Financials AB Volvo Deutsche Boerse AG

Equities

VOL3

SE0000115420

Heavy Machinery & Vehicles

Real-time Estimate Tradegate Other stock markets 07:17:54 31/05/2024 pm IST			5-day change	1st Jan Change
25.47 ^EUR	+1.96%		+1.43%	+5.91%

24/05	India's Ashok Leyland beats Q4 profit estimates on reduced costs	RE
23/05	Prologis, Performance Team Launch Electric Truck Charging Station in Southern California Near Port of Los Angeles	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	3,19,557	3,94,800	4,27,626	3,87,546	5,34,513	5,79,980	-	-
Enterprise Value (EV) ¹	2,84,157	3,43,800	3,77,226	3,26,246	4,67,813	4,96,068	4,80,793	4,64,114
P/E ratio	8.89 x	20.4 x	13 x	11.7 x	10.7 x	11.9 x	11.3 x	10.5 x
Yield	-	3.1%	6.2%	7.43%	6.88%	6.35%	5.77%	6.3%
Capitalization / Revenue	0.74 x	1.17 x	1.15 x	0.82 x	0.97 x	1.13 x	1.07 x	1.01 x
EV / Revenue	0.66 x	1.02 x	1.01 x	0.69 x	0.85 x	0.96 x	0.89 x	0.81 x
EV / EBITDA	4.46 x	6.99 x	6.31 x	4.58 x	4.73 x	6.02 x	5.52 x	5 x
EV / FCF	14 x	21.1 x	24.3 x	25.5 x	42 x	12.3 x	11.6 x	10.6 x
FCF Yield	7.13%	4.74%	4.12%	3.92%	2.38%	8.13%	8.65%	9.39%
Price to Book	2.3 x	2.71 x	3.02 x	2.36 x	2.99 x	3.22 x	2.79 x	2.47 x
Nbr of stocks (in thousands)	20,32,914	20,33,452	20,33,452	20,33,452	20,33,452	20,33,452	-	-
Reference price ²	156.9	193.8	209.6	188.5	261.7	283.6	283.6	283.6
Announcement Date	30/01/20	03/02/21	28/01/22	26/01/23	26/01/24	-	-	-

¹SEK in Million²SEK

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	4,31,980	3,38,446	3,72,216	4,73,479	5,52,764	5,14,662	5,41,279	5,73,042
EBITDA ¹	63,707	49,163	59,735	71,196	98,865	82,429	87,023	92,821
EBIT ¹	47,910	28,564	41,015	50,467	77,638	64,931	68,648	74,140
Operating Margin	11.09%	8.44%	11.02%	10.66%	14.05%	12.62%	12.68%	12.94%
Earnings before Tax (EBT) ¹	46,832	25,917	43,190	45,077	66,726	64,615	69,474	75,379
Net income ¹	34,598	19,318	32,787	32,722	49,825	48,473	51,461	55,159
Net margin	8.01%	5.71%	8.81%	6.91%	9.01%	9.42%	9.51%	9.63%
EPS ²	17.64	9.500	16.12	16.09	24.50	23.75	25.19	26.95
Free Cash Flow ¹	20,254	16,313	15,530	12,788	11,130	40,328	41,588	43,597
FCF margin	4.69%	4.82%	4.17%	2.7%	2.01%	7.84%	7.68%	7.61%
FCF Conversion (EBITDA)	31.79%	33.18%	26%	17.96%	11.26%	48.92%	47.79%	46.97%
FCF Conversion (Net income)	58.54%	84.44%	47.37%	39.08%	22.34%	83.2%	80.81%	79.04%
Dividend per Share ²	-	6.000	13.00	14.00	18.00	18.00	16.37	17.86
Announcement Date	30/01/20	03/02/21	28/01/22	26/01/23	26/01/24	-	-	-

