ABB reported Q4 figures broadly in line with expectations. Both orders and revenue remained at a low level, while the EBITA margin improved to 10.1%. Further margin expansion is expected in 2020, especially in H2 with the elimination of the remaining stranded costs and the benefits of ABB’s OS programme. The short-outlook remains soft with weak growth in Europe, US, and also in China due to the coronavirus outbreak. A re-rating of the stock remains likely.