recent share-price weakness, we reiterate our SELL. We do not deviate materially from consensus on Q4e, but are 20–41% below on adj. EBIT before JVs in 2024–2025e, as we believe consensus significantly underestimates the negative effects of price competition and selling more BEVs and fewer ICE. Polestar’s financing need and the still-low free-float in Volvo Cars make the equity story even more challenged, in our view. We have trimmed our target price to SEK32 (33).
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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