Philips’ Strong Operational Results Improvement Continues in Q3; Shares Undervalued
Narrow-moat Philips delivered again on our expected operational results improvements as adjusted EBITA amounted to EUR 649 million, or 11% of sales, compared with 9.8% in the year-ago quarter. Revenue was in line with our expectations, and we are encouraged by the solid sales growth in the quarter (2% organically year on year), driven by 5% growth in the HealthTech portfolio and partly offset by a 3% decline in lighting. For 2016, we expect modest sales growth and increasing margins as a result...
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