Autoliv (Buy, TP: SEK1135.00) - Still favoured in the sector
We expect the 2025 adj. EBIT margin guidance of 10–10.5% announced pre-tariffs to be reduced (we forecast 9.6%). For Q1, we estimate organic sales up 1.7% YOY (consensus -2.1%) and are 2% below consensus on adj. EBIT (we forecast an adj. EBIT margin of 7.6% versus consensus of 8.0%). We expect EBIT to grow by c40% until 2027e, and the valuation is c20% below the historical average on NTM P/E, with capacity for further share buybacks. We reiterate our BUY, but have lowered our target price to SEK1,135 (1,210).
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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