ABB : Slight adjustment to our figures. Still an attractive story - and at a discount
>We have shaded down our forecasts to reflect forex trends - Following a contact with the company, we have lowered our 2019e and 2020e estimates by 1-2%, with a forex effect of -3.0% on 2019e sales vs -2.2% previously and with slight adjustments to divisional forecasts. In terms of organic growth, we now forecast 2.3% in 2018 (vs 2.6% previously) and 3.9% in 2019 (vs 3.7%). We forecast an operating EBITA margin of 12.3% and 12.8% (unchanged) in 2018 and 2019 respectiv...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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