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Analyse aandeel Philips Electronics

Morningstar vindt dat de opsplitsing van Philips de potentie heeft voor waardecreatie voor de aandeelhouders en een voor een betere allocatie van kapitaal. Wij verwachten een verkoop of beursgang voor de lichtdivisie in 2015-16. (Engelstalig rapport)

Morningstar Equity Analysts 18 november, 2014 | 11:56

INVESTMENT THESIS

Philips introduced its first light bulb more than 120 years ago and today is the premier lighting manufacturer in Europe. Through numerous acquisitions and divestitures, the company grew into other businesses and has admirable positions in lighting, health-care products, and consumer lifestyle. The firm is selling its consumer electronics businesses to focus the portfolio on healthy living and prevention products, and management's focus is improving the company's cost structure. In September, Philips announced what we think is the logical next strategic step of its impressive transformation by combining health care and consumer lifestyle into one company and splitting off the lighting solution business into a separate firm. We believe the breakup has potential for shareholder value creation and better allocation of capital and expect a trade sale or IPO for lighting in 2015-16.

With the market's transition to LED lighting products, the competitive landscape is changing. New players are entering the market and the intensified competition is strongly apparent at the LED component business. In June, Philips announced it would combine the LED component and automotive lighting divisions in order to explore strategic options, with expected completion in the first half of 2015, as it doesn't want to participate in the next capital expenditure cycle given limited visibility on returns. Instead, Philips is focusing on the strong and growing demand for professional lighting solutions. Fewer players are active in this market, and we think Philips is well positioned, given its deep application and systems integration expertise.

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Effecten genoemd in dit artikel

Naam effectPrijsChange (%)Morningstar Rating
Royal Philips NV44,24 EUR-0,32

Over de auteur

Morningstar Equity Analysts  Morningstar stock and fund analysts cover 2,000 mutual funds, 2,100 equities, and 300 exchange-traded funds.

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