Signify NV

Signify NV Formerly known as Philips Lighting NV. Signify NV, formerly Philips Lighting NV, is a company based in the Netherlands that provides lamps and lighting solutions. Its product portfolio includes, among others, incandescent lamps, halogen lamps, fluorescent lamps, linear fluorescent lamps (LFL), compact fluorescent lamps (CFL), high-intensity discharge lamps (HID) and light-emitting diodes (LED), as well as electronic components, such as electronic ballasts and drivers. The Company also provides integrated and customized lighting systems. Its service portfolio includes light management and value-added services, such as energy audits, light design and engineering, as well as remote monitoring and managed services. The Company operates through four segments: The Lamps segments comprises conventional lamps and lamp electronics; the LED segment focuses on LED lamps; the Professional segment includes lighting systems and services for professional consumers, and the Home segment covers consumer luminaries and home systems.
  • TickerA2AJ7T
  • ISINNL0011821392
  • ExchangeEuronext Amsterdam
  • SectorElectronic & Electrical Equipment
  • CountryNetherlands

Analysts

ING
Research Department

Benelux Morning Notes

AMG: Board approval for doubling of spent catalyst recycling capacity. Econocom: New Deputy CEO. Leasinvest: Some debt ratio reduction. Montea: low leverage sets up for further growth Signify: Add-on acquisition in agriculture lighting

SIGNIFY NV with less fundamental stars is reduced to Neutral

SIGNIFY NV (NL), a company active in the Electrical Components & Equipment industry, loses a star(s) at the fundamental level and sees its general evaluation downgraded. The independent financial analyst theScreener just removed a fundamental star(s) for a 2 over 4-star rating. As such, market behaviour remains unchanged and is evaluated as moderately risky. theScreener believes that the loss of a star(s) merits downgrade to the general evaluation of the title, which passes to Neutral. As of the analysis date May 17, 2019, the closing price was EUR 24.75 and its expected value was estimated at...

Expert Corporate Governance Service (ECGS)

Signify - AGM 14 May 2019

In general, Signify is in compliance with the Dutch regulations relating to the organisation and procedures of the Annual General Meeting. ECGS recommends to vote FOR all proposals. In May 2018, the Company changed its name from Philips Lighting to Signify. The new name is an expression of the Company's strategic vision and purpose, which is "to unlock the extraordinary potential of light for brighter lives and a better world".

ING
Research Department

Benelux Morning Notes

Agfa-Gevaert: AOC continues buying shares. BE Semiconductor Industries: Margin strength defies ongoing industry weakness. Cofinimmo: Solid prospects, but setting low expectations. Corbion: Sweeter than it looks. DWS: 1Q19 results – NNM recovered, stable margins, rigorous execution on cost savings. Econocom: Poor start to the year, leasing down 11%. Fugro: 1Q19: Testing shareholder nerves again. GBL: Launches bid on Parques Reunidos. GrandVision: Solid growth trends, higher online costs. KPN: Weaker sales and KPIs, EBITDA in line. Recticel: New Kingspan approach for Recticel...

ING
Marc Hesselink, CFA ...
  • Marc Zwartsenburg, CEFA

Signify/Reaching a plateau in difficult markets/HOLD

Signify is faced by difficult market circumstances. Organic growth disappointed in 2018 and we believe that 2019 will be off for a tough start on the back of further macro headwinds. Cost cutting potential will remain the attraction of the case, but we expect incremental savings to be smaller than in the past. As a result, we expect Signify to report more-or-less flat profit and FCF in the coming years, which in our view warrants a reiteration of our Hold rating.

ING
Research Department

Benelux Morning Notes

AMG: Board approval for doubling of spent catalyst recycling capacity. Econocom: New Deputy CEO. Leasinvest: Some debt ratio reduction. Montea: low leverage sets up for further growth Signify: Add-on acquisition in agriculture lighting

ING
Research Department

Benelux Morning Notes

Agfa-Gevaert: AOC continues buying shares. BE Semiconductor Industries: Margin strength defies ongoing industry weakness. Cofinimmo: Solid prospects, but setting low expectations. Corbion: Sweeter than it looks. DWS: 1Q19 results – NNM recovered, stable margins, rigorous execution on cost savings. Econocom: Poor start to the year, leasing down 11%. Fugro: 1Q19: Testing shareholder nerves again. GBL: Launches bid on Parques Reunidos. GrandVision: Solid growth trends, higher online costs. KPN: Weaker sales and KPIs, EBITDA in line. Recticel: New Kingspan approach for Recticel...

ING
Marc Hesselink, CFA ...
  • Marc Zwartsenburg, CEFA

Signify/Reaching a plateau in difficult markets/HOLD

Signify is faced by difficult market circumstances. Organic growth disappointed in 2018 and we believe that 2019 will be off for a tough start on the back of further macro headwinds. Cost cutting potential will remain the attraction of the case, but we expect incremental savings to be smaller than in the past. As a result, we expect Signify to report more-or-less flat profit and FCF in the coming years, which in our view warrants a reiteration of our Hold rating.

