PHILIPS: DARKEST BEFORE THE DAWN (ANÃLISIS BANCO SABADELL)
El impacto del Covid-19 será limitado y no altera su Investment Case. COMPRARRevisamos ligeramente nuestras estimaciones’20 (-4,5% en ventas y -5,8% en EBITA) por el Covid-19, pero pensamos que el impacto será puntual y no deberÃa afectar a sus divisiones “core†vinculadas a Medtech (70% ventas). Con todo, rebajamos nuestro P.O. a 43,00 euros/acc. (-2,3% vs antes, +17% potencial) pero mantenemos COMPRAR dado que esta crisis no altera sus drivers: (i) Vinculación a mercados oligopolÃsticos (3 players, 70% ventas globales), (ii) aumento poblacional y (iii) envejecimiento progresivo en desarrollados (>65% ventas). Adicionalmente, en los Rdos. 1T’20 (20/04) o en su CMD (previsto para 4T’20 ahora vs mayo antes) la compañÃa podrÃa aportar indicaciones sobre su objetivo de márgenes a largo plazo y podrÃa servir de catalizador para la acción.
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).
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