ABB -3.11%: Hosted their AGM today and also provided a trading update:
- Connections: Net adds of ~22,600 as at 11 Oct, driven by annual price resets and the lift in NBN speed-upgrade activity.
- NBN activity: ~34,000 fibre connect service mods lodged; 87% were speed upgrades. A further ~290,000 customers received an automatic speed bump on 14 Sep.
- Guidance (FY26): Underlying EBITDA A$157m–A$167m; capex A$55m–A$60m.
The guidance sits inline with consensus (of $161.9m EBITDA), however the share price has been running hard, and understandable to see some slight weakness playing through today.
ABB is our largest holding in the Emerging Companies Portfolio – our next likely move is to trim.
MM is bullish ABB medium term, more neutral short term
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