Autoliv (Buy, TP: SEK1330.00) - Delivered what we wanted to see
Ahead of the spin-off of the Electronics division (Veoneer), we wanted to see a 2018 outlook for Passive Safety pointing to strong organic growth and EBIT margins, as well as strong order intake for Electronics in 2017, which would support the growth case for the spin-off. And yes, Autoliv delivered. Based on what we view as our conservative SOTP valuation, we continue to derive a target price of SEK1,330 per share. The spin-off is planned for Q3 2018, and we see room for further re-rating ahead of that. We reiterate our BUY recommendation.
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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