Autoliv (Buy, TP: SEK970.00) - Autoliv-ing on the edge in Q4
We expect continued challenges in Q4 due to Covid-related disruptions in China and still-volatile OEM production globally, with our Q4e adj. EBIT 16% below consensus. However, we remain optimistic on Autoliv’s prospects and expect 2023 adj. EBIT to rise >50% YOY, which we believe makes the stock attractive from a risk/reward perspective given the sell-off in recent weeks. We reiterate our BUY but have cut our target price to SEK970 (1,010), having lowered 2022e adj. EBIT by 6%, while 2023–2024e is broadly unchanged.
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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