Autoliv (Buy, TP: SEK960.00) - 2021e set to beat guidance
Autoliv’s raised target for outperforming the underlying market confirms our view that profitability and cash flow should continue to improve as the company’s strong order book materialises and more products reach a more mature stage. Although Q4 profitability was much stronger than we forecast, the 2021 guidance is as conservative as we had expected. We have left our 2021 estimates (where we are 11% above consensus on adj. EBIT) broadly unchanged. We reiterate our BUY and have cut our target price to SEK960 (1,000), with FX hurting the translation of the share price.
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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