Autoliv: Hög risk men växande efterfrågan

AKTIE: Tillväxten tar fart när efterfrågan ökar både på fordon generellt och på innovativa säkerhetslösningar. Känslighet för konjunkturen finns kvar men fair value har ändå i år klättrat till 770 kronor per aktie (17 maj 2021).

Morningstar Equity Analysts 2021-05-17 | 12:07
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Business Strategy and Outlook | May 17, 2021

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 more than 6,000 patents, mainly in airbags and seatbelts. Additionally, Autoliv has produced an average of 4.2 percentage points of returns in excess of its cost of capital since 2002.

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