Autoliv (Buy, TP: SEK995.00) - Looking beyond a challenging Q2
Lower than expected LVP volumes in Q2e are troubling for Autoliv; we are now 6% below consensus on sales and 15% below on adj. EBIT. However, we believe the long-term story is intact, expecting profitability and cash flow to improve significantly as the strong order book materialises and more products reach a more mature stage. We reiterate our BUY and SEK995 target 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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