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Volvo’s result benefits from a record-strong USD
2022-09-27 09:52:00

A record strong USD combined with a weak performance for Swedish industrial stocks makes the export-oriented Volvo an interesting case.

The dams have burst on the US dollar, soaring above its previous levels. A rising USD is a signal of extreme risk aversion in the market.

The OMX30, with a performance of minus 25% so far this year, includes many cyclical industrial companies that often benefit from a weak SEK and a strong USD/SEK and USD/EUR. The Volvo Group is one of the largest net exporting companies with significant devaluation gains from a weak SEK. We estimate that Volvo’s earnings will increase by 6 to 7 per cent compared to Volvo’s earnings last 12 months due to a weaker SEK and primarily the USD having increased by some 25% in value so far this year.

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About Carlsquare

Carlsquare is a Pan-European research firm and financial advisor, focusing on M&A, Equity
Research and Growth Equity. Carlsquare has 70+ employees with deep sector knowledge in all 11
GICS sectors. The senior equity research team have an extensive experience about the stock
environment and several business sectors. The team produces company research reports,
independent valuations and trading notes. The group have offices in Berlin, Copenhagen,
Hamburg, London, Munich and Stockholm. Read more

Contact
MARKUS AUGUSTSSON
Head of Equity Research
markus.augustsson@carlsquare.com
+46 (0)76 235 03 20

About Vontobel:

As a globally operating financial expert with Swiss roots, Vontobel specializes in wealth management, active asset management and investment solutions. Digital Investing bundles different investment solutions for private investors either directly or via ecosystems. Read more

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