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  • The Going's Getting Tougher, But ABB Is Still Going
     • Fri, Dec. 19 ABB 4 Comments

    Summary

    • Sluggish economic trends in Europe and falling oil prices have the sell-side fretting about ABB's ability to meet expectations in 2015.
    • Strong order growth would seem to support management's growth outlook and expectations for the Power Products and Power Systems businesses look pretty washed out.
    • With sentiment against the stock, ABB management is in "show me" mode, but the stock's price today doesn't seem to fairly value relatively modest growth and margin improvement assumptions.
  • 'Good Enough' Is Good Enough From ABB's Capital Markets Day
       • Thu, Sep. 11 ABB 2 Comments

    Summary

    • ABB used its Capital Markets Day to highlight progress in improving and restructuring the power business, arguing that the problems caused by solar and offshore wind are largely over.
    • ABB's strong automation operations aren't going to get any major changes, though selective acquisitions in areas like valves seem likely.
    • A $4 billion buyback program should improve sentiment, while management's long-term outlook is consistent with the model I use to calculate a $26 fair value.
  • Orders A Bright Spot, But ABB Has A Lot Of Work To Do
       • Thu, Jul. 24 ABB 3 Comments

    Summary

    • ABB reports another big earnings miss, as ongoing problems in the Power Systems segment overshadow more widespread general weakness.
    • Double-digit order growth was nice to see, but management needs to fix the Power operations and shore up margins in automation to really excite investors again.
    • ABB management has a chance to change the tone on the shares at the September analyst day, and the shares look undervalued below $26 but significant execution risks remain.
  • ABB Gets Fried By Its High Voltage Business
       • Wed, Apr. 30 ABB 5 Comments

    Summary

    • ABB logs a major disappointment as its high voltage businesses seriously underperform.
    • Automation and Low Voltage continue to offer relatively good performance and prospects into 2014.
    • Management will need to make a better case that the high voltage operations are worth turning around, but the stock seems undervalued below the mid-$20s.
  • Skepticism About ABB Means There's Still Time To Buy
       • Feb. 19, 2013 ABB 5 Comments
  • ABB's Outlook Really Stands Out
    Jul. 26, 2012 ABB 1 Comment
  • One Bad Quarter Doesn't Knock Out ABB
    Apr. 26, 2012 ABB 5 Comments
  • ABB: Deja Vu All Over Again
    Feb. 21, 2012 ABB 8 Comments
  • ABB-Thomas & Betts Deal Is A Good One
    Jan. 30, 2012 ABB 2 Comments
More on ABB by Stephen Simpson, CFA