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

Alexandre Iatrides ...
  • Alfred Glaser
  • Delphine Brault
  • Fehmi Ben Naamane
  • François Maury
  • Georges Dieng
  • Matthias Desmarais
  • Pierre Tegner
  • Roland Pfaender
  • Samantha Jeary
  • Stephane Houri
  • Veysel Taze
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/30/2019

Dufry's concessions in Spain shaved around 25-30bp off its EBITDA margin in 2018, on our estimates. The process of renegotiating these concessions might be arduous with the risk that the group might lose them (potential impact of CHF 9, i.e. -9% on the current share price). Even when factoring in this scenario and the generally challenging context for the sector, the valuation seems to have come adrift from the fundamentals, in our view. Buy recommendation reiterated. Cf. company repo...

Denise Molina

Morningstar | Royal Philips Posts Mixed 1Q 2019 Results

Narrow-moat Royal Philips reported in-line first-quarter results with moderate revenue growth, below the full-year guidance. Group revenue and orders from continuing operations grew 2% organically, slower than the 4-6% guidance for the full year, which management reaffirmed. The group EBIT margin expanded by 80 basis points, demonstrating progress toward management's full-year goal of an expansion of 100 basis points. Product mix and productivity enhancements contributed 230 basis points to margin improvement. The main offsetting factors were price erosion and cost inflation. We maintain our E...

Denise Molina

Royal Philips Posts Mixed 1Q 2019 Results

Narrow-moat Royal Philips reported in-line first-quarter results with moderate revenue growth, below the full-year guidance. Group revenue and orders from continuing operations grew 2% organically, slower than the 4-6% guidance for the full year, which management reaffirmed. The group EBIT margin expanded by 80 basis points, demonstrating progress toward management's full-year goal of an expansion of 100 basis points. Product mix and productivity enhancements contributed 230 basis points to marg...

Alexandre Iatrides ...
  • Alfred Glaser
  • Delphine Brault
  • Fehmi Ben Naamane
  • François Maury
  • Georges Dieng
  • Matthias Desmarais
  • Pierre Tegner
  • Roland Pfaender
  • Samantha Jeary
  • Stephane Houri
  • Veysel Taze
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 30/04/2019

Les concessions de Dufry en Espagne ont coûté près de 25-30 pb en termes de marge d’EBITDA en 2018, selon nous. Leur processus de renégociation promet d’être compliqué avec le risque de les voir échapper au groupe (impact potentiel de 9 CHF, soit -9% du cours actuel). Même en intégrant cette éventualité et un contexte globalement difficile pour le secteur, la valorisation nous paraît toujours en décalage avec les fondamentaux. Recommandation Achat réitérée. Cf. étude publiée ce jour. - ...

Alfred Glaser ...
  • Delphine Brault

Philips : A weak Q1 but management suggests that a marked improvement is on the way

>A weak Q1, as expected. Orders have stalled - Yesterday the group published a weak Q1 (cf. our flash “A weak Q1, as expected, in contrast, orders disappointed”), although a shade above forecasts (+1.7% for adjusted EBITA). Sales were up 2.3% l-f-l, penalised by issues at suppliers (a fire at one of them) at the IGD (imaging guided therapy) activity, with an impact of € 40m (vs € 50m initially announced). This € 40m impact should be recuperated in Q2 and Q3. The ...

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...

Ahmed Ben Salem ...
  • Alexandre Iatrides
  • Alfred Glaser
  • Baptiste Lebacq
  • Benoit Valleaux
  • Bruno Cavalier
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Jerôme Bodin
  • Louis Boujard
  • Philippe Ourpatian
  • Roland Pfaender
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/29/2019

...

Ahmed Ben Salem ...
  • Alexandre Iatrides
  • Alfred Glaser
  • Baptiste Lebacq
  • Benoit Valleaux
  • Bruno Cavalier
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Jerôme Bodin
  • Louis Boujard
  • Philippe Ourpatian
  • Roland Pfaender
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 29/04/2019

...

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. - ...

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.

null

Nurhayati Wan

Koninklijke Philips N.V.

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

Coffee, Croissants & Credit/Solid start of the year for Philips

Philips (PHIANA) released solid 1Q19 results this morning. Sales came in at €4.2bn, 5% higher on a reported basis and 2% up on a comparable perimeter. The adjusted EBITA result amounted to €364m, compared to €344m in the same period a year earlier. This resulted in an adjusted EBITA margin of 8.8%, 10bp more than in 1Q18. We view today's earnings report a neutral to spreads. On Philips own curve we prefer the PHIANA0.5 9/23 as the pick-up from the extension to the PHIANA0 5/24 is limited. The PHIANA1.375 5/28 trades inside Orange and we therefore believe is expensive.

ING
Hendrik Wiersma ...
  • Job Veenendaal
  • Nadège Tillier
  • Suvi Platerink Kosonen

Benelux Credit Digest/Issuer Profiles

Once again, it is with great pleasure that we present the eleventh edition of 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
  • 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...

MarketLine Department

Hologic, Inc. - Strategy, SWOT and Corporate Finance Report

Hologic, Inc. - Strategy, SWOT and Corporate Finance Report Summary Hologic, Inc. - Strategy, SWOT and Corporate Finance Report, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Key Highlights Hologic, Inc. (Hologic) is a diversified medical technology company focused on improving women’s health and well-being. The company is involved in manufacture and distribution of premium diagnostics products, medical imaging systems ...

MarketLine Department

Panasonic Corporation - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

Summary Marketline's Panasonic Corporation Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Panasonic Corporation since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity undertaken by an organization to sustain its competitive advanta...

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 ...

Expert Corporate Governance Service (ECGS)

Koninklijke Philips - AGM 09 May 2019

In general, Koninklijke Philips ("Philips") is in compliance with the Dutch regulations relating to the organisation and procedures of the Annual General Meeting. Under ITEM 4a, it is proposed to re-appoint Mr. David Pyott as Member of the supervisory board. Although he is considered independent, ECGS has concerns over his aggregate time commitments. Mr. Pyott is serving as Chairman of the board of directors of Bioniz Therapeutics LLC (substantial non-listed company) and non-executive director of Avery Dennison Inc, Koninklijke Philips N.V, Alnylam Pharmaceuticals Inc and Biomarin Pharmaceuti...

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.

ResearchPool Subscriptions

Get the most out of your insights

Get in touch