ABB delivered a cracking result in February with a beat in 1H, plus improved guidance. Their upgraded FY24 EBITDA guidance of the order of ~10%, courtesy of controlled costs, drove the stock higher last month, although some profit-taking has raised its head over the last few weeks. Also, Phil Britt moved to a strategy role as Group MD and handed over the CEO role to current CFO Brian Maher, certainly a more stable management picture than Optus at this stage.
- We intend to stay with the strength, believing ABB can test its all-time high of ~$6 in the medium term. MM holds ABB in our Emerging Companies Portfolio.
MM is long and bullish on ABB
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