Veoneer (Buy, TP: SEK260.00) - Q2 set to be the low watermark
With an USD627m capital raise plus USD20m debt repayment from Nissin Kogyo, the investment case has de-risked financially. From an operational perspective, Q2 2019 should mark the low watermark for Veoneer. For investors willing to look into 2020e, we remain confident in the Active Safety case that should, in time, challenge the negative perception, thus we reiterate our BUY recommendation but cut our target price to SEK260 (320) to reflect the new share count.
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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