Analyst Corner: ABB likely to have scope to grow its market share

4QCY19 performance was much below our and consensus estimates as it did not take into account (1) change in policy related to booked actuarial gains in employee expense (now evenly over all quarters from CY2019), (2) change in revenue recognition policy (now spread more evenly across quarters from CY2019) and (3) up-fronting of anticipated cost overruns in select legacy projects in the industrial automation segment.

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