Autoliv (Buy, TP: SEK1210.00) - Further market weakness
Following several profit warnings in the industry, we have lowered our adj. EBIT by 7% on average for 2024–2026e. We are 17% below consensus on Q3e adj. EBIT and expect the company to cut its 2024 guidance. With a 2025e P/E of 9.2x, we still find the shares attractively valued versus the historical average of c12x. We see EBIT growing c60% until 2026e, with capacity for further share buybacks. We reiterate our BUY, but have reduced our target price to SEK1,210 (1,290).
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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