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    ERIC B   SE0000108656

ERICSSON

(ERIC B)
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Delayed Nasdaq Stockholm  -  11:29 2022-11-30 am EST
65.12 SEK   +0.99%
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Activist investor Cevian reduces stake in ABB to under 5%

08/04/2020 | 02:31pm EST
FILE PHOTO: Logo of Swiss power technology and automation group ABB is seen at the Swiss Economic Forum conference in Interlaken

Activist shareholder Cevian Capital has reduced its stake in ABB Ltd to less than 5%, according to data on the engineering company's website.

Cevian, which campaigned for a separation of ABB's Power Grids business, now holds 4.89% in the maker of electric car charging stations and industrial robots.

The holding is a reduction from its 5.34% stake at the end of 2019, according to ABB's annual report.

A spokesman for Cevian said the change reflected a rebalancing of the investor's portfolio due to the recent gains by ABB's stock. The company's shares have gained more than 65% since bottoming out at 14.11 Swiss francs in March.

ABB remained a key holding for Cevian and was one of the investor's largest holdings, the spokesman said.

Cevian manages 13 billion euros (11.72 billion pounds) in investments, including holdings in Irish building materials company CRH, Swedish technology company Ericsson and German industrial group ThyssenKrupp.

(Reporting by John Revill and Oliver Hirt in Zurich; Editing by Matthew Lewis)


ę Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
ABB LTD -0.24% 29.36 Delayed Quote.-12.54%
ERICSSON 0.99% 65.12 Delayed Quote.-35.38%
THYSSENKRUPP AG 0.38% 5.318 Delayed Quote.-45.08%
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Financials
Sales 2022 269 B 25 280 M 25 280 M
Net income 2022 20 846 M 1 962 M 1 962 M
Net cash 2022 29 671 M 2 793 M 2 793 M
P/E ratio 2022 10,5x
Yield 2022 3,93%
Capitalization 218 B 20 521 M 20 521 M
EV / Sales 2022 0,70x
EV / Sales 2023 0,62x
Nbr of Employees 104 490
Free-Float 89,3%
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Mean consensus HOLD
Number of Analysts 24
Last Close Price 65,12 SEK
Average target price 78,39 SEK
Spread / Average Target 20,4%
EPS Revisions
Managers and Directors
Erik B÷rje Ekholm President, Chief Executive Officer & Director
Carl Mellander CFO, Senior VP & Head-Group Function Finance
Ronnie Leten Chairman
Erik Ekudden Chief Technology Officer & Senior Vice President
Moti Gyamlani Senior VP & Head-Group Function Global Operations
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