Autoliv, Inc. (NYSE:ALV)
The Company is a supplier of automotive safety systems with a range of product offerings, including modules and components for passenger and driver-side airbags, side-impact airbag protection systems, seatbelts, steering wheels, safety electronics etc.
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Recs
dawg99pound
(< 20)
Submitted: 11/26/2006 1:25:52 AM :
Start Price:
$51.55
ALV Score:
+10.87
New method
Recs
bluestar42
(74.44)
Submitted: 9/5/2006 6:42:26 PM :
Start Price:
$50.32
ALV Score:
+6.60
This is the dominant producer of seat belts and airbags. Its a Swedish company so the exchange rate provides a hedge against U.S. weakness (when the dollar is weak ALV wins). The company is well diversified, they do business around the world. They are executing a long term plan to continually improve margins by cutting cost in the production process.
Recs
TheOpportunivore
(< 20)
Submitted: 9/1/2006 10:35:50 PM :
Start Price:
$49.80
ALV Score:
+7.69
rock solid.
Recs
TMFGebinr
(90.96)
Submitted: 8/31/2006 7:13:05 PM :
Start Price:
$49.45
ALV Score:
+7.92
While I'm not the expert Mr. Gillies is on this company, often buying the provider of parts to those who make the things people want (in this case, safety-related systems to auto manufacturers) gives superior results. That's because this kind of company is not tied to the fickle whims of people buying or not. There are many different car manufacturers around the world and Autoliv sells to many of them. Thus, if one or two do poorly for a while (such as GM or F in the States), they can often make up the slack elsewhere, by selling more to others not so badly off.
Cars will be sold all over. Autoliv will be there to sell needed safety systems for them. Growing dividend and share buybacks are icing on the cake.
Recs
TMFCanuck
(97.28)
Submitted: 8/17/2006 4:34:51 PM :
Start Price:
$49.92
ALV Score:
+6.07
Owns the market for 'Automotive Safety Systems' (that's seat belts and airbags to you and me). Responsible for pretty much every automotive safety innovation of the past quarter-century. (Hey - remember when cars didn't have seat belts in the back seat in the 1970s? - You're going to be saying the same thing about 'Curtain Airbags' in the next quarter century.
Margins improving. Throwing of scads of cash which they are plowing back to their shareholders through share repurchases (about 20% of share count taken out in the past three years), and steadily increasing dividends (have been good for two dividend raises per year). And those share repurchases are off-set by minimal option use - if all options outstanding were exercised today, the sharecount would rise by <1% (and that's AFTER they've bought back that 20% of sharecount).
Three-pronged growth strategy:
1) Overall market expansion - light vehicle production will increase 3-5% annually over the long-term
2) ALV gaining share - I estimate they'll continue taking ~ 3% annually (lower than last half-decade). More importantly, they've really focused on the Toyota's and Honda's, and less so on the 'Big 3' - and guess who people are buying more cars from?
3) Increasing Safety Content per Vehicle - both in North America - Canada just made Side Curtain Airbags mandatory by 2009 and the US will undoubtedly follow suit (they've already put draft regulations in place), and in the developing world (where basic airbags a
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