Autoliv (Buy, TP: SEK1050.00) - Solid Q1 despite tough landscape
We view the balance of 2025 as highly uncertain given tariffs and the demand outlook, but view Autoliv’s solid Q1 and reiterated 2025 guidance as signs of confidence from the company. We believe Autoliv will have to carry at least some of the tariff costs (management says all will be passed on), and thus remain below the 10–10.5% EBIT margin guidance (we estimate 9.9%). We reiterate our BUY, as we see almost 40% EPS growth in 2024–2026e. We have raised our 2025e adj. EBIT by 6%, but cut our target price to SEK1,050 (1,135) on valuation, now assuming a 2025e P/E of 9x.
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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