¹SEK in Million²SEK

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 S1	2021 Q4	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	-	1,02,378	1,05,317	1,18,943	-	1,14,917	1,34,302	1,31,420	1,40,821	1,32,405	1,48,117	1,31,177	1,34,378	1,20,840	1,29,544	1,32,464	1,39,612
EBITDA ¹	-	14,879	17,566	18,723	-	16,910	17,996	23,517	27,022	24,448	23,879	23,325	23,515	19,245	18,504	22,300	22,646
EBIT ¹	21,551	10,060	12,681	13,745	26,426	11,869	12,171	18,409	21,732	19,114	18,384	18,159	18,398	14,998	14,425	17,859	17,859
Operating Margin	-	9.83%	12.04%	11.56%	-	10.33%	9.06%	14.01%	15.43%	14.44%	12.41%	13.84%	13.69%	12.41%	11.14%	13.48%	12.79%
Earnings before Tax (EBT) ¹	-	10,202	9,027	13,873	-	11,758	10,420	16,797	14,409	18,636	16,884	18,442	18,568	14,998	13,704	18,007	18,154
Net income ¹	-	7,995	7,033	10,443	-	8,627	6,620	12,910	10,770	14,092	12,053	14,080	14,491	11,474	10,144	13,164	13,319
Net margin	-	7.81%	6.68%	8.78%	-	7.51%	4.93%	9.82%	7.65%	10.64%	8.14%	10.73%	10.78%	9.5%	7.83%	9.94%	9.54%
EPS ²	-	3.930	3.460	5.140	-	4.240	3.260	6.350	5.300	6.930	5.930	6.920	6.935	5.493	4.702	6.477	6.553
Dividend per Share ²	-	13.00	-	-	-	-	14.00	-	-	-	18.00	-	18.00	-	5.560	-	9.000
Announcement Date	20/07/21	28/01/22	22/04/22	19/07/22	19/07/22	20/10/22	26/01/23	20/04/23	19/07/23	18/10/23	26/01/24	17/04/24	-	-	-	-	-

¹SEK in Million²SEK

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	35,400	51,000	50,400	61,300	66,700	83,912	99,187	1,15,865
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	20,254	16,313	15,530	12,788	11,130	40,328	41,588	43,597
ROE (net income / shareholders' equity)	27.3%	14.2%	21.8%	23.8%	34.3%	28.3%	28%	27.2%
ROA (Net income/ Total Assets)	7.16%	3.89%	6.39%	5.72%	8.95%	7.57%	7.84%	7.81%
Assets ¹	4,83,196	4,96,317	5,13,339	5,72,463	5,56,567	6,40,181	6,56,175	7,06,632
Book Value Per Share ²	68.20	71.50	69.40	80.00	87.50	88.00	102.0	115.0
Cash Flow per Share ²	16.40	15.10	16.60	16.40	13.10	32.90	35.20	37.20
Capex ¹	18,055	14,297	18,117	20,456	23,387	21,460	22,406	24,360
Capex / Sales	4.18%	4.22%	4.87%	4.32%	4.23%	4.17%	4.14%	4.25%
Announcement Date	30/01/20	03/02/21	28/01/22	26/01/23	26/01/24	-	-	-

¹SEK in Million²SEK

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for AB Volvo

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

283.6 SEK

Average target price

313.5 SEK

Spread / Average Target

+10.55%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Heavy Trucks

	1st Jan change	Capi.
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SINOTRUK JINAN TRUCK CO.,LTD	+14.15%	2.46B
CIMC VEHICLES (GROUP) CO., LTD.	+7.65%	2.39B
MITSUBISHI LOGISNEXT CO., LTD.	+11.36%	1.05B
WABASH NATIONAL CORPORATION	-13.39%	994M
KAMAZ PUBLICLY TRADED COMPANY	-.--%	684M
KYOKUTO KAIHATSU KOGYO CO.,LTD.	+27.02%	596M

Heavy Trucks