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MarketScreener Homepage  >  Equities  >  Tokyo Stock Exchange  >  Hitachi, Ltd.    6501   JP3788600009

HITACHI, LTD.

(6501)
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Hitachi : ABB to buy back up to 10% of its shares after completing Power Grids sale

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07/01/2020 | 06:02am EDT
Logo of Swiss power technology and automation group ABB is seen at the Swiss Economic Forum conference in Interlaken

ABB Ltd plans to buy back up to 10% its stock after releasing second-quarter results, it said on Wednesday while announcing it had completed the sale of its Power Grids business to Hitachi Ltd.

The Swiss engineering group will ask shareholders at the 2021 annual meeting to approve cancelling the stock it buys back via a second trading line, it added in a statement.

It will get net cash proceeds of $7.6-7.8 billion from the sale of an 80.1% stake in Power Grids, which it completed as planned by the end of June.

ABB's shares, which have lost nearly 9% this year, were up more than 2% after the announcement. Around 180 million shares would be covered by the buyback, ABB said.

New Chief Executive Bjorn Rosengren said the sale meant ABB was now able to focus more on industrial customers and implementing a decentralised business model.

ABB, which makes products ranging from factory robots to electric vehicle chargers, will keep a 19.9% holding in Power Grids, a business with revenues of $10 billion and 36,000 employees. The Swiss company has a predefined option to exit its stake in three years time.

(Reporting by Michael Shields, editing by Louise Heavens)

Stocks mentioned in the article
ChangeLast1st jan.
ABB LTD 0.38% 23.67 Delayed Quote.1.28%
HITACHI, LTD. -2.09% 3320 End-of-day quote.-28.23%
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Financials
Sales 2021 8 114 B 76 593 M 76 593 M
Net income 2021 400 B 3 777 M 3 777 M
Net Debt 2021 722 B 6 817 M 6 817 M
P/E ratio 2021 8,00x
Yield 2021 2,85%
Capitalization 3 210 B 30 326 M 30 301 M
EV / Sales 2021 0,48x
EV / Sales 2022 0,41x
Nbr of Employees 301 056
Free-Float 95,8%
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Technical analysis trends HITACHI, LTD.
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TrendsNeutralNeutralNeutral
Income Statement Evolution
Consensus
Sell
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Mean consensus BUY
Number of Analysts 12
Average target price 4 785,00 JPY
Last Close Price 3 320,00 JPY
Spread / Highest target 74,7%
Spread / Average Target 44,1%
Spread / Lowest Target 5,42%
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Managers
NameTitle
Toshiaki Higashihara President, Chief Executive Officer & Director
Hiroaki Nakanishi Chairman
Mitsuaki Nishiyama Chief Financial Officer & Senior GM-Finance
Norihiro Suzuki CTO, Managing Executive Officer, Manager-R&D Group
George William Buckley Independent Outside Director
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