reports
- Alexander Aukner
- Antti Kansanen
- Christer Magnergård
- Håkon Astrup
- Helge André Martinsen
- Jon Masdal
- Karl-Johan Bonnevier
- Marius Knudssøn
- Martin Arnell
- Martin Huseby Karlsen
- Mattias Holmberg
- Mattias Montgomery
- Ole-Andreas Krohn
- Olof Larshammar
- Patrik Ling
- Rune Majlund Dahl
COOR COOR SERVICE MANAGEMENT HOLDING AB
GN GN STORE NORD A/S
ORI SDB ORIFLAME HOLDING AG
NOBI NOBIA AB
SOC SUBSEA 7 S.A.
LUNE LUNDIN ENERGY AB
SALM SALMAR ASA
OCY OCEAN YIELD ASA
KCR KONECRANES OYJ
JM JM AB
E65F VALARIS PLC CLASS A
VALMT VALMET CORP
ALIV AUTOLIV
NETb NETENT
PARB PARETO BANK
ESSITYB ESSITY
ELUX ELECTROLUX
HPOLB HEXPOL
RECIB RECIPHARM
ATORX ALLIGATOR BIOSCIENCE AB
SKFB SKF
HANDI HANDICARE GROUP AB
NODL NORTHERN DRILLING
- Christer Magnergård
Autoliv (Buy, TP: SEK1380.00) - Starting the next chapter
Veoneer is scheduled to be spun off in about three months, creating two companies with completely different characteristics. Using the new historical financial data for Veoneer, our Autoliv SOTP is now SEK1,530/share. However, awaiting restated financial data for remain-co (Autoliv), we apply a 10% discount to our SOTP-based fair value and therefore keep our BUY and SEK1,380 target price. We believe the next share price catalyst is the 31 May CMD in Stockholm.
- Christer Magnergård
- Christoffer Wang Bjørnsen
- Karl-Johan Bonnevier
- Mattias Holmberg
- Nicolas McBeath
- Nicolay Dyvik
- Ole Martin Westgaard
- Ole-Andreas Krohn
- Olof Larshammar
- Rune Majlund Dahl
- Simen Mortensen
- Stefan Gauffin
EPR EUROPRIS ASA
HEMF HEMFOSA FASTIGHETER AB
AZA AVANZA BANK HOLDING AB
MEDIO MEDISTIM ASA
CAST CASTELLUM AB
CHR CHR. HANSEN HOLDING A/S
SHOT SCANDIC HOTELS GROUP
NOD NORDIC SEMICONDUCTOR ASA
NIBEB NIBE INDUSTRIER
ALIV AUTOLIV
ALFA ALFA LAVAL AB
FLNG FLEX LNG LTD.
TIGO MILLICOM INTERNATIONAL CELLULAR S.A.
- Christer Magnergård
- Christer Magnergård
- Jesper Ingildsen
- Karl-Johan Bonnevier
- Ole-Andreas Krohn
- Rune Majlund Dahl
- Christer Magnergård
Autoliv (Buy, TP: SEK1330.00) - Delivered what we wanted to see
Ahead of the spin-off of the Electronics division (Veoneer), we wanted to see a 2018 outlook for Passive Safety pointing to strong organic growth and EBIT margins, as well as strong order intake for Electronics in 2017, which would support the growth case for the spin-off. And yes, Autoliv delivered. Based on what we view as our conservative SOTP valuation, we continue to derive a target price of SEK1,330 per share. The spin-off is planned for Q3 2018, and we see room for further re-rating ahead...
- Christer Magnergård
- Ole-Andreas Krohn
- Christer Magnergård
Two is worth more than one
By splitting up Autoliv into two interesting companies, we see further upside potential in the shares and have raised our target price to SEK1,270 (1,040); we keep our BUY recommendation. Passive Safety should offer near-term earnings growth, high and stable profitability, solid cash flow generation, and a unique market position. Long term, Electronics should offer strong growth, and would be one of the few listed companies that is clearly leveraged to autonomous driving.
- Christer Magnergård
What to expect from the CMD
On 14 September, Autoliv hosts its first CMD since 2015. We believe it could be a positive trigger for the shares as we should gain more visibility on how the sales target of USD>12bn by 2019 can be achieved. We also believe the company will spend time on the cost trend, which looks set to be more stable than in recent years, and its joint venture with Volvo Cars, Zenuity.
- Christer Magnergård
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