Veoneer (Buy, TP: SEK300.00) - Back-end-loaded 2021e
A gross incremental margin of 5% and a back-end-loaded 2021 growth outlook for orders and sales were the key concerns in Veoneer’s Q1 results. Nevertheless, we reiterate our BUY and SEK300 target price, as our 2021–2023 sales estimates are broadly unchanged. We expect a 20%+ medium-term organic growth phase, as we are in the early stages of the L2+ ADAS industry mass rollout, which could spark a shift in perception and, potentially, multiples expansion.
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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