ABB (Hold, TP: SEK310.00) - Ahead of schedule on margin target
We see positive signalling in ABB’s strong op. EBITA margin in Q3 and an advanced target (it now expects to reach >15% in 2022 instead of 2023). We have raised our underlying margin assumptions and adjusted estimates for the Accelleron spin-off. We reiterate our HOLD and SEK310 target price as we believe the positive changes in ABB are well understood by investors, and view the risk/reward as neutral.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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