Autoliv (Buy, TP: SEK1300.00) - Simply the best
After the Q4 results, Autoliv remains a sector top pick, with 2024e adj. EBIT growing >30% YOY, while the valuation remains supportive at a c10x P/E. We also expect the company to further accelerate share buybacks, where it has cSEK1bn (c12% of market cap) left of the current mandate that runs through end-2024. We have made minor estimate changes and trimmed our target price to SEK1,300 (1,320), and 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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