Autoliv: fair value oförändrat på 780 kronor trots Covid-19

AKTIE: Fortsatt fokus på säkerhet kompenserar delvis minskad bilförsäljning, men Covid-19 kan göra att efterfrågan inte återhämtar sig förrän under 2022. Som marknadsledare klarar Autoliv att hantera prispress, vilket talar för stigande vinster långsiktigt (19 maj 2020).

Morningstar Equity Analysts 2020-05-19 | 16:48
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Business Strategy and Outlook  |  19 May 2020

Autoliv is the global market leader and is well positioned for growth in vehicular passive safety content. An ability to innovate and then commercialize technology has helped support profitability and returns. Rising New Car Assessment Program, or NCAP, safety standards will require auto manufacturers to use active safety features to even be considered for a five-star crash-test rating. Autoliv's passive safety products interact with active safety systems in occupant collision protection. As consumers in emerging markets become wealthier, demand for safety content should increase. In addition, as roads become crowded and traffic fatalities increase, developing countries may require similar vehicle safety legislation to that required in Europe and the U.S.

Autoliv has demonstrated technological leadership. The company and its predecessors introduced two-point seat belts, the retractable seat belt, seat belt pretensioners, side-impact air bags, and various pedestrian collision safety technologies. It annually spends about 5% of sales on research and development and holds 6,000 patents, mainly in airbags and seatbelts. Additionally, Autoliv has produced an average of 4 percentage points of returns in excess of its cost of capital since 2002.

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