Philips : Valuation call: still some choppy waters ahead
>Changes to our estimates - Following the profit warning of 12 January and the earnings call earlier this week we updated our model. Our revenue forecasts are coming down 4.4% on sales and 9.5% on EBITDA. We now include 2% comparable sales growth and a 2.1% FX tailwind (USD related) in our model. This is below company guidance of 3%-5% comparable sales growth. In addition we model for a margin uplift of 50bips which is on the low end of management guidance (40-90 bips...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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