Volvo B "Our takeaway & key points from the Volvo CMD" (Buy) Bhundia

研报英文原文证据摘录

Volvo B "Our takeaway & key points from the Volvo CMD" (Buy) Bhundia

Global Research

11 June 2026ab

Volvo B Equities

SwedenOur takeaway & key points from the Volvo CMD

Land Transportation Equipment

12-month rating Buy

Informative CMD, but see the negative share price reaction in response as harsh

As expected, the Volvo CMD was a mostly informative event with no changes to its 12m price target SKr387.00

existing group financial targets. We think the cause of the negative reaction near the

end of the CMD was due to commentary surrounding higher than anticipated costs in

Price (10 Jun 2026) SKr307.00

Q2 largely stemming from freight costs and to some extent raw materials. We view the

share price reaction of c.-4% shortly after the CMD as somewhat harsh and would see RIC: VOLVb.ST BBG: VOLVB SS

this as an attractive opportunity for a name which has a solid investment case in our

Trading data and key metrics

view. In terms of divisional targets, the North American market share target of 25% was

52-wk range SKr353.20-247.40

reiterated, while new specific divisional targets where also announced on Autonomous

trucking sales of $3bn by 2030, >5% CAGR growth for 3 key end markets representing Market cap. SKr622b/US$65.6b

c.80% of CE sales and Penta sales are expected to double in the next 5-10 years. While Shares o/s 1,385m (BFREE)

some targets such as autonomous trucking reaching $3bn within 5 years seem Free float 100%

ambitious at an initial glance, we believe the Penta growth target may be achievable in Avg. daily volume ('000) 3,384

6-10 years time. Q&A was largely focused on capital allocation and in particular its Avg. daily value (m) SKr1,073.3

current corporate structure to which Volvo stated that they are currently content with. Common s/h equity (12/26E) SKr200b