Autoliv (Buy, TP: SEK1360.00) - Higher margin and share buybacks
Although the share price is up >10% since the Q3 report and we are 4% below consensus on Q4e adj. EBIT, we continue to like the stock. We see EBIT growing by c35% until 2026e (in line with consensus), with the valuation c20% below the historical average and capacity for further share buybacks. We expect Autoliv’s 2025 guidance to include c2% organic growth and an adj. EBIT margin of 10–11%. We reiterate our BUY, and have raised our target price to SEK1,360 (1,270).
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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