Autoliv Posts Mixed 3Q Results and Reduces 2018 Guidance; Our $80 FVE Is Unchanged
Narrow-moat-rated Autoliv, a leading supplier of safety components as well as advanced driver-assist systems to the global automotive industry, reported third-quarter EPS of $1.35, missing consensus EPS of $1.62 by a whopping $0.27 and coming in $0.12 lower than last year's EPS of $1.47. The underperformance was due to lower-than-expected Europe volume, especially in seat belts. The 3-star-rated shares of Autoliv currently trade at just a 2% premium to our $80 fair value estimate, reasonably val...
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