Volvo Cars (Sell, TP: SEK66.00) - Still negative after Q2
Q2 was weak, but the company provided encouraging commentary on improvements in H2. The worst may be behind Volvo Cars, but we still believe consensus is too optimistic and see the risk/reward as poor in light of the challenging and highly uncertain market environment. We also deem the risks associated with Polestar as high for Volvo Cars shareholders. We reiterate our SELL but have raised our target price to SEK66 (62) on higher peer multiples.
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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