reports
- Simen Aas
Bilia AB (Buy, TP: SEK160.00) - 2025 earnings outlook optimism
The highlights from Q4 were its 20%+ new car order intake (the first time in 14 quarters with a positive YOY trend in its service margin) and the c8% beat on operating earnings. With a gradual improvement among the private consumers, a stronger leasing market for new cars, and a stable service business, earnings growth for 2025 looks promising (we forecast +56% YOY), in our view. We reiterate our BUY, but have raised our target price to SEK160 (145) on the recent revaluation of the stock.
- Simen Aas
Bilia AB (Buy, TP: SEK145.00) - Better-than-expected Q4 results
We consider this a positive report for Bilia, including Q4 operating earnings c8% above consensus, a continued recovery in new car sales and stable service levels, but DPS slightly below expectations. We expect consensus 2025e operating earnings to come up c0–2% on the back of the results and a positive share price reaction.
- Simen Aas
Bilia AB (Buy, TP: SEK145.00) - Cautious on Q4e, focus on 2025
We are cautious ahead of Bilia’s Q4 results, as new car registrations for its brands have been soft, along with still-high cost inflation, ongoing investments, and consolidation of recent M&A weighing on opex. Consequently, we expect focus to be on the outlook commentary for 2025. We reiterate our BUY and SEK145 target price, as we continue to find the valuation attractive.
- Simen Aas
Bilia AB (Buy, TP: SEK150.00) - Mixed Q3
We consider this a mixed report for Bilia, including a stronger-than-expected service business offset by a weaker car business, resulting in in-line operating earnings. However, new car order intake was on the soft side, while bookings in its service workshops remain good. We expect consensus 2024e operating earnings to remain largely unchanged, but EPS to come down 3–4%. We expect a neutral share price reaction.
- Simen Aas
Bilia AB (Buy, TP: SEK150.00) - Recovery likely pushed to 2025
We are cautious ahead of the Q3 report, as a likely recovery in car earnings is pushed to 2025e, while we expect service earnings to be flattish on still-restrained consumer sentiment near-term. Nevertheless, with c+40% EPS growth in 2025e on a forecast new-car market recovery next year, we remain positive on the stock. We reiterate our BUY but have cut our target price to SEK150 (160), mainly on lower estimates.
- Simen Aas
Bilia AB (Buy, TP: SEK160.00) - On the right track despite mixed Q2
While the car business’s operating earnings beat consensus on a recovering Norwegian market, the service business missed consensus by c8% with Sweden weighed down by start-up and implementation costs for workshop and new operations. We still expect high campaign activity to boost new car sales in Q3, and the used car and service business to perform well in H2. We reiterate our BUY and SEK160 target price.
- Simen Aas
Bilia AB (Buy, TP: SEK160.00) - Soft Q2
We consider this a weak report for Bilia, including operating earnings below consensus and somewhat soft new car order intake. We expect consensus 2024e operating earnings to come down c2–4% on the back of the report and expect a negative share price reaction.
- Simen Aas
Bilia AB (Buy, TP: SEK160.00) - Expecting resilient service business i...
We are neutral on Bilia’s Q2 results (due at 07:00 CET on 18 July), expecting still-strong results in the service business to offset the earnings headwind in its car business given weak Nordic consumer sentiment. We believe investor focus will be on comments on the timing of a market recovery (we expect H2), and continue to see earnings momentum in 2025. We reiterate our BUY, and have raised our target price to SEK160 (148) after rolling forward our valuation to 2025–2026e.
- Simen Aas
Bilia AB (Buy, TP: SEK148.00) - Inflection point for new car orders
While management had flagged that Q1 was likely to be soft, operating earnings just beat our estimate. The key positive in the report was underlying order intake (after seven consecutive quarterly declines), helped by a recovery in Norway. We expect high campaign activity to extend the trend in Q2, along with still stable demand for service operations. We reiterate our BUY and have raised our target price to SEK148 (145).
