since 2009. ABB currently trades on 18.4x 18E P/E. • Catalysts: 4Q17 results on 08-Feb Related DB Research: ABB: Better late (cycle) than never (de Bray) 1.6 1.5 1.4 1.3 1.2 - 1.1 - 1.0 - 0.9 - 0.8 0.7 - 0.6 Nov-07 Nov-08 Nov-09 Nov-10 Nov-11 Nov-12 Nov-13 Nov-14 Nov-15 Nov-16 Nov