Autoliv Inc.

  • TickerALV
  • ISINUS0528001094
  • ExchangeNew York Stock Exchange
  • SectorAutomobiles & Parts
  • CountryUnited States
Mattias Holmberg

Autoliv (Buy, TP: SEK870.00) - Harder, better, faster, stronger

The automotive industry seems to be recovering at an exceptional rate. We now expect flat organic sales for Autoliv in Q3e (consensus -6%, Q2 -48%) and are 26% above adj. EBIT consensus. We have raised our 2020e adj. EBIT by 10% (and 2021–2022e by 2–3%, leaving us 13% above consensus) following positive industry commentary, improved LVP forecasts from IHS, and due to FX. We reiterate our BUY and have raised our target price to SEK870 (710).

Alexander Aukner ...
  • Jørgen Lian
  • Mattias Holmberg
  • Ole Martin Westgaard
  • Ole-Andreas Krohn

Northern Lights

Christer Magnergård ...
  • Frank Maaø
  • Håkon Astrup
  • Joachim Gunell
  • Jon Masdal
  • Jørgen Lian
  • Karl-Johan Bonnevier
  • Martin Hoang Nguyen
  • Mattias Holmberg
  • Niclas Gehin
  • Nicolai Farstad Olsen
  • Nicolas McBeath
  • Niklas Wetterling
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Olof Larshammar
  • Patrik Ling
  • Ragnhild Støer
  • Rune Majlund Dahl
  • Simen Mortensen
  • Stefan Gauffin
  • Tomi Railo

Northern Lights

Mattias Holmberg

Autoliv (Buy, TP: SEK710.00) - Strapped in for H2e recovery

With global LVP set to recover gradually from the Q2 low and Autoliv’s outperformance versus LVP set to reaccelerate in H2, we see good recovery potential. Although management indicated its medium-term targets may be delayed slightly, we see very attractive risk/reward in Autoliv, which is trading at a 2022e EV/EBIT of 6.5x (31% discount to NTM average since the Veoneer spin-off). We reiterate our BUY and have lifted our target price to SEK710 (690).

Christoffer Wang Bjørnsen ...
  • Håkon Astrup
  • Jon Masdal
  • Martin Hoang Nguyen
  • Mattias Holmberg
  • Nicolas McBeath
  • Niklas Wetterling
  • Ole-Andreas Krohn
  • Simen Mortensen

Northern Lights

Dave Nicoski ...
  • Ross LaDuke

Vermilion Short Shots: Technically Vulnerable Stocks

Short Shots is a collection of technically vulnerable charts culled from the Negative Inflecting and Toppy columns within our Weekly Compass report or from various technical screening processes. The charts contained in this report have developed concerning technical patterns that suggest further price deterioration is likely. For these reasons Short Shots can also be a great source of ideas for investors interested in short-selling candidates.

Dave Nicoski ...
  • Ross LaDuke

Vermilion Compass: Weekly Equity Strategy

The good outweighs the bad Our checklist of bullish indicators continues to grow as equal-weighted Financials (RYF), global Financials (IXG), global autos (CARZ), and the Dow Jones Transportation Average (IYT) are each decisively breaking topside critical resistance levels. These developments have led us to be incrementally more bullish. At the same time, biotech has succumbed to weakness within Health Care -- a point for the bears as it is one aspect that puts a damper on risk sentiment. Overall the good outweighs the bad and our positive outlook remains intact. • Sector Relative Strength...

Shelley Moen

Insights: Bullish Stocks

Widespread base patterns throughout Manufacturing With attention directed at Tech and Energy--for opposite reasons: the former's uncharacteristic decline and the latter's equally uncharacteristic rally--our Manufacturing Sector is quietly breaking out to all-time price and relative strength highs. An overweight, to say the least, is justified here. Setting the stage for Manufacturing's relative strength breakout was a multi-year base pattern (see chart below). And it is patterns like this, taking the shape of either a sideways or “rounding” consolidation, that tend to act as foundations ...

Autoliv Inc: 1 director sold

A director at Autoliv Inc sold 752 shares at 61.080USD and the significance rating of the trade was 66/100. 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 membe...

Mattias Holmberg

Autoliv (Buy, TP: SEK870.00) - Harder, better, faster, stronger

The automotive industry seems to be recovering at an exceptional rate. We now expect flat organic sales for Autoliv in Q3e (consensus -6%, Q2 -48%) and are 26% above adj. EBIT consensus. We have raised our 2020e adj. EBIT by 10% (and 2021–2022e by 2–3%, leaving us 13% above consensus) following positive industry commentary, improved LVP forecasts from IHS, and due to FX. We reiterate our BUY and have raised our target price to SEK870 (710).

Mattias Holmberg

Autoliv (Buy, TP: SEK710.00) - Strapped in for H2e recovery

With global LVP set to recover gradually from the Q2 low and Autoliv’s outperformance versus LVP set to reaccelerate in H2, we see good recovery potential. Although management indicated its medium-term targets may be delayed slightly, we see very attractive risk/reward in Autoliv, which is trading at a 2022e EV/EBIT of 6.5x (31% discount to NTM average since the Veoneer spin-off). We reiterate our BUY and have lifted our target price to SEK710 (690).

Mattias Holmberg

Autoliv (Buy, TP: SEK690.00) - Guidance implies Q2e downside

We expect Q2 adj. EBIT of USD-214m compared to consensus of USD-141m, which we believe fails to reflect the company’s warning that operational leverage could be higher than its ‘standard’ c30% (we assume c35% for Q2). Having fine-tuned our estimates, we reiterate our BUY and SEK690 target price as we believe Autoliv’s very solid order book will support continued market outperformance, margin improvement, and cash flow for several years.

