Autoliv (Hold, TP: SEK670.00) - Buckle up – foggy road ahead
Despite slight organic growth in Q2, EBIT declined 20% YOY. In light vehicle demand, the company still sees no light at the end of the tunnel and has introduced additional cost-savings measures. If 2019e proves to be the trough in demand, valuation would look appealing. However, uncertainty remains high and we want to see light vehicle demand and EBIT margins stabilising before we turn more positive. We reiterate our HOLD and SEK670 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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.