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
ING
ING Helpdesk

Benelux Morning Notes

a.s.r.: c.10% yield by year-end on the agenda. Ageas: Performing in a challenging market. DWS: Focus on NNM growth amidst uncertain markets. Euronext: Another positive quarter, driven by trading revenue. NN Group: c.8% yield by year-end on the agenda. Royal Philips: 2Q20 preview – more clarity on Covid-19. Sligro: 1H20 preview

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

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. 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.

ING
ING Helpdesk

Benelux Morning Notes

a.s.r.: c.10% yield by year-end on the agenda. Ageas: Performing in a challenging market. DWS: Focus on NNM growth amidst uncertain markets. Euronext: Another positive quarter, driven by trading revenue. NN Group: c.8% yield by year-end on the agenda. Royal Philips: 2Q20 preview – more clarity on Covid-19. Sligro: 1H20 preview

Stephane Houri

Accor : Digitisation post-COVID: what consequences for our sectors and stocks?

This cross-sector report from ODDO BHF equity research aims to identify the sectors and stocks positively affected by or at risk from an acceleration in the digitisation of society and the economy post COVID-19. We arrive at a list of 16 attractive stocks and 12 stocks that we see as being at risk. - >Accelerated digitisation, no turning back - The COVID-19 crisis will without a doubt accelerate use of digital in society in general. The effectiveness of teleworking has...

Alfred Glaser ...
  • Delphine Brault

ODDO : Focus on construction: the day after - which stocks to favour when we exit the crisis?

We see the capacity to reignite growth quickly, both in organic terms and via acquisitions, as a key differentiating factor for the stocks in the sector, The main themes (energy efficiency, health in buildings) will be favoured, as will exposure to China. We favour Assa Abloy. Our preference also goes to KONE and Schneider Electric on which we are revising up our recommendations to Buy. We are lowering our recommendation to Neutral on Schindler. - >Capacity to reignite gr...

Alfred Glaser ...
  • Delphine Brault

ODDO : Focus Construction : le jour d’après … quelles valeurs en sortie de crise ?

La capacité des groupes à réamorcer la croissance rapidement sera, selon nous, un facteur de différenciation clé, tant en organique que par les acquisitions. Par ailleurs, des grands thèmes (efficacité énergétique, hygiène dans les bâtiments) seront privilégiés, tout comme l’exposition Chine. Nous privilégions Assa Abloy ainsi que KONE et Schneider Electric dont nous relevons nos recommandations à l'Achat et abaissons à Neutre notre recommandation sur Schindler. - >La cap...

Alfred Glaser ...
  • Delphine Brault

Philips : A somewhat mixed Q1 but guidance offers hope

>Q1 2020: a marked deterioration in the EBITA margin and strong increase in new orders - Yesterday the group published a mixed set of Q1 results (cf. our equity flash “Q1 2020: margin collapse and surge in orders”), well below forecasts (-16% for EBITA adjusted based on a very limited consensus). Sales were down 2.3% l-f-l, penalised by the marked decline in orders in Asia (and partly in Europe) at the personal health division. The adjusted EBITA margin suffered,...

ING
Alyssa Gammoudy ...
  • Hendrik Wiersma
  • Jeroen van den Broek
  • Nadège Tillier
  • Suvi Platerink Kosonen
  • Timothy Rahill

Coffee, Croissants & Credit/Philips

Philips: mixed impact from Covid-19; modest sales growth and margin improvement targeted in 2020

ING
Alyssa Gammoudy ...
  • Hendrik Wiersma
  • Nadège Tillier

Benelux Credit Digest/Corporate issuer profiles

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

ING
Alyssa Gammoudy ...
  • Hendrik Wiersma
  • Marcel Klok
  • Nadège Tillier
  • Philippe Ledent
  • Timothy Rahill

BNLX+ Corporates/European and BeNeLux credit value mapping

Strategy and Supply: • Mildly bullish for 2020, with preference for less cyclical sectors • Expect corporate credit curves to flatten • CSPP targeting long end of the curve • ECB purchasing more new and recent issues under CSPP • BeNeLux supply to remain in line with 2019 . Selected sectors and BeNeLux names: • Food retailers: Always light in the darkness • Telecoms: KPN and Proximus focus on digitalisation to drive cost savings • Utilities: 2020 will be a fundamentally robust year Netherlands, Belgium and Luxembourg Economics: • Netherlands: Only a small slowdown thanks to fiscal pol...

