Financials ABB Ltd

Equities

ABBN

CH0012221716

Heavy Electrical Equipment

Market Closed - Swiss Exchange Other stock markets 11:30:41 2024-05-31 am EDT			5-day change	1st Jan Change
49.4 ^CHF	+0.16%		+0.16%	+32.44%

May. 29	ABB: 'sustainable' propulsion solution for electric buses	CF
May. 28	ABB: three-year contract with the City of Cape Town	CF

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	51,425	57,669	76,061	56,623	81,660	101,044	-	-
Enterprise Value (EV) ¹	56,374	57,781	75,963	59,402	83,651	102,025	99,494	96,910
P/E ratio	36 x	11.5 x	17 x	23.3 x	22 x	25.7 x	23.4 x	21.6 x
Yield	3.42%	3.16%	2.34%	2.77%	2.29%	1.8%	1.94%	1.99%
Capitalization / Revenue	1.84 x	2.21 x	2.63 x	1.92 x	2.53 x	3.02 x	2.86 x	2.7 x
EV / Revenue	2.01 x	2.21 x	2.62 x	2.02 x	2.6 x	3.05 x	2.81 x	2.59 x
EV / EBITDA	19.4 x	23 x	11.5 x	14.3 x	14.8 x	16.3 x	14.4 x	13.1 x
EV / FCF	37.7 x	57.8 x	30.3 x	113 x	23.8 x	27 x	25.2 x	22.7 x
FCF Yield	2.65%	1.73%	3.3%	0.88%	4.21%	3.71%	3.97%	4.4%
Price to Book	3.8 x	3.63 x	4.8 x	4.43 x	6.09 x	6.88 x	5.97 x	5.19 x
Nbr of stocks (in thousands)	2,132,868	2,058,789	1,992,148	1,866,376	1,842,990	1,848,108	-	-
Reference price ²	24.11	28.01	38.18	30.34	44.31	54.67	54.67	54.67
Announcement Date	2/5/20	2/4/21	2/3/22	2/2/23	2/1/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	27,978	26,134	28,945	29,446	32,235	33,486	35,347	37,395
EBITDA ¹	2,899	2,508	6,611	4,151	5,651	6,273	6,913	7,414
EBIT ¹	1,938	1,593	5,718	3,337	4,871	5,429	5,932	6,324
Operating Margin	6.93%	6.1%	19.75%	11.33%	15.11%	16.21%	16.78%	16.91%
Earnings before Tax (EBT) ¹	1,862	841	5,787	3,394	4,778	5,345	5,828	6,249
Net income ¹	1,439	5,146	4,546	2,475	3,745	3,954	4,323	4,652
Net margin	5.14%	19.69%	15.71%	8.41%	11.62%	11.81%	12.23%	12.44%
EPS ²	0.6700	2.440	2.250	1.300	2.010	2.124	2.336	2.536
Free Cash Flow ¹	1,495	999	2,510	525	3,520	3,780	3,948	4,268
FCF margin	5.34%	3.82%	8.67%	1.78%	10.92%	11.29%	11.17%	11.41%
FCF Conversion (EBITDA)	51.57%	39.83%	37.97%	12.65%	62.29%	60.26%	57.11%	57.57%
FCF Conversion (Net income)	103.89%	19.41%	55.21%	21.21%	93.99%	95.61%	91.34%	91.76%
Dividend per Share ²	0.8246	0.8857	0.8934	0.8400	1.013	0.9815	1.059	1.088
Announcement Date	2/5/20	2/4/21	2/3/22	2/2/23	2/1/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	7,567	6,965	7,251	7,406	7,824	7,859	8,163	7,968	8,245	7,870	8,463	8,478	8,805	8,565	9,077
EBITDA ¹	3,191	1,067	794	906	1,384	1,389	1,494	1,453	1,315	1,418	1,547	1,573	1,577	1,777	1,777
EBIT ¹	2,975	857	587	708	1,185	1,198	1,298	1,259	1,116	1,217	1,416	1,454	1,430	1,574	1,574
Operating Margin	39.32%	12.3%	8.1%	9.56%	15.15%	15.24%	15.9%	15.8%	13.54%	15.46%	16.74%	17.15%	16.24%	18.38%	17.34%
Earnings before Tax (EBT) ¹	2,985	884	599	714	1,197	1,184	1,281	1,231	1,082	1,253	1,365	1,405	1,420	1,532	1,595
Net income ¹	2,640	604	379	360	1,132	1,036	906	882	921	905	1,029	1,061	1,055	1,129	1,177
Net margin	34.89%	8.67%	5.23%	4.86%	14.47%	13.18%	11.1%	11.07%	11.17%	11.5%	12.16%	12.52%	11.98%	13.18%	12.97%
EPS ²	1.330	0.3100	0.2000	0.1900	0.6000	0.5500	0.4800	0.4700	0.5000	0.4900	0.5600	0.5785	0.6005	-	-
Dividend per Share ²	0.8934	-	-	-	0.8400	-	-	-	0.9784	-	-	-	1.137	-	-
Announcement Date	2/3/22	4/21/22	7/21/22	10/20/22	2/2/23	4/25/23	7/20/23	10/18/23	2/1/24	4/18/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	4,949	112	-	2,779	1,991	981	-	-
Net Cash position ¹	-	-	98	-	-	-	1,550	4,134
Leverage (Debt/EBITDA)	1.707 x	0.0447 x	-	0.6695 x	0.3523 x	0.1564 x	-	-
Free Cash Flow ¹	1,495	999	2,510	525	3,520	3,780	3,948	4,268
ROE (net income / shareholders' equity)	19.3%	14.2%	29.1%	23.3%	28.6%	28.8%	28.2%	26.3%
ROA (Net income/ Total Assets)	3.18%	11.8%	11.2%	6.23%	9.35%	9.5%	10.2%	10.3%
Assets ¹	45,274	43,598	40,674	39,702	40,044	41,614	42,353	45,145
Book Value Per Share ²	6.340	7.720	7.960	6.850	7.280	7.940	9.160	10.50
Cash Flow per Share ²	1.090	0.8000	1.650	0.6700	2.300	2.520	2.630	2.830
Capex ¹	762	694	820	762	770	873	905	943
Capex / Sales	2.72%	2.66%	2.83%	2.59%	2.39%	2.61%	2.56%	2.52%
Announcement Date	2/5/20	2/4/21	2/3/22	2/2/23	2/1/24	-	-	-

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for ABB Ltd

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

54.67 USD

Average target price

46.55 USD

Spread / Average Target

-14.87%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Heavy Electrical Equipment

	1st Jan change	Capi.
ABB LTD	+32.44%	101B
SIEMENS LIMITED	+73.13%	29.73B
ABB INDIA LIMITED	+77.94%	21.12B
CG POWER AND INDUSTRIAL SOLUTIONS LIMITED	+41.60%	11.78B
DOOSAN ENERBILITY CO., LTD.	+30.82%	9.63B
SHANGHAI ELECTRIC GROUP COMPANY LIMITED	-3.68%	7.94B
ZHUZHOU CRRC TIMES ELECTRIC CO., LTD.	+37.00%	7.88B
FORTUNE ELECTRIC CO., LTD.	+118.35%	5.73B
CHINA XD ELECTRIC CO., LTD	+37.53%	4.8B
LS ELECTRIC CO., LTD.	+191.67%	4.53B

Other Heavy Electrical Equipment