Veoneer (Hold, TP: SEK422.16) - Dedicated to secular growth
With Veoneer’s exposure to the automotive industry’s key growth themes, we see an interesting investment story for the stock. Ongoing strong momentum in order wins makes us more confident in its aggressive growth targets, while we are less concerned about its profitability trajectory. Yet, as the shares are trading in line with our fair value forecast, we initiate coverage with a HOLD and SEK420 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.
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