Autoliv (Buy, TP: SEK1570.00) - 2024e on track
We are roughly in line with Q2 consensus, and expect a 250bp QOQ improvement in the adj. EBIT margin (reflecting guidance of a similar quarterly trend as in recent years) while we also expect a reiteration of 2024 guidance. We estimate 28% adj. EBIT growth for 2024 and the cUSD0.8bn of the buyback mandate that remains for this year to further support the stock. We reiterate our BUY and have made no significant changes to our estimates but have trimmed our target price to SEK1,570 (1,600) due to translation effects from the reporting currency to trading currency.
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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