Weak April ACT doesn't change H2 improvement scenario

Q1 trends, estimates, valuation and top picks

The Q1 reports proved that sector companies could maintain record-high margins despite volume declines.

Svenska Handelsbanken AB (publ): 1 director

A director at Svenska Handelsbanken AB (publ) bought 140,000 shares at 95.977SEK and the significance rating of the trade was 100/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the la...

Nordic banks – statistical update – Swedish bankruptcies April 2024

The total number of bankruptcies was up 65% y-o-y and up 16% m-o-m in April 2024. Corporate bankruptcies were up 81% y-o-y and up 16% m-o-m in April 2024.

Nordic banks – Statistical update - Norwegian lending March 2024

Total lending grew by 3.3% y-o-y (3.4% adjusted for FX effects) and 0.3% m-o-m. Last month, total lending was up 3.3% y-o-y.

Nordic Banks - Statistical update - Swedish lending, March 2024

Nordic banks – Statistical update - Danish lending, February 2024

Q1'24: An uphill struggle from here

Weaker earnings mix than expected implies lower adj. EPS estimates for 2024e-26e. Value support, but no near-term catalysts.

Q1'24: Significant NII miss

Volvo AB: 2 directors

Two Directors at Volvo AB sold/bought 3,450 shares at between 275.000SEK and 279.800SEK. The significance rating of the trade was 50/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the...

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/18/2024

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ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 18/04/2024

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Volvo AB : Sound management, but unfavourable exposure to construction...

>A solid Q1 but which confirms the normalisation in construction equipment - Yesterday morning, Volvo published a solid set of Q1 results (first take here), beating the consensus (+7% for EBIT), but in line with our estimates. Despite facing a slowdown in its underlying markets (trucks, construction equipment), embedded price effects and strict cost control enabled Volvo to post broadly stable EBIT and margins over the quarter (EBIT SEK 18.2bn, -1% y-o-y, operating m...

Volvo AB : Gestion solide, mais une exposition Equipement de Construct...

>Un T1 solide mais qui confirme la normalisation dans l’équipement de construction - Volvo a publié hier matin des résultats T1 solides (first take ici), supérieurs aux attentes du consensus (+7% au niveau de l’EBIT), mais en ligne avec nos propres estimations. Si le groupe fait face au ralentissement de la plupart de ses marchés sous-jacents (poids lourd, construction), l’effet embarqué sur les prix et le contrôle des coûts lui ont permis d’afficher un EBIT et des m...

Volvo (Buy, TP: SEK340.00) - Beat in softer markets

The Q1 report supported our view that underlying profitability has improved structurally (now also evident in a weaker market), and that consensus will have to come up as 2024 progresses. We reiterate our BUY and have increased our target price to SEK340 (335), having raised our 2024–2026e adj. EBIT by 7–4% – we are now 8–10% above consensus.

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/17/2024

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ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 17/04/2024

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Volvo AB : Q1 results highlight resilience in trucks, erosion in const...

>Q1 results beat the consensus but in line with our figures - Volvo just reported Q1 results which came above the consensus but in line with our figures. In detail, Q1 revenues was SEK 131.2bn, flat y-o-y, broadly in line with expectations (Infront consensus at SEK 129 bn, ODDO BHF SEK 132bn). Adj. EBIT was SEK 18.2bn, -2% y-o-y, i.e. a margin of 13.8% (-20bp y-o-y), ahead of consensus expectations (SEK 17.0bn) but in line with our own figures (SEK 18.1 bn). EPS was S...

Volvo AB : Q1 results highlight resilience in trucks, erosion in const...

>Q1 results beat the consensus but in line with our figures - Volvo just reported Q1 results which came above the consensus but in line with our figures. In detail, Q1 revenues was SEK 131.2bn, flat y-o-y, broadly in line with expectations (Infront consensus at SEK 129 bn, ODDO BHF SEK 132bn). Adj. EBIT was SEK 18.2bn, -2% y-o-y, i.e. a margin of 13.8% (-20bp y-o-y), ahead of consensus expectations (SEK 17.0bn) but in line with our own figures (SEK 18.1 bn). EPS was S...

Volvo (Buy, TP: SEK335.00) - 2024e hauling stronger

We reiterate our BUY and have raised our target price to SEK335 (295) ahead of the Q1 results (due at 07:20 CET on 17 April), for which we are 9% above consensus on adj. EBIT and see potential for the 2024 North America truck market guidance to be edged up. We have raised our 2024–2026e adj. EBIT by c15% (putting us 9–10% above consensus) and see room for positive consensus estimate revisions as visibility improves through the year.