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ABB Facing Power Outages In Multiple End Markets
- ABB misses on revenue, earnings, and orders as weakening end-markets take their toll on this power and automation conglomerate.
- Between oil/gas, mining, and utilities, about 50% of ABB's revenue by end market is under stress and weakness in Europe and emerging markets could pressure factory automation demand.
- ABB has become a contrarian call with few bullish sell-side analysts supporting the shares; a high single-digit FCF growth forecast still supports a mid-$20's fair value.
The Going's Getting Tougher, But ABB Is Still Going
- 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
- 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
- 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
- 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
- ABB's Outlook Really Stands Out
- One Bad Quarter Doesn't Knock Out ABB
- ABB: Deja Vu All Over Again
- ABB-Thomas & Betts Deal Is A Good One