Veoneer (Buy, TP: SEK235.00) - Light at the end of the tunnel
The Q3 report showcased further operational improvements despite industry headwinds. We continue to like the company’s solid cost optimisation, product portfolio efficiencies, disposal of non-core business, and recent validation of its ADAS offering, and consider this a particularly attractive entry point ahead of what we expect to be a 20%+ medium-term growth phase. We believe this should mark a change in sentiment in the equity story. We reiterate our BUY and have raised our target price to SEK235 (160).
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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