ABB (Hold, TP: SEK445.00) - Q2e set to be another solid quarter
We expect Q2 to be another solid quarter for ABB, with our operating EBITA estimate 5% above consensus. Although we like ABB’s restructuring and portfolio pruning as well as its margin improvement and share buybacks in recent years, we believe the company’s positive changes are well understood by investors and view the risk/reward as neutral. We reiterate our HOLD but have increased our target price to SEK445 (415), mainly explained by FX. Our estimates are broadly unchanged.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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