Autoliv (Buy, TP: SEK920.00) - Weak Q1 and guidance
We had been concerned that 2022 would be a lost year for Autoliv but were still surprised by the exceptionally weak Q1 report and 2022 guidance update. We have cut our adj. EBIT by 25% for 2022e and 8% for 2023e, and have lowered our target price to SEK920 (1040); however, we reiterate our BUY as we still see a solid investment case with a uniquely interesting entry point for the long-term investor.
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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