Autoliv (Buy, TP: SEK885.00) - De-risked and set for recovery
We reiterate our BUY and see the case as mostly de-risked for 2022e, as Autoliv recently reiterated its 2022 guidance and made encouraging comments on the progress of pricing discussions with OEMs. With auto production set to improve in H2e after a long period of disruption due to the pandemic and supply issues, we see Autoliv doubling its EBIT by 2024e. We have cut our target price to SEK885 (920) on 5–7% lower adj. EBIT for 2023–2024e.
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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