Veoneer (Hold, TP: SEK320.00) - Qualcomm has Arrived
On 5 August, Qualcomm made an all-cash offer to acquire Veoneer at USD37/share. Although we believed Qualcomm would have made a move earlier if it was interested in Veoneer, it seems the most logical suitor to compete with Magna’s previous bid of USD31.25/share to secure access to Arriver. We see it as unlikely at this point that Magna or other suitors would present competing bids, but do not rule out a transaction where Qualcomm acquires the Arriver programme and a separate entity acquires the non-Arriver businesses. We have raised our target price to SEK320 (270) to reflect Qualcomm’s offer price and reiterate our HOLD.
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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