Morningstar

Morningstar, Inc.

Equity Bottom-Up

We expect the adoption of advanced driver assist systems, or ADAS, highly automated driving, or HAD, and automated driving, or AD, technologies by global automobile makers to support estimated average annual revenue growth for Veoneer of roughly 12% for the next 10 years. We think that Veoneer has positioned itself as an integrator of technologies that are required as standard equipment by respective governments' New Car Assessment Programs, or NCAP. ADAS technologies enable automakers' vehicles…

Narrow-moat rated Veoneer, supplier to the global automotive industry of autonomous driving technologies, reported first quarter 2019 earnings per share before special items (EPS) of -$1.57, $0.37 worse than the consensus EPS of -$1.20. We think that the underperformance was attributable to much worse-than-market-expected unfavorable operating leverage from the combination of lower global light vehicle production volume while ramping-up spending on the development of new business that has yet to…

Sweden

Veoneer, Inc. manufactures automotive safety products. The Company offers radar systems, brakes, driver monitoring equipment, restraint controls, and driver assist software. Veoneer markets its products worldwide.

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