Koninklijke Philips

Koninklijke Philips Electronics is active in the markets of healthcare, consumer lifestyle and lighting. Co.'s activities can be divided into three segments: Healthcare (Co. provides Imaging Systems, Patient Care and Clinical Informatics, Home Healthcare Solutions and Customer Services), Consumer Lifestyle (Co.'s products are divided into the following: Health and Wellness; Domestic Appliances; and Lifestyle Entertainment), Lighting (Co. provides lighting solutions for homes, shops, offices, schools, hotels, factories and hospitals; Co. also offers solutions for roads (street lighting and car lights) and for public spaces, residential areas and sports arenas).
  • TickerPHIA
  • ISINNL0000009538
  • ExchangeEuronext Amsterdam
  • SectorHealth Care Equipment & Services
  • CountryNetherlands

Analysts

ING
Hendrik Wiersma ...
  • Jeroen van den Broek
  • Job Veenendaal
  • Marcel Klok
  • Nadège Tillier
  • Philippe Ledent

BNLX + /European and BeNeLux credit value mapping

Strategy and Supply . Retracement of 2018 sell-off almost complete . Supply surprisingly robust on the back of US issuers . BeNeLux supply dominated by ABIBB $ trade . We like the 2022-25 part of the curve, selective BBB exposure advised . TLTRO announcement increases the long odds of CSPP2

Jean-Christophe Dourret

Philips : Philips - 21 Fev 2019

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Jean-Christophe Dourret

Philips : Philips - 21 fev 2019

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Alfred Glaser ...
  • Delphine Brault

Philips : Q4 better on the surface – guidance confirmed but Q1 set to be weak

>Apparent improvement in Q4 but significant boost from royalties - Yesterday's Q4 earnings release (see our equity flash “A slightly better-than-expected Q4 but thanks to the “other” division…”) proved lower than forecast, once adjusted for the royalties paid by Signify. Organic growth came to 5.5% (vs consensus forecast of 4.1%) and the adjusted EBITA margin rose 70bp (vs +60bp forecast). The “other” division, which includes royalties, delivered a surprise with adjus...

Alfred Glaser ...
  • Delphine Brault

Philips : Un T4 optiquement meilleur – Guidance confirmée mais le T1 sera faible

>Un T4 qui semble meilleur mais fortement aidé par des royalties - La publication des résultats T4 hier (cf. notre flash « Un T4 légèrement meilleur qu’attendu mais grâce à la division « other ») s’est révélée inférieure aux attentes, une fois retraitée des royalties versées par Signify. La croissance organique atteint 5.5% (contre 4.1% attendus par le consensus) et la marge d’EBITA s’est améliorée de 70 pb (vs +60 pb attendus). La division « other », qui intègre les ...

Nurhayati Wan

Koninklijke Philips N.V.

A director sold 32,984 shares at 31.770EUR and

A director at Koninklijke Philips Electronics N.V. sold 32,984 shares at 31.770EUR and the significance rating of the trade was 79/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing r...

Alexandre Iatrides ...
  • Alfred Glaser
  • Charles Lepetitpas
  • Delphine Brault
  • Emmanuel Matot
  • Louis Boujard
  • Martial Descoutures
  • Nicolas David
  • Philippe Ourpatian
  • Pierre Corby
  • Pierre Tegner
  • Rémi Adam
  • Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 01/31/2019

This report assesses the consequences for BMW and Daimler of a “possible” scenario: an increase in US tariffs on imports from Europe (from 2.5% to 15%) and a decline in Chinese tariffs (from 25% to 15% irrespective of the origin). We estimate: i) the impact on EBIT at -€ 1.2bn for both, i.e. respectively 15% and 10%, and ii) the impact on the valuation at -€ 13.9bn and -€ 14.9bn, which are impressive figures but not realistic. Any increase in US tariffs would result in the relocation ...

Alain William ...
  • Alexandre Iatrides
  • Alfred Glaser
  • Benoit Valleaux
  • Charles Lepetitpas
  • Delphine Brault
  • Emmanuel Matot
  • François Maury
  • Georges Dieng
  • Martial Descoutures
  • Nicolas David
  • Pierre Corby
  • Roland Pfaender
  • Sven Edelfelt
  • Sylvain Goyon
  • Thomas Zlowodzki
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 01/30/2019

If we look for a plausible reason for the performances at the start of the year, the easing of fears of a recession stemming from a monetary policy mistake in the US looks a good candidate. If this is true, we may expect the market to soon look for signs of a stabilisation in the cycle to buy a soft landing scenario, synonymous with a phase of renewed gains. In the meantime, the resurgence of questions (macro economy, European politics, US/China negotiations) could result in a pause o...

Alfred Glaser ...
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Fatma Agnès Hamdani
  • Olivier Lebrun
  • Pierre Tegner
  • Samantha Jeary
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 01/29/2019

The stock has significantly underperformed the sector since the end of 2017, following the acquisition of XL Group. We believe that the current discount to the sector (over 25%) is unjustified. The prospect of favourable 2019 results and the group’s deleveraging should support its re-rating. AXA is part of our Oddo BHF Large Cap Convictions List; we revised our target price up to € 28 at the end of 2019. - See report published this morning. - ...

Alfred Glaser ...
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Fatma Agnès Hamdani
  • Olivier Lebrun
  • Pierre Tegner
  • Samantha Jeary
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 29/01/2019

Le titre a fortement sous-performé le secteur depuis fin 2017, du fait de l’acquisition de XL Group. La décote actuelle par rapport au secteur (de plus de 25%) nous semble injustifiée. Les perspectives de résultats 2019 favorables et le désendettement du groupe devraient favoriser le re-rating du titre. AXA fait partie de notre liste de Convictions Oddo BHF large cap et nous avons un objectif de cours à fin 2019 revu à 28 €. Cf étude publiée ce matin. - ...

