Autoliv (Buy, TP: SEK1170.00) - Growth and raw-material headwind
Autoliv’s 2022 guidance of 20% organic sales growth implies a remarkable 11%-point outperformance versus global light vehicle production, while the 9.5% adj. EBIT margin target seems impressive in light of the guided 300bp raw-material headwind YOY (2021 margin was 8.3%). We expect adj. EBIT to more than double by 2024. We reiterate our BUY and have raised our target price to SEK1,170.
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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