Two is worth more than one
By splitting up Autoliv into two interesting companies, we see further upside potential in the shares and have raised our target price to SEK1,270 (1,040); we keep our BUY recommendation. Passive Safety should offer near-term earnings growth, high and stable profitability, solid cash flow generation, and a unique market position. Long term, Electronics should offer strong growth, and would be one of the few listed companies that is clearly leveraged to autonomous driving.
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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