Alfred Glaser ...
  • Delphine Brault
  • Khaled Ben Amor
  • Louis Boujard
  • Philippe Ourpatian
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 12/18/2018

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KON.PHILIPS ELTN.NA sees an upgrade to Slightly Positive due to a better fundamental star rating

The general evaluation of KON.PHILIPS ELTN.NA (NL), a company active in the Medical Equipment industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 4 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date January 29, 2019, the closing price was EUR 33.06 and its potential was estimated at EUR 35.24.

Nurhayati Wan

Koninklijke Philips N.V.

Nurhayati Wan

Koninklijke Philips N.V.

Nurhayati Wan

Koninklijke Philips N.V.

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Nurhayati Wan

Koninklijke Philips N.V.

ING
Hendrik Wiersma ...
  • Jeroen van den Broek
  • Job Veenendaal
  • Marcel Klok
  • Nadège Tillier
  • Philippe Ledent

BNLX + /European and BeNeLux credit value mapping

Strategy and Supply . Retracement of 2018 sell-off almost complete . Supply surprisingly robust on the back of US issuers . BeNeLux supply dominated by ABIBB $ trade . We like the 2022-25 part of the curve, selective BBB exposure advised . TLTRO announcement increases the long odds of CSPP2

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

Coffee, Croissants & Credit/Philips, Swedbank and ASML

Philips (PHIANA) released a solid set 4Q18 numbers this morning. Group sales rose 5% on a reported basis to €5.9bn, with the comparable growth rate also coming in at 5%. The comparable quarterly order intake rose 10%. The adjusted EBITA result improved 9.8% to €971m, with a 70bp rise in the EBITA margin to 17.4% (full year +100bp to 13.1%). We view the full year numbers as neutral to spreads given Philips' trading levels versus Orange. On Philips' own curve, we then prefer the PHIA0.75 5/24, while we view PHIA0.5 9/23 as expensive. (For full story, download report)

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

Coffee, Croissants & Credit/Philips, EDF and Rallye/Casino

Industrials: Philips (PHIANA) reported disappointing 3Q18 results, with the report card falling short of market expectations. Sales at Group level rose 4% to €4.3bn, with comparable revenue growth also amounting to 4%. The comparable quarterly order intake rose 11%. The adjusted EBITA result came in 6.8% higher at €568m and Philips reported a 40bp improvement in the adjusted EBITA margin to 13.2%. The result was held back by a 60bp negative currency impact. Still, we believe this earnings slate as largely neutral to spreads given Philips' trading levels versus Orange. On Philips' own curve, we...

GlobalData Department

Koninklijke Philips N.V. (PHIA) - Power - Deals and Alliances Profile

Summary Koninklijke Philips N.V. (Philips) is a diversified technology company develops and manufactures medical systems, consumer electronics and lighting products. The company offers patient care & clinical informatics, imaging systems, healthcare transformation services and home healthcare solutions. It also offers mother and child care, and oral healthcare products include male grooming and beauty products kitchen appliance, coffee, air, garment care, and floor care products and sleep, respiratory care, and respiratory drug delivery products. It also provides diagnostic x-ray, integrated ...

GlobalData Department

Koninklijke Philips N.V. (PHIA) - Medical Equipment - Deals and Alliances Profile

Summary Koninklijke Philips N.V. (Philips) is a diversified technology company develops and manufactures medical systems, consumer electronics and lighting products. The company offers patient care & clinical informatics, imaging systems, healthcare transformation services and home healthcare solutions. It also offers mother and child care, and oral healthcare products include male grooming and beauty products kitchen appliance, coffee, air, garment care, and floor care products and sleep, respiratory care, and respiratory drug delivery products. It also provides diagnostic x-ray, integrated ...

Philips Electronics – Proxinvest Corporate Governance Rating ® : A

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

Expert Corporate Governance Service (ECGS)

Koninklijke Philips - Proxy Report - 19/10/2018

Under agenda item 1 it is proposed to newly appoint Dr Harrison as a member of the Supervisory Board for a 4-year term. Dr Harrison is considered independent. We have no concerns over the proposed appointment of Dr Harrison and recommend approval. On 29 August 2018, the Company announced that it intended to increase the remuneration of the Supervisory Board members. An earlier proposal was withdrawn at the 2017 AGM due to objections from its shareholders. After holding discussions with many of its shareholders, the Company request its shareholders under agenda item 2 to approve a changed prop...

Jérôme VINERIER

Analyse court terme - PHILIPS : La tendance est baissière.

La tendance est baissière. Les prix baissent à nouveau, mais le mouvement est devenu hésitant. Le prochain support est à 29,412 €. La tendance baissière serait remise en cause au-dessus de 35,000 €.

Jérôme VINERIER

Short term view - PHILIPS : The trend is bearish.

The trend is bearish. Prices are falling again, but the movement has become hesitant. The next support is at €29.412. The bearish trend would be challenged above €35.000.

Jérôme VINERIER

Short term view - PHILIPS : The trend is bearish.

The trend is bearish. The movement goes on. The next target is at €29.412, then €28.573. Passing €35.000 would question the continuation of the fall.

Jérôme VINERIER

Analyse court terme - PHILIPS : La tendance est baissière.

La tendance est baissière. Le mouvement se poursuit. Le prochain objectif est à 29,412 €, puis 28,573 €. Le franchissement de 35,000 € remettrait en cause la suite de la baisse.

Jérôme VINERIER

Analyse moyen terme - PHILIPS : Les cours baissent.

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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