Volvo AB Series B

Volvo is a manufacturer of trucks, buses, construction equipment and marine and industrial engines. Co.'s activities are organized into six areas: Group Trucks, which sells and markets trucks under Eicher, Mack, Renault Trucks, UD Trucks and Volvo brands; Construction Equipment, which includes equipment for construction and related industries; Buses, which includes buses and bus chassis for city, intercity and coach traffic; Volvo Penta, which manufactures engines and drive systems for boats and commercial craft; Governmental Sales, which manufactures special-purpose vehicles; and Volvo Financial Services, providing customer financing and leasing, dealer financing and fee based products.
  • TickerVOLV B
  • ISINSE0000115446
  • ExchangeNasdaq Nordic Stockholm
  • SectorIndustrial Engineering
  • CountrySweden

Analysts

Anders Idborg ...
  • Karl Bokvist
  • Olof Cederholm

Powerpoint Sector Report - The Capital Goods Data Miner – November 2019

Q3 reports held up better than expected and the sector rallied 15% over the results season. At the same time, demand indicators continue to be mostly negative and point to further pressure on estimates for 2020 (particularly if currency support would wane). We favour names with company-specific drivers and valuation support, and continue to be cautious on unusually expensive low-beta names. Our key long ideas are: Alfa Laval, Electrolux, Metso, Nokian Tyres We are cautious on: Assa Abloy, Autoliv, Kone, Nibe

Casper Blom ...
  • Daniel Thorsson
  • Fredrik Ivarsson
  • Haakon Amundsen
  • Jannick Lindegaard Denholt
  • Mads Thinggaard
  • Olof Cederholm

Talking Points - Volvo (Buy): Findings from across the Atlantic

DSV Panalpina (Buy) Post-results comment: Citius, Altius, Fortius Volvo has a strong position, prepared for downturn Reiterate BUY and SEK 190 target price

Anders Idborg ...
  • Olof Cederholm

Volvo - Findings from across the Atlantic

Meetings with Volvo and peers in Atlanta Volvo has a strong position, prepared for downturn Reiterate BUY and SEK 190 target price

Christer Magnergård ...
  • Eivind Sars Veddeng
  • Frank Maaø
  • Joachim Gunell
  • Jon Masdal
  • Karl-Johan Bonnevier
  • Marius Knudssøn
  • Martin Hoang Nguyen
  • Mattias Holmberg
  • Niklas Wetterling
  • Ole-Andreas Krohn
  • Olof Larshammar
  • Patrik Ling
  • Stefan Gauffin
  • Tomi Railo

Northern Lights

Aksel Øverland Engebakken ...
  • Anders Idborg
  • Bengt Jonassen
  • John Olaisen
  • Martin Melbye
  • Olof Cederholm
  • Tobias Kaj
  • Victor Forssell

Talking Points - Equinor (Buy): Q3 likely to be soft

Sandvik (Hold) Post-results comment: SEK and charges boost resilience Our EBIT of USD 2.5bn is below FactSet of USD 2.8bn Still a BUY, but TP down to NOK 200 (210)

Anders Idborg ...
  • Karl Bokvist
  • Olof Cederholm

Powerpoint Sector Report - The Capital Goods Data Miner – November 2019

Q3 reports held up better than expected and the sector rallied 15% over the results season. At the same time, demand indicators continue to be mostly negative and point to further pressure on estimates for 2020 (particularly if currency support would wane). We favour names with company-specific drivers and valuation support, and continue to be cautious on unusually expensive low-beta names. Our key long ideas are: Alfa Laval, Electrolux, Metso, Nokian Tyres We are cautious on: Assa Abloy, Autoliv, Kone, Nibe

Casper Blom ...
  • Daniel Thorsson
  • Fredrik Ivarsson
  • Haakon Amundsen
  • Jannick Lindegaard Denholt
  • Mads Thinggaard
  • Olof Cederholm

Talking Points - Volvo (Buy): Findings from across the Atlantic

DSV Panalpina (Buy) Post-results comment: Citius, Altius, Fortius Volvo has a strong position, prepared for downturn Reiterate BUY and SEK 190 target price

Anders Idborg ...
  • Olof Cederholm

Volvo - Findings from across the Atlantic

Meetings with Volvo and peers in Atlanta Volvo has a strong position, prepared for downturn Reiterate BUY and SEK 190 target price

Aksel Øverland Engebakken ...
  • Anders Idborg
  • Bengt Jonassen
  • John Olaisen
  • Martin Melbye
  • Olof Cederholm
  • Tobias Kaj
  • Victor Forssell

