Schneider's Focused Strategy Is Driving Better Performance Relative to ABB; Shares Fairly Valued
Wide-moat Schneider moderately beat our and consensus’ revenue and EBIT expectations for 2017. We expect to make a 5%-10% upward revision to our fair value estimate, partly driven by a time value of money adjustment. Schneider exceeded its upwardly revised revenue growth forecasts for three of its divisions and for the group EBITA margin expansion. Its low-voltage, secure power, and industrial automation divisions grew revenue organically by 4.5% in 2017, 150 basis points and 50 basis points bet...
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