Autoliv Minor model adjustments
We have updated our estimates ahead of the Q3 results (due on 22 October) to reflect recent market trends. We do not consider these changes to be material, and we have not changed our BUY recommendation or SEK910 target price. We are 16% and 52% below consensus on Q3e sales and adj. EBIT, respectively, and expect the company to cut its 2021 guidance for organic sales growth from c16–18% to c8%, and for the adj. EBIT margin from c9–9.5% to c8.3%. As discussed in our update published on 20 September, we believe the deviation in our estimates versus consensus reflects IHS’s mid-September forecast cut for 2021 global light vehicle production (LVP) (it now expects production to grow only 1.6% YOY, compared to the 9–11% used as the underlying assumption in Autoliv’s organic growth guidance of 16–18%).
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.