Autoliv (Buy, TP: SEK1080.00) - Plenty of reasons to BUY
Along with the new USD1.5bn share-buyback programme (c17% of market cap), Autoliv’s CMD strengthened our view that, at least until 2024, it should: 1) continue to grow faster than its underlying market; 2) improve its EBIT margin; and 3) dramatically increase its cash flow. The newly introduced organic sales growth target of 4–6% beyond 2024 also addresses some of our long-term growth concerns. We reiterate our BUY and have lifted our target price to SEK1,080 (1,000) after raising our 2022–2023e adj. EBIT by 1–3%.
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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