2Q26 Results. Stand-out Electrification orders (again). Best in class execution justifies premium valuation

研报英文原文证据摘录

2Q26 Results. Stand-out Electrification orders (again). Best in class execution justifies premium valuation

Update

July 16, 2026 06:51 AM GMT

Morgan Stanley & Co. International plc+MABB | Europe Max R Yates

Equity Analyst

2Q26 Results. Stand-out Max.Yates@morganstanley.comSara Chemello +44 20 7425-1917

Research Associate

Sara.Chemello@morganstanley.com +44 20 7425-2931

Electrification orders (again).

ABB (ABBN.S, ABBN SE)

Capital Goods | SwitzerlandBest in class execution justifies

Stock Rating Equal-weight

Industry View In-Line

Price target SFr 85.00premium valuation Shr price, close (Jul 14, 2026) SFr 85.48

52-Week Range SFr 89.14- 47.08

Mkt cap, curr (mn) US$193,490

Reaction to earnings Net debt (12/26e) (mn)* US$(4,414)

EV, curr (mn)* US$195,732

Unchanged Meaningful upside Meaningful revision higher

Impact to our thesis Financial results versus consensus Direction of next 12-month * = GAAP or approximated based on GAAP

consensus EPS

Source: Company data, Morgan Stanley Research

Key Takeaways

ABB delivered a strong set of 2Q26 results. Orders +11% ahead of consensus, a

1.27x book:bill, and 2Q26 EBITA +2% ahead of consensus (30bps better margins).

The key focus was Electrification orders. ABB delivered $7.2bn in 2Q26, up from

an already high 1Q26 level of $6.65bn. This is a clear positive.

FY26 revenue growth guidance increased to LDD-Low-teens, putting upward

pressure on consensus of 11%. We expect 2027 c'sus EBITA to move up by MSD

(pre Rotork).

Announces acquisition of Rotork for $5.5bn EV, and still leaves ABB with balance

sheet optionality. Good strategic fit, well timed, but lower growth asset.

We are EW, $85 PT. ABB execution is best in class with positive EPS revisions. We

view ABB's 2Q as a positive read-across for Siemens SI, and Schneider (OW).

Conclusion.