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Risky - der Pessimist

ABB: günstig!

Startbeitrag von Risky - der Pessimist am 27.07.2004 07:05

Merrill Lynch schreibt zu ABB:


• ABB are expected to report Q2 earnings on Thursday 29 July. We are retaining our Neutral rating (0-20% upside) on the stock ahead of this announcement but note that the shares are now trading very much at the low end of our fair value range.

• At the Group level, we are expecting orders of US$5,260m (consensus = US$5,200m), Revenues of US$4,926m (consensus = US$4,760m), EBIT of US$305m (consensus = US$300m) and net income of US$150m (consensus = US$125m) before discontinued operations and disposal profits.

• Also at the Group level other key issues include; (i) FX, where the weakness of the US% is expected to have added 4% to revenues and orders; (ii) Corporate & Other costs which are expected to remain high at circa US$100ma and; (iii) discontinued operations which should include the net disposal profit of Sirius and OPG.

• Power Technologies: underlying orders should be robust due to ABBs strong position in the buoyant Chinese market but this could be tempered ongoing weakness in the US and Europe. We don't expect much underlying y-o-y EBIT margin improvement.

• Automation Technologies: we expect solid growth in revenues and orders due to gathering momentum in industrial investment in all areas of the world. Underlying EBIT margins are expected to have increased by a further 30bps to 9.4%

• Valuation: We are starting to see value in the shares - our fair value range based on sum of the parts is CHF 7.5 - 8.5 and the shares now trade at 10.3x 2004E EV/EBITA. We are retaining our Neutral rating (0-20% upside) until we have more clarity on the current asbestos appeal and management change.


...aber dann... ja dann sollte es wieder aufwärts gehen!


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