EFTA Document EFTA01385519

> Energy, Materials & Industrials G ABB - Gael de Bray, BUY, close CHF26.7, CHF29 tgt, 9% upside Deutsche Bank ■ ABB has a late cycle profile (60% of sales - skewed towards process/hybrid industries). We expect the shares to track orders, rather than ABB's large orders ($m) hit a low in 2017 -we expect improvement earnings in 2018. 8.000 • We foresee a rebound in orders from a trough in 2017. 2017 was a 7.000 I v'' rage transition year, with large orders falling to a ten-year low. Imp