reports
- Christer Magnergård
- Eivind Sars Veddeng
- Frank Maaø
- Helge André Martinsen
- Jesper Ingildsen
- Jon Masdal
- Marius Knudssøn
- Martin Arnell
- Martin Huseby Karlsen
- Mattias Holmberg
- Mattias Montgomery
- Niclas Gehin
- Nicolas McBeath
- Nicolay Dyvik
- Ole Martin Westgaard
- Ole-Andreas Krohn
- Olof Larshammar
- Rune Majlund Dahl
- Simen Mortensen
- Stefan Gauffin
KNEBV KONE OYJ CLASS B
NHY NORSK HYDRO ASA
TEL TELENOR ASA
NOVA NOVO NORDISK A/S ADS
S0QA SCORPIO TANKERS INC.
STB STOREBRAND ASA
XXL XXL ASA
NCC B NCC AB CLASS B
TREL B TRELLEBORG AB CLASS B
SOC SUBSEA 7 S.A.
DDASA DOLPHIN DRILLING ASA
AFG AF GRUPPEN ASA
WIHLBORGS FASTIGHETER AB
ORK ORKLA ASA
GJF GJENSIDIGE FORSIKRING ASA
ALIG ALIMAK GROUP AB
NZYMB NOVOZYMES
SHB SVENSKA HANDELSBANKEN
BETSB BETSSON
VOLVB VOLVO
NDA NORDEA
ALKb ALK-ABELLO
WWL WALLENIUS WILHELMSEN LOGISTICS
ATCOA ATLAS COPCO
TIGO MILLICOM INTERNATIONAL CELLULAR S.A.
- Christer Magnergård
Volvo (Hold, TP: SEK152.00) - Truck margins under pressure
We keep our HOLD recommendation and target price of SEK152 as we have made minor estimate changes on a group level. As we expected, VCE delivered strong results and Trucks reported solid order intake in Q1. However, operating leverage once again disappointed in Trucks and we see continued pressure on margins throughout 2018e for the division.
- Christer Magnergård
- Joachim Gunell
- Karl-Johan Bonnevier
- Martin Arnell
- Ole-Andreas Krohn
- Christer Magnergård
Volvo (Hold, TP: SEK152.00) - De-rating likely almost complete
We have upgraded our recommendation to HOLD (SELL), but keep our target price of SEK152. The recent weak share performance coupled with our higher earnings estimates on the back of favourable FX changes and still-strong demand for Trucks in North America for construction equipment in China has resulted in a significant de-rating. We find the valuation fair (c16% discount to its historical average), given that we are likely at the top of the cycle with increased threats from alternative fuels.
- Antti Kansanen
- Christer Magnergård
- Jon Masdal
- Karl-Johan Bonnevier
- Martin Arnell
- Martin Huseby Karlsen
- Nicolas McBeath
- Ole-Andreas Krohn
- Christer Magnergård
Volvo (Sell, TP: SEK152.00) - Limited growth beyond 2018e
Limited growth beyond 2018e We keep our SELL recommendation but have raised our target price to SEK152 (147) following better Q4 margins and strong order intake for Trucks and VCE. However, we fear that in 2018e we should be close to the peak of the truck cycle in North America and Europe and thus see no earnings growth in 2019e and 2020e. We also believe electric trucks will gradually change truck makers' business models, which is a risk, not only for Volvo. Therefore, we believe Volvo should b...
- Ole-Andreas Krohn
- Christer Magnergård
Promising targets
The new financial targets presented by Volvo earlier today underscore the structural improvements the company is undergoing. It now targets an EBIT margin through a business cycle of above 10% and less earnings volatility. This makes us more optimistic that we could be about to see years of earnings growth and less downside risk in earnings, which should warrant a higher valuation. Hence, we have upgraded the stock to BUY (Hold) and raised our target price to SEK155 (145).
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