Volvo Cars (Sell, TP: SEK48.00) - Destination guidance cut
We are 18% below consensus on EBIT before joint ventures for Q3e, and expect Volvo Cars to cancel its 2022 retail sales guidance. For 2023–2024e, we are 8–10% below consensus on retail sales and 9–16% below on EBIT before joint ventures. We reiterate our SELL and have cut our target price to SEK48 (66), as we see an increasingly challenging market for 2023e, high risks associated with future model launches, and significant share overhang in Volvo Cars and Polestar.
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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