ABB : A gradual recovery in prospect in 2021, but the consensus has high expectations: we remain on Underperform
>Target price lifted from CHF 21.0 to CHF 22.0. Underperform rating maintained - We have lifted our target price from CHF 21.0 to CHF 22.0 ($ 24.5) following our revisions (it is DCF-derived). However, we remain cautious as the cyclical nature of ABB's business and its exposure to many markets that are in disarray (O&G, automotive, cruise operators, etc.) could take a toll for some time. The stock is expensive (2021 consensus: 20x EV/EBIT and 15x EV/EBITDA), largely i...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.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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