MeritValue

ABB LTD

ABLZFdata completeness 100%17 fiscal years on file

Data notes: no data for concept 'interestExpense'

i. The business — what you’d actually own
FigureFY 2019FY 2020FY 2021FY 2022FY 2023
Revenue$28B1$26.1B2$28.9B3$29.4B3$32.2B3
Net income$1.53B4$5.21B5$4.65B6$2.59B6$3.82B6
Operating cash flow$2.33B7$1.69B8$3.33B9$1.29B9$4.29B9
Capital expenditure$762M10$694M11$820M12$762M12$770M12
Free cash flow (derived)$1.56B7$999M8$2.51B9$525M9$3.52B9
Total debt$19.6B13$13.4B14$12.4B15$16.2B16$15.4B16
Cash & equivalents$3.51B17$3.28B18$4.16B19$4.16B20$3.89B20
Diluted shares2.13B2.12B2.02B1.91B1.87B

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
You’d own
5.4e-7%
of the whole company
Your share of last year’s profit
$20.48
Your share of its debt
$82.71
Your share of free cash flow
$18.85
iii. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
$60.35
assumptions (10)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth17.1%
  • fcfBase$2.51B
DCF · Growth Exit 5Y
$34
assumptions (10)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth17.1%
  • fcfBase$2.51B
Earnings Power Value
$21.58
assumptions (8)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$3.82B
  • growthAssumed0.0%
Graham Number
$18.02
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

iv. The price question — last, on purpose
What does today’s price assume?
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years17.1%
Discount rate (WACC)8.78%
Terminal growth2.5%
At your growth, a share is worth $34

Default growth 17.1%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 20-F · period ending 2019-12-31 · accession 0001104659-22-026793 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 20-F · period ending 2020-12-31 · accession 0001104659-23-024840 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 20-F · period ending 2021-12-31 · accession 0001104659-24-026633 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 20-F · period ending 2019-12-31 · accession 0001104659-22-026793 (ProfitLoss)
  5. 20-F · period ending 2020-12-31 · accession 0001104659-23-024840 (ProfitLoss)
  6. 20-F · period ending 2021-12-31 · accession 0001104659-24-026633 (ProfitLoss)
  7. 20-F · period ending 2019-12-31 · accession 0001104659-22-026793 (NetCashProvidedByUsedInOperatingActivities)
  8. 20-F · period ending 2020-12-31 · accession 0001104659-23-024840 (NetCashProvidedByUsedInOperatingActivities)
  9. 20-F · period ending 2021-12-31 · accession 0001104659-24-026633 (NetCashProvidedByUsedInOperatingActivities)
  10. 20-F · period ending 2019-12-31 · accession 0001104659-22-026793 (PaymentsToAcquireProductiveAssets)
  11. 20-F · period ending 2020-12-31 · accession 0001104659-23-024840 (PaymentsToAcquireProductiveAssets)
  12. 20-F · period ending 2021-12-31 · accession 0001104659-24-026633 (PaymentsToAcquireProductiveAssets)
  13. 20-F · period ending 2019-12-31 · accession 0001104659-21-028374 (LongTermDebtNoncurrent)
  14. 20-F · period ending 2020-12-31 · accession 0001104659-22-026793 (LongTermDebtNoncurrent)
  15. 20-F · period ending 2021-12-31 · accession 0001104659-23-024840 (LongTermDebtNoncurrent)
  16. 20-F · period ending 2022-12-31 · accession 0001104659-24-026633 (LongTermDebtNoncurrent)
  17. 20-F · period ending 2019-12-31 · accession 0001104659-21-028374 (CashAndCashEquivalentsAtCarryingValue)
  18. 20-F · period ending 2020-12-31 · accession 0001104659-22-026793 (CashAndCashEquivalentsAtCarryingValue)
  19. 20-F · period ending 2021-12-31 · accession 0001104659-23-024840 (CashAndCashEquivalentsAtCarryingValue)
  20. 20-F · period ending 2022-12-31 · accession 0001104659-24-026633 (CashAndCashEquivalentsAtCarryingValue)