Veoneer (Buy, TP: SEK270.00) - A step closer to 2020e turnaround
The Q2 results were broadly in line with consensus, which should mark the low watermark from an operational perspective. Veoneer is executing on cost initiatives, has a solid balance sheet and we believe that investors will begin to look for double-digit organic growth in 2020e, when sustained Active Safety order strength and a wider customer base should drive a re-rating, in our view. We reiterate our BUY and have raised our target price to SEK270 (260).
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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