Short Shots is a collection of technically vulnerable charts culled from the Negative Inflecting and Toppy columns within our Weekly Compass report or from various technical screening processes. The charts contained in this report have developed concerning technical patterns that suggest further price deterioration is likely. For these reasons Short Shots can also be a great source of ideas for investors interested in short-selling candidates.
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
Test Of The Lows Coming? Equities remain in rally mode after the S&P 500 was able to break above the steep downtrend that we highlighted last week. In our 3/24/20 Compass we noted the potential for a snap-back rally and that a break above this downtrend, specifically above 2,350-2,370, would help give us confidence that an initial/primary low has been made. This is exactly what transpired intraday on 3/24. Now that the initial/primary low has been established and with the S&P 500 roughly 20% of...
Narrow-moat Royal Philips reported in-line first-quarter results with moderate revenue growth, below the full-year guidance. Group revenue and orders from continuing operations grew 2% organically, slower than the 4-6% guidance for the full year, which management reaffirmed. The group EBIT margin expanded by 80 basis points, demonstrating progress toward management's full-year goal of an expansion of 100 basis points. Product mix and productivity enhancements contributed 230 basis points to marg...
Narrow-moat Royal Philips reported in-line first-quarter results with moderate revenue growth, below the full-year guidance. Group revenue and orders from continuing operations grew 2% organically, slower than the 4-6% guidance for the full year, which management reaffirmed. The group EBIT margin expanded by 80 basis points, demonstrating progress toward management's full-year goal of an expansion of 100 basis points. Product mix and productivity enhancements contributed 230 basis points to marg...
Narrow-moat Royal Philips reported in-line first-quarter results with moderate revenue growth, below the full-year guidance. Group revenue and orders from continuing operations grew 2% organically, slower than the 4-6% guidance for the full year, which management reaffirmed. The group EBIT margin expanded by 80 basis points, demonstrating progress toward management's full-year goal of an expansion of 100 basis points. Product mix and productivity enhancements contributed 230 basis points to marg...
After deconsolidation of the sluggishly growing no-moat lighting division, the breakup of Philips is largely completed, and the firm's profile is more appealing for investors, given higher sales growth and improved profitability. With strong intangible assets and increasing switching costs as the foundations of Philips' healthtech moat, the firm's returns on invested capital are on the rise and substantially outweigh its cost of capital. Philips' product suites tie well into growing demand for i...
With its third-quarter update, narrow-moat Philips delivered on our expectations for revenue growth (owing to the firm’s refreshed product portfolio and strong positions in high-growth healthcare, grooming, and shaving markets) and margin improvement (owing to operational leverage, growth of high-margin catheter products, and strong cost control). Despite revenue growth (4% year on year on a reported and organic basis) and adjusted EBITA margin expansion of 40 basis points, Philips’s third-q...
After deconsolidation of the sluggishly growing no-moat lighting division, the breakup of Philips is largely completed, and the firm's profile is more appealing for investors, given higher sales growth and improved profitability. With strong intangible assets and increasing switching costs as the foundations of Philips' healthtech moat, the firm's returns on invested capital are on the rise and substantially outweigh its cost of capital. Philips' product suites tie well into growing demand for i...
With its third-quarter update, narrow-moat Philips delivered on our expectations for revenue growth (owing to the firm’s refreshed product portfolio and strong positions in high-growth healthcare, grooming, and shaving markets) and margin improvement (owing to operational leverage, growth of high-margin catheter products, and strong cost control). Despite revenue growth (4% year on year on a reported and organic basis) and adjusted EBITA margin expansion of 40 basis points, Philips’s third-q...
After deconsolidation of the sluggishly growing no-moat lighting division, the breakup of Philips is largely completed, and the firm's profile is more appealing for investors, given higher sales growth and improved profitability. With strong intangible assets and increasing switching costs as the foundations of Philips' healthtech moat, the firm's returns on invested capital are on the rise and substantially outweigh its cost of capital. Philips' product suites tie well into growing demand for i...
With its third-quarter update, narrow-moat Philips delivered on our expectations for revenue growth (owing to the firm’s refreshed product portfolio and strong positions in high-growth healthcare, grooming, and shaving markets) and margin improvement (owing to operational leverage, growth of high-margin catheter products, and strong cost control). Despite revenue growth (4% year on year on a reported and organic basis) and adjusted EBITA margin expansion of 40 basis points, Philips’s third-q...
With its third-quarter update, narrow-moat Philips delivered on our expectations for revenue growth (owing to the firm’s refreshed product portfolio and strong positions in high-growth healthcare, grooming, and shaving markets) and margin improvement (owing to operational leverage, growth of high-margin catheter products, and strong cost control). Despite revenue growth (4% year on year on a reported and organic basis) and adjusted EBITA margin expansion of 40 basis points, Philips’s third-q...
With its third-quarter update, narrow-moat Philips delivered on our expectations for revenue growth (owing to the firm’s refreshed product portfolio and strong positions in high-growth healthcare, grooming, and shaving markets) and margin improvement (owing to operational leverage, growth of high-margin catheter products, and strong cost control). Despite revenue growth (4% year on year on a reported and organic basis) and adjusted EBITA margin expansion of 40 basis points, Philips’s third-q...
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...
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...
We increase our Philips’ fair value estimate to EUR 42 from EUR 40 per share for the Amsterdam-listed shares, and to $50 from $47 for the ADR, after updating our estimates for strong order intake in the first three months of 2018, a lower pension deficit, and the time value of money. We maintain our narrow rating and believe Philips remains one of the most attractive investment opportunities under our coverage. After correcting for currency headwinds and slightly higher-than-expected restructu...
With an excellent set of fourth-quarter results, narrow moat Philips delivered against our expectations for revenue growth (due to the firm’s refreshed product portfolio and strong positions in the high-growth healthcare, grooming and shaving markets) and margin improvement (due to operational leverage, growth of high-margin catheter products, and strong cost control). Philips reported fourth-quarter sales of EUR 5.3 billion, up 5% on a comparable basis, and adjusted EBITA of EUR 884 million, ...
At Philips’ capital market day, hosted in New York on Nov. 2, no real new group targets were revealed as management confirmed midterm targets. However, additional information about the firm’s refreshed product portfolio and ability to navigate the challenges of increasingly bundled purchasing behavior by shifting to a "continued engagement" model from a transactional model supports our view of sustainable high growth and value creation. With strong intangible assets and increasing switching ...
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