Morning Comment Sweden-07/08/2026

研报英文原文证据摘录

Morning Comment Sweden-07/08/2026

Morning Comment Sweden

8 JUL 2026

Today’s research focus

• 8TRA - Traton - Buy, TP SEK 450 (400): MAN margins face pressure

from lower German volumes and cost inflation; International turns

profitable on tariff refunds and improving demand. Q2 ests sit marginally

below consensus, though FY26 is 2% above. We reiterate Buy and raise

TP to SEK 450 (400) on higher International ests, as Traton offers cheap

cyclical recovery exposure. LINK

• VOLV.B - Volvo - Buy, TP SEK 385 (350): Strong Class 8 order data

points to a NA guidance upgrade, potentially to ~275k units in 2026 (+7%

y/y). We see truck production in Europe stable, with aftermarket demand

accelerating. We reiterate Buy and raise TP to SEK 385 (350) on higher

estimates and sector multiples, equal to 10.5x EV/EBIT in 2027. LINK

• KINV - Kinnevik - Buy, TP SEK 75 (71): Returned to NAV growth in Q2

(+6% q/q) as public peers recovered somewhat after the Q1 collapse.

With continued momentum and a reiterated strong outlook for large

holdings, valuation marks below peers, and a strategic transformation well

underway, we find risk/reward from the current 50% NAV discount (66%

excl net cash) highly appealing. LINK

• VEFAB - VEF - Buy, TP SEK 2.9: We expect Q2 NAVPS in SEK to be

broadly stable, modelling a modest ~1% q/q increase. FX should be the

key NAV tailwind, with BRL/MXN strength and a stronger USD/SEK

offsetting softer peer multiples. With ~70% of the investment portfolio

carried at recent transaction marks (Creditas & Juspay), near-term NAV

sensitivity to peer moves remains limited. The share trades at a 53%

discount to NAV, which we view as excessive given continued portfolio

execution and scope for further exits at or above NAV. LINK