'Tis the Season to Break Up Conglomerates: ABB's Power Grids Sale Welcome News; Shares Attractive
ABB's sale of 80% of its power grids division to Hitachi offers modest upside to our fair value estimate, and we expect to make adjustments that will result in less than a 5% increase to our CHF 25 and $25.40 fair value estimates. The sale is welcome news, given that power grids muddied the investment story as a division that offered no real synergies with the more attractive automation and low-/medium-voltage portfolio. The deal price of an $11 billion enterprise value (based on 100% of the div...
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