Autoliv (Buy, TP: SEK870.00) - Harder, better, faster, stronger
The automotive industry seems to be recovering at an exceptional rate. We now expect flat organic sales for Autoliv in Q3e (consensus -6%, Q2 -48%) and are 26% above adj. EBIT consensus. We have raised our 2020e adj. EBIT by 10% (and 2021–2022e by 2–3%, leaving us 13% above consensus) following positive industry commentary, improved LVP forecasts from IHS, and due to FX. We reiterate our BUY and have raised our target price to SEK870 (710).
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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