Autoliv (Buy, TP: SEK1360.00) - Get in and buckle up
Autoliv’s Q3 results have reinforced our view of the stock as a sector top pick. Autoliv ranks highest on earnings growth (2024e adj. EBIT up 43% YOY) and share buybacks (USD1.2bn still to be executed before end-2024e), while also being among the most attractively valued in the sector (2024e P/E of 8.5x versus a 12.4x average since the Veoneer spin-off in 2018). We have increased our 2023–2025e adj. EBIT by 10% on average (mainly due to a structurally lower tax rate) and raised our target price to SEK1,360 (1,310). We 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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