Autoliv (Buy, TP: SEK710.00) - Strapped in for H2e recovery
With global LVP set to recover gradually from the Q2 low and Autoliv’s outperformance versus LVP set to reaccelerate in H2, we see good recovery potential. Although management indicated its medium-term targets may be delayed slightly, we see very attractive risk/reward in Autoliv, which is trading at a 2022e EV/EBIT of 6.5x (31% discount to NTM average since the Veoneer spin-off). We reiterate our BUY and have lifted our target price to SEK710 (690).
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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