Autoliv Inc. SDR

  • TickerLIVS
  • ISINSE0000382335
  • ExchangeFrankfurt Stock Exchange
  • SectorAutomobiles & Parts
  • CountryUnited States
Anders Idborg ...
  • Karl Bokvist
  • Olof Cederholm

Powerpoint Sector Report - The Capital Goods Data Miner - June 2020

While China is approaching normality, Europe and North America will be grim in Q2, and the severity of the demand drop is less important than what companies can do to safeguard cash flow and the balance sheet. We advise sticking with companies with low funding risk and end-markets which are not permanently damaged. We continue to see relative attraction in mining equipment. Our key long ideas are: Sandvik, Volvo, Metso, Electrolux. We are cautious on: Cargotec, Konecranes, Wärtsilä.

Lukas Daul ...
  • Olof Cederholm
  • Victor Forssell

Talking Points - Autoliv (Buy): Operating leverage worse than expected in Q2

Q2 EBIT cut by ~USD 100m, still expect Q2 improvement Reiterate BUY with SEK 700 target price

Anders Idborg ...
  • Olof Cederholm

Autoliv - Operating leverage worse than expected in Q2

Warns for >30% operating leverage in Q2’20 Q2 EBIT cut by ~USD 100m, still expect Q2 improvement Reiterate BUY with SEK 700 target price

Anders Idborg ...
  • Olof Cederholm

Autoliv - Provides update that implies risk to Q2 EBIT

Weak April as expected, sales update roughly in line Leverage could be >30%, means USD 100m risk to EBIT Keep BUY, based on gradual H2 and 2021 improvement

André Thormann ...
  • Olof Cederholm

Talking Points - Autoliv (Buy): Good vehicle mix could soften the Q2 hit

Small estimate changes after call with the company Re-start ongoing, China good, more uncertainty in US/EU

Anders Idborg ...
  • Karl Bokvist
  • Olof Cederholm

Powerpoint Sector Report - The Capital Goods Data Miner - June 2020

While China is approaching normality, Europe and North America will be grim in Q2, and the severity of the demand drop is less important than what companies can do to safeguard cash flow and the balance sheet. We advise sticking with companies with low funding risk and end-markets which are not permanently damaged. We continue to see relative attraction in mining equipment. Our key long ideas are: Sandvik, Volvo, Metso, Electrolux. We are cautious on: Cargotec, Konecranes, Wärtsilä.

Lukas Daul ...
  • Olof Cederholm
  • Victor Forssell

Talking Points - Autoliv (Buy): Operating leverage worse than expected in Q2

Q2 EBIT cut by ~USD 100m, still expect Q2 improvement Reiterate BUY with SEK 700 target price

Anders Idborg ...
  • Olof Cederholm

Autoliv - Operating leverage worse than expected in Q2

Warns for >30% operating leverage in Q2’20 Q2 EBIT cut by ~USD 100m, still expect Q2 improvement Reiterate BUY with SEK 700 target price

Anders Idborg ...
  • Olof Cederholm

Autoliv - Provides update that implies risk to Q2 EBIT

Weak April as expected, sales update roughly in line Leverage could be >30%, means USD 100m risk to EBIT Keep BUY, based on gradual H2 and 2021 improvement

André Thormann ...
  • Olof Cederholm

Talking Points - Autoliv (Buy): Good vehicle mix could soften the Q2 hit

Small estimate changes after call with the company Re-start ongoing, China good, more uncertainty in US/EU

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