Report
Frank Claassen

Signify - Top line growth remains an issue

•    Despite a stronger than anticipated margin in Q3, we leave our FY23/24 est. broadly unchanged as Signify flags more top line pressure ahead.  •    Valuation appears undemanding, but visibility remains low amidst macroeconomic uncertainty. •    Hold maintained, TP of EUR 30, based on our 2024E SOTP with a target EV/EBITA of around 9x (=7.5x EV/adjusted EBITA).
Underlying
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.

Provider
Degroof Petercam
Degroof Petercam

​We are an investment house with Belgian roots founded on more than 150 years of trust.

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Analysts
Frank Claassen

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