Autoliv (Buy, TP: SEK1210.00) - Trumped by tariffs
Following the Q4 results and the US tariffs announced this weekend, we have cut our 2025–2026e adj. EBIT by 14–5%. Although visibility on the impact of the tariffs is still limited, we have factored in cUSD93m cost headwinds in 2025 (c90bp margin impact), assuming Autoliv gradually passes on the cost to OEMs during the year. We reiterate our BUY, but have lowered our target price to SEK1,210 (1,360).
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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