ABB Ltd
Industrials · Electrical Components & Equipment
Diversified electrification + automation conglomerate levered to two structural demand pulls: datacenter/grid capex and factory reshoring. Robotics is #2 globally behind $FANUY; Electrification is the cleanest beneficiary of US/EU power-buildout cycle running alongside $ETN $VRT $SIEGY $GEV.
- Electrification segment ~$16B run-rate growing high-single-digits on grid + datacenter capex (margin >20% post 2024 mix shift)
- Robotics + Discrete Automation positioned for auto-EV + warehouse automation; #2 share behind $FANUY
- Margin expansion ongoing: group op margin ~17% vs ~11% pre-2020 portfolio cleanup
- Net cash balance sheet + buyback cadence (~$1B/quarter envelope)
- Service revenue ~20% of mix dampens cyclicality
- Process Automation tied to oil/gas + marine capex - cyclical leg
- China exposure ~12% of sales; macro + tariff drag
- Robotics margin still below group average; auto OEM capex digestion risk
- ADR ($ABB) tracks Swiss listing - FX translation noise on CHF moves
- Lower torque on AI buildout vs pure-play $VRT $ETN - basket member not single-name bet
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