• TickerVNE SDB
  • ISINSE0011115963
  • ExchangeNasdaq Nordic Stockholm
  • SectorAutomobiles & Parts
  • CountryUnited States

Analysts

Anders Idborg ...
  • Karl Bokvist
  • Olof Cederholm

Powerpoint Sector Report - The Capital Goods Data Miner – November 2019

Q3 reports held up better than expected and the sector rallied 15% over the results season. At the same time, demand indicators continue to be mostly negative and point to further pressure on estimates for 2020 (particularly if currency support would wane). We favour names with company-specific drivers and valuation support, and continue to be cautious on unusually expensive low-beta names. Our key long ideas are: Alfa Laval, Electrolux, Metso, Nokian Tyres We are cautious on: Assa Abloy, Autoliv, Kone, Nibe

Aksel Øverland Engebakken ...
  • André Thormann
  • Haakon Amundsen
  • Karl Fredrik Schjøtt-Pedersen
  • Martin Melbye
  • Olof Cederholm

Talking Points - Zalaris (Buy): Driving out of the tunnel, and yes, there’s light

SCA (Buy) Post-results: Revealing the hidden (forest) value Contract renewals should aid revenue momentum Up to BUY (Hold), TP up to NOK 28 (26)

Anders Idborg ...
  • Olof Cederholm

Veoneer - Sale of Brake JV strengthens balance sheet

Veoneer to divest Brake JV share, cash inflow USD 200m Increasing cash buffer lowers risk Reiterate BUY, increase TP to USD 23 (22)

Anders Idborg ...
  • Bengt Jonassen
  • Daniel Thorsson
  • Erik Moberg
  • Fredrik Ivarsson
  • Haakon Amundsen
  • Jan Erik Gjerland
  • Mads Thinggaard
  • Magnus Andersson
  • Martin Melbye
  • Morten Raunholt Eismark
  • Olof Cederholm
  • Oskar Vikström
  • Peter Kurt Nielsen
  • Petter Nystrøm
  • Simon Granath
  • Stefan Knutsson
  • Tobias Kaj

Talking Points - Ringkjøbing Landbobank (Sell): Downgrading after strong run

ABB Ltd (Hold) Post-results comment: Less drama soothes, but no game changer New NII initiatives eaten by lower IP income ahead We downgrade to SELL (Hold); TP down to DKK 445 (455)

Anders Idborg ...
  • Olof Cederholm

Veoneer - Focus on costs pays off

Solid Q3, good cash flow Slight delays to order awards Keep BUY, growth to pick up in 2020

Anders Idborg ...
  • Karl Bokvist
  • Olof Cederholm

Powerpoint Sector Report - The Capital Goods Data Miner – November 2019

Q3 reports held up better than expected and the sector rallied 15% over the results season. At the same time, demand indicators continue to be mostly negative and point to further pressure on estimates for 2020 (particularly if currency support would wane). We favour names with company-specific drivers and valuation support, and continue to be cautious on unusually expensive low-beta names. Our key long ideas are: Alfa Laval, Electrolux, Metso, Nokian Tyres We are cautious on: Assa Abloy, Autoliv, Kone, Nibe

Aksel Øverland Engebakken ...
  • André Thormann
  • Haakon Amundsen
  • Karl Fredrik Schjøtt-Pedersen
  • Martin Melbye
  • Olof Cederholm

Talking Points - Zalaris (Buy): Driving out of the tunnel, and yes, there’s light

SCA (Buy) Post-results: Revealing the hidden (forest) value Contract renewals should aid revenue momentum Up to BUY (Hold), TP up to NOK 28 (26)

Anders Idborg ...
  • Olof Cederholm

Veoneer - Sale of Brake JV strengthens balance sheet

Veoneer to divest Brake JV share, cash inflow USD 200m Increasing cash buffer lowers risk Reiterate BUY, increase TP to USD 23 (22)

Anders Idborg ...
  • Bengt Jonassen
  • Daniel Thorsson
  • Erik Moberg
  • Fredrik Ivarsson
  • Haakon Amundsen
  • Jan Erik Gjerland
  • Mads Thinggaard
  • Magnus Andersson
  • Martin Melbye
  • Morten Raunholt Eismark
  • Olof Cederholm
  • Oskar Vikström
  • Peter Kurt Nielsen
  • Petter Nystrøm
  • Simon Granath
  • Stefan Knutsson
  • Tobias Kaj

Talking Points - Ringkjøbing Landbobank (Sell): Downgrading after strong run

ABB Ltd (Hold) Post-results comment: Less drama soothes, but no game changer New NII initiatives eaten by lower IP income ahead We downgrade to SELL (Hold); TP down to DKK 445 (455)

Anders Idborg ...
  • Olof Cederholm

Veoneer - Focus on costs pays off

Solid Q3, good cash flow Slight delays to order awards Keep BUY, growth to pick up in 2020

Expert Corporate Governance Service (ECGS)

Veoneer - AGM 08 May 2019

Veoneer is a company headquartered in Stockholm, Sweden, and incorporated in the State of Delaware, USA. It was spun-off from Autoliv Inc in June 2018. In general, Veoneer is in compliance with the regulations of Delaware relating to the organization and procedures of the Annual General Meeting. Under ITEM 2, shareholders are called to an advisory vote on the executive compensation. ECGS strongly regrets that 25% of the long-term incentive does not depend on any performance conditions and the policy specifically allows accelerated vesting of long-term incentives in the event of a change in co...

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