ABB (Hold, TP: SEK415.00) - Still a force to be reckoned with
We find practically no weak spots in ABB’s Q1 report and have raised our operating EBITA by 10–14% for 2023–2025e. The strong order intake and raised sales guidance indicate demand is holding up better and could be more resilient than we expected. Moreover, we have increased our 2023–2025 operating EBITA margin estimates to reflect the Q1 margin beat and raised 2023 guidance; we now expect ABB to achieve margins closer to 16% (versus the 15% target). We reiterate our HOLD, but have raised our target price to SEK415 (380).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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