Philips: Solid Results With Impressive Diagnosis & Treatment Order Intake in 2Q; Shares Undervalued
After correcting for negative foreign exchange movements, Philips reported solid second-quarter sales of EUR 4.3 billion (flat on a reported basis and up 4% year on year organically) and adjusted EBITA of EUR 482 million, or 11.2% of sales, compared with 10.2% in the year-ago quarter. As in previous quarters, Philips has met our expectations for margin improvement due to operational leverage and strong cost control. We maintain our narrow moat rating and our fair value estimate of EUR 42 per sha...
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