Veoneer (Hold, TP: SEK320.00) - Trading 7% below Qualcomm’s bid
Ahead of Veoneer’s Q3 results, we have cut our 2021e sales and EBIT by 9% and 17%, respectively, to reflect recent IHS estimate reductions owing to OEM production cuts due to supply-chain issues, while our 2022–2023e sales are broadly unchanged. Thus, we are 9% below Infront consensus on 2021e sales, and expect Veoneer to lower its 2021 guidance with its Q3 report. That said, we still believe Qualcomm’s non-binding cash offer to acquire Veoneer at USD37/share will become a formal bid before Veoneer’s shareholders vote for the Magna bid on 19 October and thus reiterate our HOLD and SEK320 target price.
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.