Autoliv (Buy, TP: SEK690.00) - Q2e lower, but 2021–2022e intact
We consider the key short-term implication from Autoliv’s business update to be downside risk to Q2 (we forecast EBIT of USD-237m versus consensus of USD-59m). However, our estimates beyond 2020 are broadly unchanged, and with USD6bn in further credit facilities secured, we reiterate our BUY as we believe Autoliv will continue to outperform the market and see an attractive valuation at a 2021e EV/EBIT of 8.0x (14% discount to NTM average since Veoneer spin-off). Our lowered SEK690 (765) target price mainly reflects a stronger SEK.
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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