Veoneer (Buy, TP: SEK245.00) - Still flying under the radar
Veoneer is set to report its first quarterly results with organic sales growth (we forecast 4% YOY in Q4). We see a particularly attractive entry point ahead of what we expect to be a 20%+ medium-term growth phase, as we are in the early stages of the L2+ ADAS industry mass rollout, which we believe could spark a shift in perception and potentially multiples expansion for Veoneer. We have raised our target price to SEK245 (235) and reiterate our BUY.
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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