Ann: 4Q FY22 Trading Update, page-15

"Any insights why SP has tabled so hard after these results which seem reasonably good (-10% as of posting)"

The stock has capitalised at some prior to open today implying a rough EV of ~$983bn once accounting for the debt adjustment used in the OTW acquisition. Today's confirmation of top-end guidance placed the stock on a >25x EV/EBITDA multiple which appears too expensive as growth begins to slowin the residential and business divisions.




Additionally churn has remained high which reminds the market that ABB operate in a highly competitive broadband space with some mightly big gorilla competitors in Optus and Telstra.