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Autoliv Inc ALV

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Morningstar’s Analysis

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Autoliv Third-Quarter Results Show Solid Rebound Outperforming Market

Richard Hilgert Senior Equity Analyst

Analyst Note

| Richard Hilgert |

Narrow-moat Autoliv, supplier of air bags, seat belts, and steering wheels to the global auto industry, reported earnings per share before special items (EPS) of $1.48, $0.32 better than the CapIQ sell-side consensus EPS estimate of $1.16 and $0.18 ahead of the $1.30 EPS reported last year. Revenue was slightly better than the year-ago period, up 0.5% to $2.04 billion. Excluding slightly positive currency effect, organic revenue was up 0.4%, outperforming a 4.9% decline in global light vehicle production by 5.3 percentage points with all major regions contributing to the outperformance. Owing to management’s improved outlook for the full year as well as the time value of money since our last update, we expect to raise our fair value estimate by $5 to $85. Autoliv shares trade at a 1% premium to our expected fair value.

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Company Profile

Business Description

Autoliv is the global leader in passive safety components and systems for the auto industry. Products include seat belts, frontal air bags, side-impact air bags, air bag inflators, and steering wheels. The Renault-Nissan-Mitsubishi alliance is the company's largest customer at 16% of 2019 revenue, with Volkswagen and Honda accounting for 10% each. At 36% of 2019 revenue, the Americas was Autoliv's geographic region, followed by Europe at 31%. China and Japan each accounted for 11% of 2019 revenue.

Klarabergsviadukten 70, P.O. Box 70381, Section B7
Stockholm, SE-107 24
T +46 858720600
Sector Consumer Cyclical
Industry Auto Parts
Most Recent Earnings Sep 30, 2020
Fiscal Year End Dec 31, 2020
Stock Type Cyclical
Employees 65,300