Macquarie Research has initiated coverage on ABB India with an ‘underperformer’ rating reasoning that it is already trading at a significant premium to peers.
The brokerage house expects moderate growth of ~26% over 2008-2010 and multiples to fall. ABB has built-in price escalation clauses in its contracts and has also hedged key raw materials such as copper, it mentioned in a note to clients.
Wednesday, September 10, 2008
ABB growth to be moderate, trading at premium: Macquaire Research
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