Veoneer (Hold, TP: SEK270.00) - Magna bid attractive enough
Following Magna’s offer, corresponding to a USD3.8bn equity value for Veoneer, we have downgraded to HOLD (BUY) with a SEK270 (300) target price to reflect that we believe the deal terms are attractive enough and see a high likelihood of transaction approval. We also see logic for the approach, although we are at an early inflection point of the L2+ ADAS mass rollout phase, where we believe Veoneer is in a sweet spot for 20%+ medium-term organic growth.
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.