ALV Autoliv Inc.

Gabelli Automotive Symposium Keynote to Focus on Internet of Things

Gabelli & Company is pleased to announce Bridget Karlin, Managing Director in the Internet of Things (IoT) Strategy and Integrated Products Division at Intel Corporation (NASDAQ – INTC), will deliver a keynote address at its 40th Annual Automotive Aftermarket Symposium on November 1 in Las Vegas.

Ms. Karlin is responsible for managing the commercialization and marketing of the Intel IoT Platform and Intel’s IoT partner-branded offerings, leveraging Intel's silicon, software and services that engage Intel’s ecosystem of partners to accelerate market adoption. She also represents Intel as an IoT expert that works closely with U.S. policy makers to influence legislation ranging from automated driving to industrial IoT that keeps pace with technology innovation to enable business, environment and social transformation across a global marketplace.

Ms. Karlin is a recipient of the 2016 Industrial IoT 5G Industrialists and Innovators award, the Malcolm Baldrige Software Quality award, listed in the top Fast 50 Tech CEO’s, and recipient of the BellSouth Technology Innovator award.

Investors should contact their salesperson for more information or to register.

     

Participating Companies

 
Autoliv Inc. NYSE – ALV
AutoNation, Inc. NYSE – AN
AutoZone, Inc. NYSE – AZO
Axalta Coating Systems, Ltd. NYSE – AXTA
CLARCOR Inc. NYSE – CLC
Cooper Tire & Rubber Company NYSE – CTB
Dana Incorporated NYSE – DAN
Donaldson Company, Inc. NYSE – DCI
Genuine Parts Company NYSE – GPC
Intel Corporation NASDAQ – INTC
Lear Corporation NYSE – LEA
Monro Muffler Brake, Inc. NASDAQ – MNRO
Motorcar Parts of America, Inc. NASDAQ – MPAA
Navistar International Corp. NYSE – NAV
O’Reilly Automotive, Inc. NASDAQ – ORLY
Penske Automotive Group, Inc. NYSE – PAG
Rush Enterprises, Inc. NASDAQ – RUSHA
Standard Motor Products, Inc. NYSE – SMP
Superior Industries International Inc. NYSE – SUP
Tenneco, Inc. NYSE – TEN
Truck Hero Private
U.S. Auto Parts Network, Inc. NASDAQ – PRTS
Uni-Select, Inc.

TSX – UNS

© 2016 G. research, LLC - All rights reserved.

G.research, LLC, an institutional research and brokerage firm, is a subsidiary of Associated Capital Group, Inc. (NYSE:AC). Gabelli & Company is the marketing name for the registered broker dealer G.research, LLC. G.research, LLC, One Corporate Center Rye, NY 10580. Member of FINRA and SIPC.

EN
20/10/2016

Underlying

To request access to management, click here to engage with our
partner Phoenix-IR's CorporateAccessNetwork.com

Reports on Autoliv Inc.

Mattias Holmberg
  • Mattias Holmberg

Autoliv (Buy, TP: SEK1600.00) - In the fast lane

Despite beating guidance in Q1, Autoliv kept its 2024 guidance intact. In our view, this adds upside potential to consensus for 2024 and some credibility to the 12% medium-term EBIT margin target. Although we estimate 29% YOY growth in 2024e adj. EBIT, fundamentals are likely to be on the sidelines as we expect the company to resume its large share buyback programme in the coming weeks (the mandate has USD873m, c9% of the market cap, left for 2024). We reiterate our BUY and have raised our targe...

Mattias Holmberg
  • Mattias Holmberg

Autoliv (Buy, TP: SEK1435.00) - Set for an undramatic Q1

We are roughly in line with Q1 consensus, and expect an adj. EBIT margin close to the guidance of c7% and a reiteration of the 2024 guidance. We estimate c30% adj. EBIT growth for 2024 and the cUSD0.9bn of the buyback mandate that remains for this year to further support the stock, which remains one of our sector top picks. We reiterate our BUY, and have raised our target price to SEK1,425 (1,300).

Mattias Holmberg
  • Mattias Holmberg

Autoliv (Buy, TP: SEK1300.00) - Simply the best

After the Q4 results, Autoliv remains a sector top pick, with 2024e adj. EBIT growing >30% YOY, while the valuation remains supportive at a c10x P/E. We also expect the company to further accelerate share buybacks, where it has cSEK1bn (c12% of market cap) left of the current mandate that runs through end-2024. We have made minor estimate changes and trimmed our target price to SEK1,300 (1,320), and reiterate our BUY.

Mattias Holmberg
  • Mattias Holmberg

Autoliv (Buy, TP: SEK1320.00) - Earnings growth and buybacks

We are roughly in line with Q4e consensus. Focus should be on the 2024 guidance, which we expect to be for 4–6% organic growth and a 10.5–11.0% adj. EBIT margin, leaving room for gradual increases during the year. We estimate >30% EPS growth for 2024, with support from the USD1.5bn buyback mandate. We reiterate our BUY but have trimmed our target price to SEK1,320 (1,360).

Mattias Holmberg
  • Mattias Holmberg

Decoding Alpha

Our analysis of underlying total shareholder return (TSR) drivers for Swedish Industrial companies reveals that high returns are not synonymous with high valuations. Investors tend to overpay for ‘growth’, while cash returns such as dividends and buybacks are typically deeply discounted. We believe Autoliv, Alfa Laval and Hexagon offer the most long-term TSR potential (13–14% annualised), with SKF and Trelleborg at the other end of the spectrum (8–9%), while also concluding that several stocks l...

ResearchPool Subscriptions

Get the most out of your insights

Get in touch