reports
- ABGSC Capital Goods Research
- Anders Idborg
- Karl Bokvist
- Olof Cederholm
NIBE.B-SE NIBE
ALFA-SE ALFA LAVAL
MTRS-SE MUNTERS
SKF.B-SE SKF
ASSA.B-SE ASSA ABLOY
ATCO.A-SE ATLAS COPCO
ALIV-SE AUTOLIV
ELUX.B-SE ELECTROLUX
EPI.A-SE EPIROC
HEXA.B-SE HEXAGON
HPOL.B-SE HEXPOL
KNEBV-FI KONE
SAND-SE SANDVIK
TREL.B-SE TRELLEBORG
VOLV.B-SE VOLVO
WRT1V-FI WARTSILA
METSO-FI METSO
- ABGSC Capital Goods Research
- Anders Idborg
- Olof Cederholm
- Mattias Holmberg
ABB (Hold, TP: SEK520.00) - Some upside to Q1e orders
We are 4% above consensus on Q1e orders but in line on sales and operating EBITA. We expect the company to reiterate its guidance for 2024, and provide Q2 guidance including organic sales growth in the mid-single digits, with a stable or slightly improved operating EBITA margin YOY. We have made small changes to our estimates but have raised our target price to SEK520 (470) reflecting higher peer valuations. We reiterate our HOLD.
- Ana Arjona-Martinez
- Antonio Rodriguez Vicens
- Delphine Brault
- Quentin Borie
ABB Ltd. : Good start to the year on the cards
>Q1 preview: book-to-bill of 1.1x and 5.2% comparable sales growth - We anticipate a good start to the year for ABB.Orders are set to show a decline of 4.3% in comparable terms, still pressured by short-cycle businesses (mainly the Robotics & Discrete Automation division where we see a drop in orders of 15%) and demanding comps. The book-to-bill is, however, expected to be above 1, at 1.1x (consensus at 1.06x)Sales are forecast to show growth of 5.2% in...
- Ana Arjona-Martinez
- Antonio Rodriguez Vicens
- Delphine Brault
- Quentin Borie
ABB Ltd. : Un bon début d’année à prévoir
>Preview T1 : book-to-bill de 1.1x et 5.2% de croissance du CA en comparable - Nous prévoyons un bon début d’année pour ABB.Les commandes devraient afficher un recul de 4.3% en comparable, toujours pénalisées par les activités à cycle court (principalement la division Robotics & Discrete automation pour laquelle nous prévoyons un recul des commandes de 15%) et par des comparables élevées. Le book-to-bill devrait cependant être supérieur à 1, à 1.1x (consensu...
Notice of ABB’s Annual General Meeting on March 21, 2024
ABB Ltd / Key word(s): AGMEGM Notice of ABB’s Annual General Meeting on March 21, 2024 23.02.2024 / 07:00 CET/CEST ZURICH, SWITZERLAND, FEBRUARY 23, 2024 ABB today published the invitation to its Annual General Meeting (AGM), which will be held on Thursday, March 21, 2024, at 10:00 a.m. The invitation can be found attached and at . The Annual General Meeting 2024 will be held at Halle 550, Birchstrasse 150, 8050 Zurich, Switzerland, and will also be broadcast at . Registration and admission cards Shareholders entered in the share register with the right to vote on March 13, ...
Einladung zur Generalversammlung von ABB am 21. März 2024
ABB Ltd / Schlagwort(e): Generalversammlung Einladung zur Generalversammlung von ABB am 21. März 2024 23.02.2024 / 07:00 CET/CEST ZÜRICH, SCHWEIZ, 23. FEBRUAR 2024 ABB hat heute die Einladung zur Generalversammlung veröffentlicht, die am Donnerstag, 21. März 2024, um 10:00 Uhr stattfinden wird. Die Einladung ist angehängt und kann unter aufgerufen werden. Die Generalversammlung 2024 findet in der Halle 550, Birchstrasse 150, 8050 Zürich, Schweiz, statt und wird im Internet unter übertragen. Registrierung und Zutrittskarten An der Generalversammlung teilnahmeberechtigt sind die...
ABB Ltd: 1 director
A director at ABB Ltd sold 27,000 shares at 37.370CHF and the significance rating of the trade was 71/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing...
- Anthony Dick
- Michael Foundoukidis
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 02/02/2024
Sodexo boasts a defensive profile and significant potential for operational improvement, with progress increasingly visible since Sophie Bellon’s arrival as CEO. These factors are set to endure, narrowing the gap with Compass, and its transformation into a catering pure player following Pluxee’s spin-off in early 2024 should facilitate the group’s rerating. Outperform rating reiterated and a target price € 98 following Pluxee’s spin-off (combined Sodexo + Pluxee target price of € 12...