Mattias Holmberg

Autoliv (Buy, TP: SEK690.00) - Q2e lower, but 2021–2022e intact

We consider the key short-term implication from Autoliv’s business update to be downside risk to Q2 (we forecast EBIT of USD-237m versus consensus of USD-59m). However, our estimates beyond 2020 are broadly unchanged, and with USD6bn in further credit facilities secured, we reiterate our BUY as we believe Autoliv will continue to outperform the market and see an attractive valuation at a 2021e EV/EBIT of 8.0x (14% discount to NTM average since Veoneer spin-off). Our lowered SEK690 (765) target price mainly reflects a stronger SEK.

Mattias Holmberg

Autoliv (Buy, TP: SEK765.00) - Strong left, right and centre

Autoliv’s Q1 beat expectations in almost all aspects –indicating that the company has so far managed this downturn well and appears well-prepared. We reiterate our BUY but have raised our target price to SEK765 (650) on our 5–10% higher 2020–2021e adj. EBIT. With support from a very solid order book, we expect continued market outperformance, making the shares attractively valued in our view at 7.3x 2021e EV/EBIT (19% discount to NTM average since Veoneer spin-off).

Autoliv ASP, Inc.: Update to credit analysis

Our credit view of Autoliv, reflecting its strong credit metrics and liquidity, despite a more challenging global automotive sector environment.

Autoliv ASP, Inc. - September 2019 (LTM): Peer Snapshot

Compares key performance metrics against industry peers.

Moody's announces completion of a periodic review of ratings of Autoliv ASP, Inc.

Announcement of Periodic Review: Moody's announces completion of a periodic review of ratings of Autoliv ASP, Inc.. Global Credit Research- 12 Nov 2019. Frankfurt am Main, November 12, 2019-- Moody's Investors Service has completed a periodic review of the ratings of Autoliv ASP, Inc. and other ratings that are associated with the same analytical unit.

Autoliv ASP, Inc. - June 2019 (LTM): Peer Snapshot

Compares key performance metrics against industry peers.

Autoliv ASP, Inc. - December 2018 (LTM): Peer Snapshot

Compares key performance metrics against industry peers.

Alexander Aukner ...
  • Jørgen Lian
  • Mattias Holmberg
  • Ole Martin Westgaard
  • Ole-Andreas Krohn

Northern Lights

Christer Magnergård ...
  • Frank Maaø
  • Håkon Astrup
  • Joachim Gunell
  • Jon Masdal
  • Jørgen Lian
  • Karl-Johan Bonnevier
  • Martin Hoang Nguyen
  • Mattias Holmberg
  • Niclas Gehin
  • Nicolai Farstad Olsen
  • Nicolas McBeath
  • Niklas Wetterling
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Olof Larshammar
  • Patrik Ling
  • Ragnhild Støer
  • Rune Majlund Dahl
  • Simen Mortensen
  • Stefan Gauffin
  • Tomi Railo

Northern Lights

Christoffer Wang Bjørnsen ...
  • Håkon Astrup
  • Jon Masdal
  • Martin Hoang Nguyen
  • Mattias Holmberg
  • Nicolas McBeath
  • Niklas Wetterling
  • Ole-Andreas Krohn
  • Simen Mortensen

Northern Lights

Alexander Aukner ...
  • Håkon Astrup
  • Joachim Gunell
  • Mattias Holmberg
  • Nicolay Dyvik
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Patrik Ling

Northern Lights

Christer Magnergård ...
  • Håkon Astrup
  • Jimi Lehtonen
  • Joachim Gunell
  • Martin Arnell
  • Mattias Holmberg
  • Ole-Andreas Krohn
  • Olof Larshammar
  • Patrik Ling

Northern Lights

Thanks to a better fundamental star rating, AUTOLIV SDB INCO. sees an upgrade to Neutral

The independent financial analyst theScreener just awarded an improved star rating to AUTOLIV SDB INCO. (US), active in the Auto Parts industry. As regards its fundamental valuation, the title receives an improved star rating and now shows 4 out of 4 possible stars. With regard to its market behaviour, it remains unchanged and can be qualified as risky. theScreener considers that these elements allow slightly upgrading its rating to Neutral. As of the analysis date June 12, 2020, the closing price was USD 63.14 and its expected value was estimated at USD 60.47.

Ford Equity US Rating and Forecast Report

Ford Equity Research covers more than 4,000 stocks using a proprietary quantitative model that evaluates a company’s earnings strength, its relative valuation and recent price movement. Ford’s five recommendation ratings include strong buy, buy, hold, sell, strong sell. For all stocks in our coverage universe, ratings are generated each week and reflect the fundamental and price data as of the last trading day of the week.

Expert Corporate Governance Service (ECGS)

Autoliv – AGM 7 May 2020

Autoliv is a company headquartered in Stockholm, Sweden, and incorporated in the State of Delaware, USA. In general, Autoliv is in compliance with the regulations of Delaware relating to the organisation and procedures of the Annual General Meeting.   Under ITEM 1.2, it is proposed to re-appoint the Chairman of the Board of Directors, Mr. Jan Carlson, who was the CEO of the Company from 2007 to 2018. As the appointment of a former CEO as Chairman of the Board of Directors is contrary to ECGS guidelines, it recommends to vote OPPOSE.   Under ITEM 1.9, it is proposed to re-appoint the non-ex...

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