Talking Points - Equinor (Buy): Q3 likely to be soft

Sandvik (Hold) Post-results comment: SEK and charges boost resilience Our EBIT of USD 2.5bn is below FactSet of USD 2.8bn Still a BUY, but TP down to NOK 200 (210)

Christer Magnergård

Volvo (Buy, TP: SEK168.00) - Set to have book-to-bill above 1x

Order intake for Trucks has declined in the past four quarters, with a book-to-bill well below 1x. However, we believe order intake has troughed and that we should see book-to-bill above 1x in Q4e. In our view the next two quarters will be a test of the EBIT margin resilience in downturns. We believe profitability should remain strong, which could lead to a re-rating. Finally, we expect SEK11 per share in dividends, corresponding to a 7.7% dividend yield for 2019e. We reiterate our BUY and SEK168 target price.

1 director bought

A director at Ab Volvo bought 500,000 shares at 126.894SEK and the significance rating of the trade was 78/100. 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 showing Close periods where trading activity is restricted under listing rules. The names of board m...

Christer Magnergård ...
  • Eivind Sars Veddeng
  • Frank Maaø
  • Joachim Gunell
  • Jon Masdal
  • Karl-Johan Bonnevier
  • Marius Knudssøn
  • Martin Hoang Nguyen
  • Mattias Holmberg
  • Niklas Wetterling
  • Ole-Andreas Krohn
  • Olof Larshammar
  • Patrik Ling
  • Stefan Gauffin
  • Tomi Railo

Northern Lights

Christer Magnergård ...
  • Christoffer Wang Bjørnsen
  • Håkon Astrup
  • Jon Berggren
  • Karl-Johan Bonnevier
  • Martin Arnell
  • Mattias Holmberg
  • Niclas Gehin
  • Nicolas McBeath
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Olof Larshammar
  • Patrik Ling
  • Stefan Gauffin
  • Tomi Railo

Weak report across the board

Alexander Aukner ...
  • Christer Magnergård
  • Eivind Sars Veddeng
  • Martin Arnell
  • Mattias Holmberg
  • Ole-Andreas Krohn
  • Olof Larshammar

Northern Lights

Christer Magnergård ...
  • Christoffer Wang Bjørnsen
  • Eivind Sars Veddeng
  • Joachim Gunell
  • Jon Masdal
  • Martin Arnell
  • Martin Hoang Nguyen
  • Mattias Holmberg
  • Nicolay Dyvik
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Patrik Ling
  • Rune Majlund Dahl
  • Simen Mortensen

Northern Lights

Christer Magnergård ...
  • Mattias Holmberg
  • Ole-Andreas Krohn

Northern Lights

Ibrahim Firdaus

VOLVO AB with less fundamental stars is reduced to Neutral

VOLVO AB (SE), a company active in the Commercial Vehicles & Trucks industry, loses a star(s) at the fundamental level and sees its general evaluation downgraded. The independent financial analyst theScreener just removed a fundamental star(s) for a 3 over 4-star rating. As such, market behaviour remains unchanged and is evaluated as moderately risky. theScreener believes that the loss of a star(s) merits downgrade to the general evaluation of the title, which passes to Neutral. As of the analysis date May 3, 2019, the closing price was SEK 148.90 and its expected value was estimated at SEK 14...

Ibrahim Firdaus
Ibrahim Firdaus
Ibrahim Firdaus

Volvo April 03th, 2019

In general, Volvo is in compliance with the Swedish regulations relating to the organisation and procedures of the Annual General Meeting. Under ITEMS 14.1-14.10, the (re-)election of the board of directors is proposed.In light of concerns over aggregate time commitments, ECGS recommends to vote OPPOSE to the (re-)election of: Ms. Martina Merz (ITEM 14.7). Under ITEM 18, the board of directors seeks approval of the Company's executive remuneration guidelines. Although no (material) changes are proposed, ECGS is missing an actual LT component (with a performance measurement period of at least...

Volvo – Proxinvest Corporate Governance Rating ® : C

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

Expert Corporate Governance Service (ECGS)

Proxy Report - 05/04/2018

In general, Volvo is in compliance with the Swedish regulations relating the organisation and procedures of the Annual General Meeting. Under ITEM 13, the nomination committee proposes to increase the remuneration of the board of directors by about 3.0%. In ECGS' view the current fees are already at the upper level of Swedish market practice for a company with the size and complexity ofVolvo and it therefore does not approve of any increases without adequate justification. Since the proposal is not adequately justified, ECGS recommends to vote OPPOSE. Under ITEMS 14.1-14.10, the (re-)electio...

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