ABB Ltd

“ABB has executed a credible post-conglomerate transformation, with genuine margin expansion, disciplined capital returns, and durable switching-cost moats in Electrification and Motion. However, at 37-39x forward earnings near a 52-week high, the stock prices in heroic sustained growth, compresses the 10-year return to a barely-above-inflation 1.4-1.8x, and leaves no margin of safety against robotics competitive deterioration, CHF headwinds, or governance recurrence. This is a business worth owning at the right price — that price is materially lower than today.”