ABB Ltd. : Un ralentissement qui pourrait perdurer. Nous restons prudents
>Nous ajustons nos chiffres. Opinion Sous-performance maintenue - Notre OC, basé sur les DCF, passe de 24.0 CHF à 25.0 CHF (soit 28.0 USD), intégrant nos révisions de prévisions et aussi la cession de Dodge à un bon prix (2.9 Md$). Nous attendons désormais une croissance organique réduite à 6.5% en 2021e et 3.0% en 2022e, avec des marges opérationnelles de 14.4% et 14.9% resp. Le ralentissement des revenus au T3 nous semble de mauvais augure pour le T4, T1 voire le T2...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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