ING
Alyssa Gammoudy ...
  • Hendrik Wiersma
  • Jeroen van den Broek
  • Nadège Tillier
  • Suvi Platerink Kosonen
  • Timothy Rahill

Coffee, Croissants & Credit/CSSP, Swedbank, Philips and Total SA

CSPP holdings rise by €435m after a week of considerable refinancing

ING
Alyssa Gammoudy ...
  • Hendrik Wiersma
  • Jeroen van den Broek
  • Nadège Tillier
  • Suvi Platerink Kosonen
  • Timothy Rahill

Coffee, Croissants & Credit/Metro, Verizon and Philips

Metro (MEOGR) credit rating update S&P BBB-/stable affirmed: MEOGR1.25 3/25 still preferred

Alain William ...
  • Alfred Glaser
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Fatma Agnès Hamdani
  • Jerôme Bodin
  • Johanna Jourdain
  • Matthias Desmarais
  • Michael Foundoukidis
  • Pierre Tegner
  • Samantha Jeary
  • Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/21/2020

Three fundamental conclusions can be drawn from our research, which has been conducted on a model recast with a view to capturing the latest governance trends: (i) Eurazeo and Plastic Omnium have the best scores based on our analysis model, with a very clear lead for Eurazeo; (ii) France is trying (possibly too hard) to protect itself against activist funds; and (iii) the Covid-19 crisis is threatening the organisation of AGMs and calling into question the principle of shareholder val...

Alain William ...
  • Alfred Glaser
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Fatma Agnès Hamdani
  • Jerôme Bodin
  • Johanna Jourdain
  • Matthias Desmarais
  • Michael Foundoukidis
  • Pierre Tegner
  • Samantha Jeary
  • Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 21/04/2020

3 éléments fondamentaux sont à retenir de notre étude dont le modèle a été refondu pour capter les dernières tendances de gouvernance : 1/ Eurazeo et Plastic Omnium disposent de la meilleure notation, sur la base de notre modèle d’analyse, la première se détachant très nettement 2/ la France cherche (trop ?) à se protéger contre les activistes 3/ La crise du COVID-19 menace la tenue des AG et provoque une remise en question du principe de la valeur actionnariale. - ...

Ahmed Ben Salem ...
  • Alain William
  • Alfred Glaser
  • Anis Zgaya
  • Aurelien Sivignon
  • Baptiste Lebacq
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Jean-François Granjon
  • Jerôme Bodin
  • Martial Descoutures
  • Oussema Denguir
  • Virginie Rousseau

ODDO BHF Small & MIDCAP MORNING NEWS - 03/24/2020

...

Ahmed Ben Salem ...
  • Alfred Glaser
  • Baptiste Lebacq
  • Delphine Brault
  • Emira Sagaama
  • Fatma Agnès Hamdani
  • Florent Laroche-Joubert
  • Jean-François Granjon
  • Louis Boujard, CFA
  • Matthias Desmarais
  • Philippe Ourpatian
  • Samantha Jeary
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/24/2020

...

Ahmed Ben Salem ...
  • Alain William
  • Alfred Glaser
  • Anis Zgaya
  • Aurelien Sivignon
  • Baptiste Lebacq
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Jean-François Granjon
  • Jerôme Bodin
  • Martial Descoutures
  • Oussema Denguir

ODDO BHF Small & MIDCAP MORNING NEWS - 24/03/2020

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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 July 3, 2020, the closing price was EUR 42.95 and its potential was estimated at EUR 46.73.

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...

Expert Corporate Governance Service (ECGS)

Koninklijke Philips - EGM 26 June 2020

ECGS notes that as a result of the Covid-19 pandemic the EGM will be held as an electronic meeting only. Consequently, it will not be possible to attend the EGM in person.In general, Koninklijke Philips ("Philips") is in compliance with the Dutch regulations relating to the organisation and procedures of the Extraordinary General Meeting.Under ITEM 1 the supervisory board proposes to distribute a dividend of EUR 0.85 per share for the FY 2019 to be distributed as stock (scrip) dividend. ECGS notes that the proposal to adopt a stock (scrip) dividend only, follows from the withdrawal, as announc...

Expert Corporate Governance Service (ECGS)

Koninklijke Philips – AGM 30 April 2020

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 3a approval is sought for the Company's remuneration policy. Although ECGS has no concerns over the proposed amendments to the Company's executive remuneration policy, it does NOT approve of the maximum variable remuneration, corresponding to 600% of annual base salary (200% ST and 400% LT). Accordingly, ECGS recommends to vote OPPOSE.   Under ITEM 3b approval is sought for a LT incentive plan. ECGS notes that the LT...

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...

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