We Increase Philips’ FVE Due to Strong Diagnosis, Treatment Order Intake in 1Q; Shares Undervalued
We increase our Philips’ fair value estimate to EUR 42 from EUR 40 per share for the Amsterdam-listed shares, and to $50 from $47 for the ADR, after updating our estimates for strong order intake in the first three months of 2018, a lower pension deficit, and the time value of money. We maintain our narrow rating and believe Philips remains one of the most attractive investment opportunities under our coverage.After correcting for currency headwinds and slightly higher-than-expected restructuri...
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