An electric car is charged at a roadside EV charge point in London, Britain, October 19, 2021. REUTERS/Toby Melvilleis getting a harsh lesson in market timing. The Swiss engineering group will shortly list its electric vehicle charging unit. The outcome will be lower octane than when the plan was first hatched.
A listing capitalises on booming demand for vehicle charging as governments wean economies off fossil fuels. ABB’s kit powers everything from cars to heavy-duty trucks. And, unlike some rivals, it should generate positive EBITDA this year. The snag is this year’s slump in valuations, as fears of rising interest rates have hit growth stocks. Rival ChargePoint’s
forward enterprise to sales multiple is now a quarter of its near 40 times peak in June, according to Refinitiv data.sales may grow 45% this year, implying $470 million of revenue. On ChargePoint’s 11 times multiple, that implies $5 billion of enterprise value, a chunky 7% of ABB’s total worth. But Chief Executive Björn Rosengren could be forgiven for wondering what could have been.
Source: News Formal (newsformal.com)
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