Report
Wim Gille

Signify : We doubt 4Q23 will be as bad as the company guided for

>We increase our estimates and target price by 5% - We keep our revenue fc broadly flat while we increase our underlying EBITDA estimates by some 5%. In line with this we increase our DCF based target price by 5% as well from €40 per share to €42 per share. Our new model includes the recently announced restructuring (taking €200m in annual cost out of the business, which is partially offset by higher restructuring cost in 4Q23 and 1Q24. We reiterate our outperform rat...
Underlying
Signify NV

Signify NV Formerly known as Philips Lighting NV. Signify NV, formerly Philips Lighting NV, is a company based in the Netherlands that provides lamps and lighting solutions. Its product portfolio includes, among others, incandescent lamps, halogen lamps, fluorescent lamps, linear fluorescent lamps (LFL), compact fluorescent lamps (CFL), high-intensity discharge lamps (HID) and light-emitting diodes (LED), as well as electronic components, such as electronic ballasts and drivers. The Company also provides integrated and customized lighting systems. Its service portfolio includes light management and value-added services, such as energy audits, light design and engineering, as well as remote monitoring and managed services. The Company operates through four segments: The Lamps segments comprises conventional lamps and lamp electronics; the LED segment focuses on LED lamps; the Professional segment includes lighting systems and services for professional consumers, and the Home segment covers consumer luminaries and home systems.

Provider
Oddo BHF
Oddo BHF

​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.

Analysts
Wim Gille

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