reports
- ABGSC Capital Goods Research
- Anders Idborg
- Karl Bokvist
- Lara Mohtadi
VOLV B VOLVO AB CLASS B
WRT1V WARTSILA OYJ ABP
ABB ABB LTD.
SAND SANDVIK AB
TREL B TRELLEBORG AB CLASS B
MOCORP METSO OUTOTEC OYJ
ASSA B ASSA ABLOY AB CLASS B
SKF B SKF AB CLASS B
ALFA ALFA LAVAL AB
MTRS B MUNTERS GROUP
HEXA B HEXAGON AB
EPI A EPIROC AB
NIBE B NIBE INDUSTRIER AB
ATCO A ATLAS COPCO AB
ALIV SDB AUTOLIV INC.
- ABGSC Capital Goods Research
- Anders Idborg
- Karl Bokvist
- Mattias Holmberg
Volvo Cars (Hold, TP: SEK17.60) - I roll…into the kitchen sink
Volvo Cars pulled the plug on 2025 and 2026 guidance, as returning CEO Håkan Samuelsson cited a “very challenging” environment. Q1 sales, margins, and cash flow missed expectations, with tariffs, weaker demand, and price pressure forcing a pivot to cost-cutting and regionalisation, including a SEK18bn cost and cash savings programme. We have lowered our 2025–2027e adj. EBIT by c23% on average and our target price to SEK17.6 (18.0). We reiterate our HOLD.
Volvo AB: 3 directors
A director at Volvo AB maiden bought 15,000 shares at 262.000SEK and the significance rating of the trade was 91/100. 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 last two years clea...
- Maissa Keskes
- Stephane Houri
- Thomas Zlowodzki
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SGSN SGS SA
- Maissa Keskes
- Stephane Houri
- Thomas Zlowodzki
AI AIR LIQUIDE SA
GET GETLINK SE
TKA THYSSENKRUPP AG
MT ARCELORMITTAL SA
BVI BUREAU VERITAS SA
BEKB BEKAERT SA
DGE DIAGEO PLC
AAL ANGLO AMERICAN PLC
RNO RENAULT SA
ADS ADIDAS AG
APAML APERAM SA
LI KLEPIERRE SA
KPN ROYAL KPN NV
ROG ROCHE HOLDING LTD
VOLV B VOLVO AB CLASS B
OUT1V OUTOKUMPU OYJ
ORA ORANGE SA
RI PERNOD RICARD SA
HO THALES SA
SSAB A SSAB AB CLASS A
RCO REMY COINTREAU SA
GYC GRAND CITY PROPERTIES SA
SZG SALZGITTER AG
NOKIA NOKIA OYJ
EL ESSILORLUXOTTICA SA
NESN NESTLE S.A.
KER KERING SA
VNA VONOVIA SE
VOE VOESTALPINE AG
ACX ACERINOX SA
ENI ENI S.P.A.
SAN SANOFI
ERA ERAMET SA
NDA AURUBIS AG
TEG TAG IMMOBILIEN AG
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
LEG LEG IMMOBILIEN AG
ASSA B ASSA ABLOY AB CLASS B
RIO RIO TINTO PLC
BHP BHP GROUP LTD
DHER DELIVERY HERO SE
STM STMICROELECTRONICS NV
AMAG AMAG AUSTRIA METALL AG
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
CPR DAVIDE CAMPARI-MILANO N.V.
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
DSY DASSAULT SYSTEMES SA
SGSN SGS SA
- Anthony Dick
- Michael Foundoukidis
- Anthony Dick
- Michael Foundoukidis
- ABGSC Capital Goods Research
- Anders Idborg
- Karl Bokvist
- Mattias Holmberg
Volvo (Sell, TP: SEK240.00) - Margin starting to crack
Q1’s punchy order intake was a positive. However, soft US Truck margins, “slightly” negative pricing, mix headwinds for VCE and FX all point to earnings pressure still not being reflected in consensus (we are c15–16% below on 2025–2026e adj. EBIT after lowering our estimates by another c7%). Although the stock is starting to look attractive fundamentally, we expect sentiment to get worse before it gets better, reiterate our SELL and have cut our target price to SEK240 (280).
