We Increase Philips’ FVE Due to Strong Improvements in Q1 Operational Results; Shares Undervalued
Narrow-moat Philips reported good first-quarter sales of EUR 5.7 billion, up 4% on a reported and 2% on a comparable basis, and adjusted EBITA of EUR 437 million, or 7.7% of sales, compared with 6.8% in the year-ago quarter. Revenue was roughly in line with our expectations, and we are encouraged by the 3% organic growth in the quarter, driven by 5% growth in HealthTech. Philips has exceeded our expectations for margin improvement due to operational leverage and strong cost control. After adjust...
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