ABB Ltd Electrification drives further estimates and PT upgrades. Expect strong Q2 El orders but group margin consensus looks full

研报英文原文证据摘录

ABB Ltd Electrification drives further estimates and PT upgrades. Expect strong Q2 El orders but group margin consensus looks full

Global Research

26 June 2026ab

ABB Ltd Equities

SwitzerlandElectrification drives further estimates and PT

upgrades. Expect strong Q2 EL orders but group Advanced Industrial Equipment

12-month rating Neutralmargin consensus looks full

12m price target CHF88.00

Prior : CHF69.00

Stance ahead of Q2 Price (25 Jun 2026) CHF86.62

Based on our channel checks, datapoints and conversations with corporates, we set our RIC: ABBN.S BBG: ABBN SW

Q2 group growth expectations at 7.6% for orders and 10.8% for revenue, landing in-

line with current consensus expectations for both. We set our group Adj EBITA forecast Trading data and key metrics

at 19.6%, slightly below consensus at 19.9% and therefore landing c2% below at 52-wk range CHF88.56-45.83

absolute Adj EBITA. We expect a continuing very strong orders environment for Market cap. CHF159b/US$197b

Electrification, driven by Data Centres and Utilities, and supported by Short-Cycle, and Shares o/s 1,838m (REG)

see upside to consensus at 21% (UBSe 25%, last quarter 44%). However, we see some Free float 100%

risk to consensus Automation orders in the absence of surprise large orders (high Q2 25 Avg. daily volume ('000) 2,506

comp). We do not see scope for much change to the company's current guidance for: 1/ Avg. daily value (m) CHF196.1

HSD-LDD organic sales growth, and 2/ for underlying Adj EBITA margin improvement (ex

Common s/h equity (12/26E) US$21.7b

real estate gain - c60bps). As consensus is already at 10.6% organic sales growth and

P/BV (12/26E) 8.9x

c100bps underlying (ex gain) margin expansion, we do not anticipate further major

Net debt to EBITDA (12/26E) NM

upgrades.

EPS (UBS, diluted) (USD)