Autoliv (Hold, TP: SEK813.00) - Waiting for demand to pick up
The continued challenging light vehicle market led to another cut in Autoliv’s 2019 guidance, in line with our expectations. Going into 2020e, we see a promising outlook for improved profitability driven by cost savings, increased internal efficiency and fewer production disturbances. However, key to 2020e earnings is still underlying light vehicle production, where uncertainty remains very high. We thus reiterate our HOLD, but have raised our target price to SEK813 (778).
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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