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ABB - Fanuc Logs Another Weak Quarter But The Worst May Be Over
ABB Ltd
As is the case at Yaskawa (YASKY), it looks like investors are pretty willing to overlook another weak quarter from Fanuc (FANUY), and another reduction in guidance, on the idea that the bottom has been reached and business will improve from here. While I agree with that basic philosophy, I’m still concerned about the extent to which a recovery has already been priced into the shares, as the valuation would already seem to anticipate mid-teens FCF growth on a long-term basis with a single-digit discount rate.