Autoliv (Buy, TP: SEK765.00) - Strong left, right and centre
Autoliv’s Q1 beat expectations in almost all aspects –indicating that the company has so far managed this downturn well and appears well-prepared. We reiterate our BUY but have raised our target price to SEK765 (650) on our 5–10% higher 2020–2021e adj. EBIT. With support from a very solid order book, we expect continued market outperformance, making the shares attractively valued in our view at 7.3x 2021e EV/EBIT (19% discount to NTM average since Veoneer spin-off).
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.