ING
Research Department

Benelux Morning Notes

Ahold Delhaize: Ending 2018 in style. Air France-KLM: Dutch State stepping into AF-KLM. Colonial: Prime position pays off in 2018. GrandVision: FY18 EBITDA in line with consensus. Heineken: The OXXO gravy train keeps running. NIBC: Delivering on IPO promises – 2019F div yield >8%. NSI: Acquisition in Amsterdam. Signify: CEO sell-side dinner feedback. Solvay: 4Q18 in line, 2019 outlook cautious as anticipated

ING
Research Department

Benelux Morning Notes

DWS: Cost efficiency measures well on track, NNM worse than expected. KPN: Bloomberg reports bid talks instigated by Brookfield. NIBC: 2H18F preview - bringing home the goodies. Signify: Mixed 4Q18 update; margin improvement, but FCF trend negative. Staffing sector: Manpower 4Q18 results, 1Q19 outlook weak. January trend stabilization. Vonovia: The elephant has officially left the room. WDP: Boosts growth plan & strong value uplift

SIGNIFY NV with less fundamental stars is reduced to Neutral

SIGNIFY NV (NL), a company active in the Electrical Components & Equipment industry, loses a star(s) at the fundamental level and sees its general evaluation downgraded. The independent financial analyst theScreener just removed a fundamental star(s) for a 2 over 4-star rating. As such, market behaviour remains unchanged and is evaluated as moderately risky. theScreener believes that the loss of a star(s) merits downgrade to the general evaluation of the title, which passes to Neutral. As of the analysis date May 17, 2019, the closing price was EUR 24.75 and its expected value was estimated at...

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

ING
Hendrik Wiersma ...
  • Job Veenendaal
  • Marina Le Blanc
  • Maureen Schuller
  • Nadège Tillier
  • Suvi Platerink Kosonen

Benelux Credit Digest

Once again, it is with great pleasure that we present our Benelux Credit Digest, our annual overview of the key fundamentals and credit metric developments of the most important corporate and financial credits in Belgium, the Netherlands and Luxembourg.

ING
Hendrik Wiersma ...
  • Jeroen van den Broek
  • Job Veenendaal
  • Marina Le Blanc
  • Nadège Tillier
  • Suvi Platerink Kosonen

Coffee, Croissants & Credit/Standard Chartered improves profitability

Standard Chartered (STANLN) saw a significant improvement of its profitability in 2017. The numbers were, however, slightly below market estimates. Operating income improved by 3% to US$14.3bn. Operating expenses were up slightly, by 2%, largely driven by variable pay. Looking at non-performing loans, while we saw an overall gross YoY decline from US$9.7bn to US$8.7bn, in the ongoing business portfolio non-performing loans increased from US$5.9bn in FY16 to US$6.5bn in FY17 due to exposures in Corporate & Investment Banking relating to the Oil & Gas sector in India. Both the IFRS9 and Basel II...

Expert Corporate Governance Service (ECGS)

Signify - AGM 14 May 2019

In general, Signify is in compliance with the Dutch regulations relating to the organisation and procedures of the Annual General Meeting. ECGS recommends to vote FOR all proposals. In May 2018, the Company changed its name from Philips Lighting to Signify. The new name is an expression of the Company's strategic vision and purpose, which is "to unlock the extraordinary potential of light for brighter lives and a better world".

Jérôme VINERIER

Short term view - PHILIPS LIGHT : The background trend is clearly bearish.

The background trend is clearly bearish. Prices are falling again, but the movement has become hesitant. The next support is at €20.15. The background trend would be questioned should prices rise above €25.71.

Jérôme VINERIER

Analyse court terme - PHILIPS LIGHT : La tendance de fond est clairement orientée à la baisse.

La tendance de fond est clairement orientée à la baisse. Les prix baissent à nouveau, mais le mouvement est devenu hésitant. Le prochain support est à 20,15 €. La tendance de fond serait remise en cause en cas de franchissement de 25,71 €.

Jérôme VINERIER

Short term view - PHILIPS LIGHT : The movement goes on.

The background trend is clearly bearish. The movement goes on. The next target is at €20.15, then €18.88. Passing €25.71 would question the continuation of the fall.

Jérôme VINERIER

Analyse court terme - PHILIPS LIGHT : Le mouvement se poursuit.

La tendance de fond est clairement orientée à la baisse. Le mouvement se poursuit. Le prochain objectif est à 20,15 €, puis 18,88 €. Le franchissement de 25,71 € remettrait en cause la suite de la baisse.

Valérie GASTALDY

Analyse moyen terme - PHILIPS LIGHT : La tendance est incertaine.

La tendance est incertaine. Les cours baissent, et il y a une possibilité d'accélération baissière. Une nouvelle tendance baissière tente de démarrer.

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