Moving through the gears

研报英文原文证据摘录

Moving through the gears

ensus. Uma Samlin >>

Research Analyst

Mid-term growth levers justify premium valuation MLI+44 (UK)20 7995 1964

We are positive on Volvo as well as the truck order cycle, but recognise that near-term uma.samlin@bofa.com

consensus estimates have already been widely upgraded & believe Daimler Truck offers a AronResearchCeccarelliAnalyst >>

more compelling catalyst path (shareholder sell-down clarity, H2 upgrades, EU restructuring MLI (UK)

+44 20 7996 3827

benefits). We nevertheless see an attractive mid-term outlook for Volvo which could drive aron.ceccarelli@bofa.com

both positive revisions and re-rating, including autonomous trucking upside (BofAe c. 5%+ Tore Fangmann >>

boost to profits by 2035), US truck market share gains (supported by youngest avg product Research Analyst

Merrill Lynch (DIFC)

age vs peers), and lower transformation investment costs (+50-100bps for Truck margins vs +971 4 425 8210

2025). Volvo trades at 12x ‘27E P/E, a premium to its 9x historical avg justified by a strong tore.fangmann@bofa.com

mid-term outlook as well as the ongoing US/EU truck mkt recovery. Lorenzo Di Patrizi >>

MLI (UK)

Estimates (Dec) (SEK) 2024A 2025A 2026E 2027E 2028E +44 20 7995 7626

EPS (Adjusted Diluted) 24.8 16.9 21.3 28.0 29.3 lorenzo.dipatrizi@bofa.com

EPS Change (YoY) 1.1% -31.6% 25.7% 31.3% 4.9%

Dividend / Share 18.5 13.0 15.0 21.0 22.0

ADR EPS (Adjusted Diluted - US$) 2.34 1.73 2.21 2.90 3.04

ADR Dividend / Share (US$) 1.75 1.32 1.55 2.18 2.28 Stock Data

Valuation (Dec)

Price (Common / ADR) 339.10 SEK / 34.77 USD

P/E 13.7x 20.0x 15.9x 12.1x 11.6x

Dividend Yield 5.46% 3.83% 4.42% 6.19% 6.49% Price Objective 380.00 SEK / 39.00 USD

EV / EBITDA* 7.57x 9.01x 7.97x 6.66x 6.43x Date Established 27-Apr-2026 / 13-Jul-2026