Volvo: Live from Sweden: Resilience and Growth CMD

研报英文原文证据摘录

Volvo: Live from Sweden: Resilience and Growth CMD

e its LCV business, while Volvo Penta is EBIT (SKr mn)** 51,218 55,524 69,578 73,565

targeting a doubling of revenue over the coming years. Volvo Autonomous EPS (SKr)** 16.94 20.43 25.60 27.03

Prior EPS (SKr)** - - - -

Solutions, which is targeting driverless on-highway operations by Q1 2027, has an EPS (SKr)§ 17.71 21.05 24.76 26.76

ambition to achieve c.$3bn of margin-accretive revenue by 2030. P/E** 17.5 15.6 12.5 11.8

EV/revenue* 1.6 1.6 1.5 1.4

EV/EBITDA** 11.8 11.6 9.6 9.0

Volvo continues to see room for improvement in Trucks. In Trucks, North America EV/EBIT** 15.2 14.6 11.5 10.8

remains a key focus, with profitability below target and market share relatively flat DPS (SKr) 13.00 14.30 18.05 18.99

Div yld (%) 4.4 4.5 5.7 6.0

over the past decade. Since the last CMD, Mack has already started to improve FCF yld ratio (%)** 2.8 5.7 6.9 6.1

market share, with an initial focus on regaining vocational share, with long haul the Net debt (SKr mn)* 174,557 163,757 147,943 145,219

Net debt/EBITDA** 2.7 2.3 1.8 1.6

next focus. Mack also pursues opportunities in Mexico and mature Latin American RNOA (%)** 9.4 11.9 14.6 15.1

ROE (%)** 17.8 23.3 26.9 25.3

markets such as Colombia and Chile. Volvo Eicher was highlighted as a strong

example of Volvo’s growth potential in emerging markets. India is growing at a Unlessframeworkotherwise noted, all metrics are based on Morgan Stanley ModelWare

double-digit rate, and margins are approaching group levels. This challenges the **§ ==ConsensusBased on consensusdata is providedmethodologyby Refinitiv Estimates

historical assumption that emerging-market growth must necessarily dilute group *e == GAAPMorganorStanleyapproximatedResearchbasedestimateson GAAP

profitability.