Veoneer (Buy, TP: SEK550.00) - Overtaking cyclical concerns
We have upgraded Veoneer to BUY (HOLD) and raised our target price to SEK550 (420) following a change of analyst. We expect: 1) prolonged order momentum in active safety owing to Veoneer’s competitive sensor offering; 2) upside potential to its 2022 targets; 3) less scepticism about Zenuity’s autonomous software capabilities to be a swing factor for the valuation; and 4) bid speculation to intensify ahead of the end of main shareholders’ lock-up. Despite the near-term risk from LVP cuts, we find the shares attractively valued.
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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