Autoliv (Hold, TP: SEK760.00) - Market share gains a cushion
We keep our HOLD recommendation and SEK760 target price following the Q4 2018 report, despite having lowered our 2019e and 2020e EPS by 7% and 7%, respectively. With a tough H1 2019e in sight, we believe Autoliv will struggle to perform in the near term. However, unless automotive demand falls much further, we believe profitability and earnings should improve from late 2019e fuelled by market share gains and more stable production.
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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