Autoliv (Hold, TP: SEK940.00) - Limited excitement after Q2
We keep our HOLD recommendation but have lowered our target price to SEK940 (950) following the Q2 2018 report as we have lowered our 2019e EBIT adjusted estimates by c1%. We believe Autoliv’s solid order backlog should lead to high single-digit annual sales growth in the coming three years, while good cost control should enable an EBIT margin expansion. However, working against the company are external factors such as higher raw material prices and uncertain underlying automotive markets.
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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