Autoliv (Buy, TP: SEK1000.00) - Highway to the danger zone
The reinstated 2020 guidance implies double-digit outperformance versus LVP and >11% adj. EBIT margin in Q4e and indicates that the strong order book is materialising at an accelerating pace, which should drive continued outperformance and margin expansion. We reiterate our BUY and have lifted our target price to SEK1,000 (895) on 5–9% higher 2021–2022e adj. EBIT estimates (now 11–17% above consensus). At a 2022e EV/EBIT of 6.8x (31% discount to the NTM average since the Veoneer spin-off), we view the valuation as attractive.
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.