Autoliv (Buy, TP: SEK690.00) - Guidance implies Q2e downside
We expect Q2 adj. EBIT of USD-214m compared to consensus of USD-141m, which we believe fails to reflect the company’s warning that operational leverage could be higher than its ‘standard’ c30% (we assume c35% for Q2). Having fine-tuned our estimates, we reiterate our BUY and SEK690 target price as we believe Autoliv’s very solid order book will support continued market outperformance, margin improvement, and cash flow for several years.
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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