Autoliv (Buy, TP: SEK1040.00) - Potential for another ‘lost year’
With the war affecting the automotive industry’s supply chain and driving further inflation in raw-material costs, we have cut our adj. EBIT by 24% for 2022e and 11% for 2023e. While we are concerned that 2022 could be another ‘lost year’, we still like the long-term story. Our scenario analysis suggests that the market is pricing in a mild recession, with the shares trading at a 2023e EV/EBIT of 7x. We have cut our target price to SEK1,040 (1,170), but reiterate our BUY.
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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