Autoliv (Buy, TP: SEK1290.00) - The place where no one is looking
The share price is down c30% since May on the weak Q2, cut 2024 guidance and negative auto sector sentiment. While we are 5% below consensus on Q3e adj. EBIT and expect Autoliv to end up in the lower end of its 2024 EBIT margin guidance of 9.5–10%, we continue to like the name. We see EBIT growing c40% until 2026e (c7% above consensus), with the valuation near trough levels and capacity for further share buybacks. We reiterate our BUY, but have reduced our target price to SEK1,290 (1,320).
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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