Philips’ Strong Operational Results Improvements Clouded by FDA Investigation; Shares Undervalued
Philips exceeded our expectations for margin improvement in its 2016 results with an EBITA margin of 10.5%, up 130 basis point from 2015, on the back of EUR 24.5 billion in revenue. Revenue was in line with our expectations, and we are encouraged by the 3% organic growth in the fourth quarter, driven by 5% growth in HealthTech but partly offset by a 3% decline in lighting. After adjusting 2017 and 2018 revenue and margins, and taking into account the time value of money, we increase our fair val...
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