Autoliv (Buy, TP: SEK1320.00) - At the mercy of others
Autoliv’s Q2 report disappointed, with a material earnings miss and cut to 2024e guidance that implies c10% downside to consensus adj. EBIT at the mid-point, as external factors (mainly lower light vehicle production) have moved against the company, with few possibilities for it to offset them. We reiterate our BUY but have lowered our target price to SEK1,320 (1,570) following our 15–7% cut in adj. EBIT 2024–2026e on lower organic growth and lower margins, now assuming it will not reach its 12% EBIT margin target until 2026e.
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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