ABB Minor model adjustments
Our earnings estimates are broadly unchanged, but we have raised our order and sales estimates for 2023–2025 by 2.6–4.6%, as we have added back E-mobility to better reflect the reporting structure in the company’s recent re-reported figures (we had recently removed E-mobility ahead of ABB's plan to list the division), as well as a slight increase in our underlying organic assumptions for Electrification. We do not consider these changes to be material, and we have not changed our HOLD recommendation. We reiterate our SEK380 target price.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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