ABB (Buy, TP: SEK280.00) - Comfort zone
We reiterate our BUY and have raised our target price to SEK280 (275) following the robust Q4 results. We view the Q1 and 2021 guidance as a little too far into the ‘comfort zone’ for management – providing good headroom for a beat as 2021 progresses. We have lowered our 2021e operating EBITA by 5% and 2021e by 2%, but see upside potential to consensus in the margin trajectory over our forecast period.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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