- Anthony Dick
- Michael Foundoukidis
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 02/02/2024
Sodexo bénéficie d’un profil défensif et d’un fort potentiel d’amélioration opérationnelle, avec des progrès de plus en plus visibles depuis l’arrivée de Sophie Bellon comme CEO. Ceux-ci devraient se poursuivre, réduisant l’écart avec Compass, et sa transformation en un pure player, à la suite du spin-off de Pluxee début 2024, devrait faciliter son rerating boursier. Surperformance réitérée et OC à 98 € à la suite du spin-off de Pluxee (OC combinés Sodexo + Pluxee à 129 € vs OC de 118...
- Delphine Brault
- Quentin Borie
ABB Ltd. : After Q4 EBITA just missed expectations, the 2024 guidance ...
>Results just miss expectations, except for FCF - ABB yesterday reported Q4 figures that fell slightly short of expectations at the operating level: i/ stable orders at $ 7.6bn, ii/ sales of $ 8.2bn, +6% l-f-l (consensus +4%), with a 2% price effect and 4% volume growth, iii/ an operational EBITA margin of 16.3% ($ 1,333m) vs 16.6% expected ($ 1,346m). This result includes a capital gain of around $ 40m (sale of real estate assets) and (non-recurring) charges for prod...
- Delphine Brault
- Quentin Borie
ABB Ltd. : Après un T4 un peu sous les attentes sur l’EBITA, la guidan...
>Des résultats un peu en deçà des attentes, exception faite du FCF - ABB a publié hier des chiffres T4 un peu en deçà des attentes au niveau opérationnel : i/ commandes stables, à 7.6 Md$, ii/ CA à 8.2 Md$, +6% en comparable (consensus à +4%), dont 2% d’effet prix et 4% de volumes, iii/ une marge « operational EBITA » de 16.3% (1 333 M$) vs 16.6% attendus (1 346 M$). Ce résultat inclut une plus-value d’environ 40 M$ (cession d’actifs immobiliers) et des charges (non r...
- Mattias Holmberg
ABB (Hold, TP: SEK470.00) - We are slightly more optimistic
Although the Q4 report was roughly in line with our estimates and consensus, the 2024 guidance for a book-to-bill of >1x, c5% organic sales growth YOY and a slight improvement in the operating EBITA margin YOY has left us slightly more optimistic, with our 2024e operating EBITA raised by c4%. We have increased our target price to SEK470 (450), but we reiterate our HOLD as we find the shares fairly valued at a 2024e EV/EBIT of c14.8x.
- Bruno Cavalier
- Jerôme Bodin
ROG ROCHE HOLDING LTD
SSAB A SSAB AB CLASS A
ABB ABB LTD.
VIV VIVENDI SE
G ASSICURAZIONI GENERALI S.P.A.
SAN SANOFI
SOLB SOLVAY SA
HM B H&M HENNES & MAURITZ AB CLASS B
ASRNL ASR NEDERLAND NV
SKF B SKF AB CLASS B
INGA ING GROEP NV
LDO LEONARDO SPA
SHL SIEMENS HEALTHINEERS AG
DSY DASSAULT SYSTEMES SA
SHEL SHELL PLC
- Bruno Cavalier
- Jerôme Bodin
ROG ROCHE HOLDING LTD
SSAB A SSAB AB CLASS A
ABB ABB LTD.
VIV VIVENDI SE
G ASSICURAZIONI GENERALI S.P.A.
SAN SANOFI
SOLB SOLVAY SA
HM B H&M HENNES & MAURITZ AB CLASS B
ASRNL ASR NEDERLAND NV
SKF B SKF AB CLASS B
INGA ING GROEP NV
LDO LEONARDO SPA
SHL SIEMENS HEALTHINEERS AG
SHEL SHELL PLC
- Delphine Brault
- Quentin Borie
ABB Ltd. : Q4 slightly weaker at the operational level, 2024 guidance ...
>Q4 2023: book-to-bill at 0.93x, operational EBIT 1% below expectations - ABB this morning reported Q4 sales of $ 8.245bn, up 6% comp. vs 4% expected by the consensus, an operational EBITA margin of 16.3% ($ 1.333bn) vs 16.6% expected ($ 1.346bn), and order intake of $ 7.649bn (stable comp.). The book-to-bill was thus 0.93x. By market, demand remains strong in the medium-voltage segment and in process industries, while discrete automation is decreasing. The residentia...
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