- Chaima Ferrandon
- Sven Edelfelt
LR LEGRAND
BN DANONE SA
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KNEBV KONE OYJ CLASS B
VOLV B VOLVO AB CLASS B
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ABB ABB LTD.
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KBC KBC GROUP N.V.
ALO ALSTOM SA
SCHP SCHINDLER HOLDING AG PREF
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SUN SULZER AG
DOKA DORMAKABA HOLDING AG
ASSA B ASSA ABLOY AB CLASS B
ANDR ANDRITZ AG
SAP SAP SE
SIE SIEMENS AG
VOS VOSSLOH AG
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
CAF CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
KBX KNORR-BREMSE AG
AKZA AKZO NOBEL N.V.
SRAIL STADLER RAIL AG
ENR SIEMENS ENERGY AG
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
ATCO A ATLAS COPCO AB
- Benoit Valleaux
- Steven Gould
AXA AXA
LR LEGRAND
BN DANONE SA
SU SCHNEIDER ELECTRIC SE
KNEBV KONE OYJ CLASS B
VOLV B VOLVO AB CLASS B
FGR EIFFAGE SA
ABB ABB LTD.
RXL REXEL SA
KBC KBC GROUP N.V.
ALO ALSTOM SA
SCHP SCHINDLER HOLDING AG PREF
BAYN BAYER AG
SUN SULZER AG
DOKA DORMAKABA HOLDING AG
ASSA B ASSA ABLOY AB CLASS B
ANDR ANDRITZ AG
SAP SAP SE
SIE SIEMENS AG
VOS VOSSLOH AG
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
CAF CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
KBX KNORR-BREMSE AG
AKZA AKZO NOBEL N.V.
SRAIL STADLER RAIL AG
ENR SIEMENS ENERGY AG
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
ATCO A ATLAS COPCO AB
- Anthony Dick
- Michael Foundoukidis
- Anthony Dick
- Michael Foundoukidis
- ABGSC Capital Goods Research
- Anders Idborg
- Karl Bokvist
- ABGSC Capital Goods Research
- Anders Idborg
- Karl Bokvist
- ABGSC Capital Goods Research
- Anders Idborg
- Karl Bokvist
- Lara Mohtadi
VOLV B VOLVO AB CLASS B
WRT1V WARTSILA OYJ ABP
ABB ABB LTD.
SAND SANDVIK AB
TREL B TRELLEBORG AB CLASS B
MOCORP METSO OUTOTEC OYJ
ASSA B ASSA ABLOY AB CLASS B
SKF B SKF AB CLASS B
HPOL B HEXPOL AB CLASS B
ALFA ALFA LAVAL AB
MTRS B MUNTERS GROUP
HEXA B HEXAGON AB
EPI A EPIROC AB
NIBE B NIBE INDUSTRIER AB
ATCO A ATLAS COPCO AB
ALIV SDB AUTOLIV INC.
- Mattias Holmberg
Volvo Cars (Hold, TP: SEK18.00) - Downside risk to consensus
We are 26% below post-Q4 consensus on EBIT before JVs for Q1, as we estimate revenues to decline by 11% organically YOY to SEK87.1bn (4% below consensus) and a gross margin of 18.1% (consensus 18.3%). Retail sales declined 6% YOY in Q1, and wholesale sales are expected to be even lower. We have reduced our 2025–2027e EBIT before JVs by c26–14% due to FX and lower gross margin assumptions and are now 34–63% below consensus. We believe consensus is underestimating the price/mix headwinds and see V...
- ABGSC Capital Goods Research
- Anders Idborg
- Karl Bokvist
- Lara Mohtadi
VOLV B VOLVO AB CLASS B
WRT1V WARTSILA OYJ ABP
ABB ABB LTD.
SAND SANDVIK AB
TREL B TRELLEBORG AB CLASS B
MOCORP METSO OUTOTEC OYJ
ASSA B ASSA ABLOY AB CLASS B
SKF B SKF AB CLASS B
HPOL B HEXPOL AB CLASS B
ALFA ALFA LAVAL AB
MTRS B MUNTERS GROUP
HEXA B HEXAGON AB
EPI A EPIROC AB
NIBE B NIBE INDUSTRIER AB
ATCO A ATLAS COPCO AB
ALIV SDB AUTOLIV INC.
- ABGSC Capital Goods Research
- Anders Idborg
- Karl Bokvist
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