ABB (Buy, TP: SEK256.00) - Don’t stop believin’
We still believe the likelihood of structural changes at ABB has increased. If or when they materialise, we believe they could create significant shareholder value not reflected in the current share price. We also believe that organic growth is key for share price increases and see solid fundamentals for strong growth, mainly in 2019–2020e. We do not deviate materially from consensus on Q3 numbers. BUY recommendation reiterated, target price adjusted to SEK256 (261).ABB specializes in power and automation technologies. Co. provides a broad range of products, systems, solutions and services that are designed to boost industrial productivity, increase power grid reliability, and enhance energy efficiency. Co.'s automation businesses serve a full range of industries with process optimization, control, measurement and protection applications. Co.'s power businesses focus on power transmission, distribution and power-plant automation, and support electric, gas and water utilities, as well as industrial and commercial customers.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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