2023-10-18 10:04:01
ABB published this morning a turnover of $7,968 million for the 3rd quarter, up 11% on a comparable basis versus 12% expected by consensus and an operational EBITA margin of 17.4% ($1,392 million) versus 17.3 % expected ($1,407 million).
Following this announcement, Oddo BHF confirms its neutral advice on the value with a target of 33.8 Swiss francs.
‘The residential construction market is weak, the commercial one is stable in the USA, but still in decline in China’ indicates Oddo BHF.
The analyst underlines that all divisions show an increase in turnover of more than 5% and an improvement of more than 100 bp in the operating EBITA margin, with the exception of PA. Electrification (EL) and Motion (MO)
Note that orders in China fell by 3% in Q3 (after -9% in Q2) and by 33% in Germany, while they increased by 13% in the United States.
‘We will be attentive to market trends by major segment, in particular discrete automation, but also construction (which trends at the start of the month) as well as the continuation of destocking effects and their scale’ indicates OddoBHF.
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