Autoliv (Buy, TP: SEK1310.00) - Buying back shares
We are roughly in line with consensus for Q3e, but see double-digit potential upside to 2024e adj. EBIT should Autoliv hit its margin target (which looks increasingly likely to us). We also see support for the stock from the USD1.5bn buyback programme. We reiterate our BUY and have raised our target price to SEK1,310 (1,235).
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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