Volvo AB: 1 director

A director at Volvo AB bought 1,500,000 shares at 264.101SEK and the significance rating of the trade was 69/100. 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 clearly ...

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 15/11/2024

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ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/15/2024

Swiss-based Accelleron was formed from the spin-off of ABB’s highly profitable turbocharger division in 2022. We view the share as a promising investment on 1/ market leadership in an attractive niche, 2/ about ~40% ROCE, 3/ conversion of ~80% of EBITDA into cash, leading to fast deleveraging, and a solid base for shareholder remuneration (75% pay out), and 4/ strong long-term visibility linked to a ~75% service share, the bulk of which is recurring. Despite an already strong stock pe...

Volvo AB : CMD feedback: a new commercial offensive

>A new strategic plan centered around commercial conquest - Yesterday afternoon, Volvo held a CMD dedicated to medium-term strategic themes (commercial, technological, business model). Specifically, we note an aggressive commercial strategy underpinned by product/capacity expansion, culminating in a new goal to increase North American truck market share from ~15% currently to 25% by 2030. On the financial front, the group unsurprisingly confirmed its aim to continue t...

Volvo AB : Feedback CMD : une nouvelle offensive commerciale

>Un plan axé sur la conquête commerciale - Volvo a tenu un CMD hier après-midi dédié à des thématiques stratégiques moyen terme (commerciales, technologiques, business model). En particulier, nous retenons une approche résolument offensive sur le plan commercial avec une forte expansion produit/capacité, cristallisée en un objectif de gain de parts de marché sur le poids lourd nord-américain de ~15% aujourd’hui à 25% d’ici 2030. Sur le plan financier, le groupe confi...

Informative, but lacked financial excitement

The Capital Goods Data Miner – November 2024

Keep calm and trust Volvo

North Am orders solid but down vs. Sep

Q3 trends, estimates, valuation and top picks

Volvo Cars (Hold, TP: SEK25.00) - Margins up, guidance down – again

The Q3 report was mixed, with solid earnings beats but lowered 2024 retail sales and cash flow guidance. The report has not changed our neutral view on the stock, with several risks balanced by a low valuation, in our opinion. We have raised our 2024e EBIT by 15%, while 2025–2026e are broadly unchanged, on which we are still 19–38% below consensus. We reiterate our HOLD, but have cut our target price to SEK25 (28).

Well-prepared for a slower market

Volvo (Hold, TP: SEK285.00) - Still downside risk to consensus

Volvo’s Q3 had mixed takeaways, in our view. Sales fell 7% organically YOY, and the EBIT margin softened and is likely to persist around this level (Trucks in North America and VCE mix a drag), but 2025 market guidance was robust. Our 2025–2026e adj. EBIT is broadly unchanged (8–11% below consensus), but we do not expect the report to cause a long-term positive share price reaction. We reiterate our HOLD and target price of SEK285.

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/18/2024

The recovery in growth in the IT & engineering services sector is undermined by the still mixed macroeconomic climate and the setbacks in the automotive and aerospace sectors. The improvement in sector momentum will therefore be minimal in H2 2024 with a growing decorrelation between the US which should be robust and a stagnating Europe. This leads us to adopt a more cautious approach on companies in our sector (revision to our 2025 growth estimates for 12 companies) and to prefer Acc...

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 18/10/2024

La reprise de la croissance du secteur IT & Engineering Services est mise à mal par un contexte macro toujours mitigé et par les déboires des secteurs Auto et Aéro. Ainsi, l’amélioration de la dynamique du secteur sera minimale au S2 2024 et probablement aussi au S1 2025, avec une décorrélation grandissante entre les US qui devraient être solides et une Europe stagnante. Ceci nous amène à adopter une approche plus prudente pour les sociétés de notre secteur (révision de croissance 202...

Volvo AB : Q3 results highlighting some weaknesses

>Q3 results mostly below, weak Truck/CE offset by strong Bus / Penta - Volvo AB reported this morning its Q3 2024 results which were mostly below expectations (-4% at the revenues level, in line on EBIT, -12% on EPS). In detail, Q3 were at revenues at SEK 116.9bn, -12% y-o-y, -12% q-o-q (-7% at constant currency), below expectations (company-compiled css at SEK 121bn, ODDO BHF at SEK 126bn), while adj. EBIT came in at SEK 14.9bn, -22% y-o-y, -23% q-o-q, below exp...

Volvo AB : Q3 results highlighting some weaknesses

>Q3 results mostly below, weak Truck/CE offset by strong Bus / Penta - Volvo AB reported this morning its Q3 2024 results which were mostly below expectations (-4% at the revenues level, in line on EBIT, -12% on EPS). In detail, Q3 were at revenues at SEK 116.9bn, -12% y-o-y, -12% q-o-q (-7% at constant currency), below expectations (company-compiled css at SEK 121bn, ODDO BHF at SEK 126bn), while adj. EBIT came in at SEK 14.9bn, -22% y-o-y, -23% q-o-q, below exp...

6% adj. EBIT miss on lower Trucks/CE

Heads-up for report 18 October

The Capital Goods Data Miner - October 2024