Philips : Preview FY23 results due 29 Jan (positive).
>We keep our estimates broadly unchanged - In this note we keep our estimates broadly stable. In addition we increase our TP from €21 to €23 as we included the latest cost of capital in our model, while rolling forward our DCF valuation by one year. We maintain our Neutral rating for now, but expect to become incrementally positive as the company makes progress on the final stages of the recall. As input for our DCF model we currently include a risk free rate of 2.83%...Koninklijke Philips Electronics is active in the markets of healthcare, consumer lifestyle and lighting. Co.'s activities can be divided into three segments: Healthcare (Co. provides Imaging Systems, Patient Care and Clinical Informatics, Home Healthcare Solutions and Customer Services), Consumer Lifestyle (Co.'s products are divided into the following: Health and Wellness; Domestic Appliances; and Lifestyle Entertainment), Lighting (Co. provides lighting solutions for homes, shops, offices, schools, hotels, factories and hospitals; Co. also offers solutions for roads (street lighting and car lights) and for public spaces, residential areas and sports arenas).
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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