Autoliv (Buy, TP: SEK995.00) - Guidance signals strength
We view Autoliv’s maintained 2021 guidance of c20% organic growth and c10% adj. EBIT margin as a sign of strength given lower LVP assumptions for 2021, higher raw-material costs, and continued supply chain issues. We have raised our 2021e adj. EBIT by 4% and 2022–2023e by c1–2%, and see room for further positive revisions. We have raised our target price to SEK995 (940) and reiterate our BUY.
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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