The Law of Gravity Still Applies to ABB's Business; 4Q Results Mixed; Shares Fairly Valued
Buying into ABB shares at these levels would require taking a view that the company's portfolio changes (or changing the "center of gravity," in the company's nomenclature) are enough to bring a step change in medium-term revenue growth by at least a couple of hundred basis points. While we saw some good progress at the group level on the underlying "base orders" in the fourth quarter, this is insufficient for us to make material changes to our CHF 24 and $24 fair value estimates. Organic revenu...
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