Autoliv: Airbags, Buybacks, And A Reasonable Multiple

Autoliv is rated 'buy' due to resilient margins, disciplined capital allocation, and an undemanding 12x P/E multiple despite industry headwinds. ALV's competitive moat is supported by high market share, pricing power, and expanding safety content per vehicle, enabling growth above global light vehicle production. Efficiency initiatives have driven near-record operating margins and improved ROCE, positioning ALV as a quality business in a cyclical sector.