Signify - A light start
• Q1-24 was somewhat below expectations, primarily on top line growth (-10% vs our -7%) due to weakness in European professional.• Nevertheless, Signify reiterates FY24 guidance as it sees improving top line momentum and more cost savings in the course of the year. • Valuation appears undemanding, but visibility remains low amidst ongoing tough trading conditions. Hold maintained, with TP of EUR 30.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.
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