Increasing ABB’s FVE as Profitability Enhancement Continues in Second Quarter
We increase our fair value estimate to $24 per share from $22 for the ADR and to CHF 24 per share from CHF 22 for the Vienna-listed shares as we adjust for the time value of money and increase our profitability (EBIT margin of 11.7%, versus 11% previously) and growth (revenue decline of 1%, versus 1.8% previously) assumptions for 2017, following ABB’s good first-quarter results. We maintain our wide moat rating and see the shares as fairly valued.ABB closed out its first quarter with a revenue...
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