- Simen Aas
Bilia AB (Buy, TP: SEK145.00) - A turning point in new car orders
We consider this a positive report for Bilia, including operating earnings slightly above consensus, strong organic growth for its service business and positive order intake for new cars (after seven quarters of decline) as Norway looks to be recovering. We expect consensus 2024e operating earnings to come up c1–3% on the back of the report and expect a positive share price reaction.
- Aurore Tigerschiöld
- Aurore Tigerschiöld
- Simen Aas
Bilia AB (Buy, TP: SEK145.00) - Turnaround in car orders needed
We are cautious ahead of the Q1 results given the still-weak consumer sentiment. As we expect fewer car deliveries YOY in Q1, and that order intake will likely still be negative, we believe investor focus will be on any comments regarding a market recovery (we currently expect H2). We reiterate our BUY and SEK145 target price on fairly unchanged estimates.
Bilia AB: 1 director
A director at Bilia AB bought 49,480 shares at 116.140SEK and the significance rating of the trade was 67/100. 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 sho...
- Simen Aas
Bilia AB (Buy, TP: SEK145.00) - Car recovery delayed to H2 2024e
Q4 marked the end of a tough year for Bilia, with operating earnings down c15% YOY, mainly driven by car earnings, as service proved surprisingly resilient (comprising c77% of group earnings). With a new car recovery likely delayed from H1 to H2, we have cut our 2024–2025e operating earnings by c3–2%. We reiterate our BUY, but have cut our target to SEK145 (150).
- Simen Aas
Bilia AB (Buy, TP: SEK150.00) - Mixed Q4
We consider this a mixed report for Bilia, including operating earnings slightly above consensus, while underlying order intake was a tad soft, and a lower than expected DPS. We expect consensus 2024e adj. EBIT to come up c0–2% on the back of the report and believe a neutral share price reaction is warranted.
- Simen Aas
Bilia AB (Buy, TP: SEK150.00) - Focus shifting to 2024–2025e
We are cautious ahead of Bilia’s Q4 results, mostly driven by still-weak consumer sentiment hindering its retail car business. We expect focus on new car orders and backlog, and service operations’ growth. We reiterate our BUY, but have raised our target price to SEK150 (130) as we have rolled our valuation to 2024–2025e.
Bilia appointed future importer for JLR brands in Norway and Sweden
Bilia appointed future importer for JLR brands in Norway and Sweden Bilia has signed an agreement with Jaguar Land Rover (JLR) to become the official importer for JLR brands (Range Rover, Defender, Discovery, Jaguar) in Sweden and Norway. As part of the agreement, a joint venture, Bilia JLR Import AB, will be established between the two companies. The newly established joint venture agreement includes import operations for new car sales and aftermarket services. Importer offices will be located in Malmö and Oslo. The importing business is expected to commence by April 1, 2024. "We are ha...
Bilia blir importör av Jaguar och Land Rover i Sverige och Norge
Bilia blir importör av Jaguar och Land Rover i Sverige och Norge Bilia har tecknat avtal med Jaguar Land Rover (JLR) om att bli officiell importör för JLRs varumärken (Range Rover, Defender, Discovery, Jaguar) i Sverige och Norge. Som en del av avtalet kommer ett joint-venture, Bilia JLR Import AB, att etableras mellan de två företagen. Det nybildade joint venture-avtalet omfattar importverksamhet för nybilsförsäljning och eftermarknadstjänster. Importörskontor kommer att finnas i Malmö och Oslo. Importverksamheten förväntas starta den 1 april 2024. ”Vi är glada över att få möjlighet att...
Bilia acquires British Motor Group, a full-service operation for Jagua...
Bilia acquires British Motor Group, a full-service operation for Jaguar & Land Rover in Sweden Bilia has entered into an agreement to acquire British Motor Group AB. The business is conducted in two facilities located in Danderyd and Smista, Stockholm. British Motor Group consists of two modern full-service facilities with sales and service. The deal is expected to take place in 2024 and is conditional an approval from the competition authority. During 2022 sales amounted to approximately SEK 450Mkr in 2021, with an operating margin of 1.1 per cent. The number of employees was 45 people...
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