Autoliv Inc. Model Update Post Q2‘26

研报英文原文证据摘录

Autoliv Inc. Model Update Post Q2‘26

Jose M Asumendi AC Europe Equity Research

(44-20) 7742-5315 17 July 2026 C A Z E N O V E

jose.m.asumendi@jpmorgan.com

Price Performance Summary Investment Thesis and Valuation

Investment Thesis

As one of the largest suppliers of safety products for the light

vehicle industry, ALV is leveraged to the growth in safety

content per vehicle in developed and, especially, developing

markets. Autoliv is strategically positioned to benefit from the

rapid transformation of the Chinese automotive market,

leveraging deep relationships with local OEMs and a strong

product launch pipeline. Its leadership in automotive safety,

combined with operational agility and innovation, provides a

sustainable competitive edge as global safety standards evolve.

YTD 1m 3m 12m The company’s disciplined capital management and

Abs 5.3% 2.5% 12.3% 7.0% commitment to shareholder returns further reinforce its

Rel -14.6% 1.3% 2.9% -26.6%

investment appeal. With a balanced geographic footprint and a

Company Data proven ability to capture growth in high-potential regions,

Shares O/S (mn) 77 Autoliv stands out as a compelling long-term investment in the

52-week range ($) 132.17-99.16 sector.

Market cap ($ mn) 9,611.73

Exchange rate 1.00 Valuation

Free float (%) 91.2%

3M ADV (mn) 0.78 We value Autoliv in line with our supplier valuation correlating

3M ADV ($ mn) 94.6 the 10% margin to x1 EV/sales.

Volatility (90 Day) 34

Index RUSSELL 2000

BBG ANR (Buy | Hold | Sell) 13|8|0 Performance Drivers

Key Metrics (FYE Dec)

$ in millions FY25A FY26E FY27E FY28E

Financial Estimates

Revenue 10,815 11,258 11,483 11,713

Adj. EBITDA 1,495 1,577 1,685 1,785

Adj. EBIT 1,088 1,183 1,283 1,375

Adj. net income 735 806 891 944

Net margin 6.8% 7.2% 7.8% 8.1%

Adj. EPS 9.56 10.48 11.59 12.28