Autoliv (Hold, TP: SEK820.00) - Market weakness in Q3
We keep our HOLD recommendation but have lowered our target price to SEK820 (940) to reflect increased uncertainty in the light vehicle market and lower earnings estimates. With consensus more or less reflecting financial targets for 2020e (sales of USD>10bn and an EBIT margin of c13%) and with low likelihood of share buybacks in the near term, we have hard time advocating for a multiples re-rating isolated from the rest of the peer group.
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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