ABB +10.97%: Rallied strongly on a ‘meet’ to FY23 numbers but they talked up prospects for FY24. FY23 revenue of $878m was inline, as was EBITDA of $89.6m while they guided to FY24 EBITDA based on current market conditions, operating plan, pipeline etc of $100-110m, up 12%-23% on FY23, however, they went onto talk favourably about variables that could grow that number – in other words, it seemed like they presented a baseline to work up from.
- Market positioning was negative going into the result, which met expectations while Phil Britt’s commentary seemed relatively upbeat, pleasing given it is our biggest position in the Emerging Companies Portfolio.
MM remains long & bullish ABB
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