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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.

We see softer demand resulting from hospital consolidation and focus on cost, which hurts Philips' imaging business. Imaging is effectively a three-player market with GE and Siemens, and long-term emerging-market growth is mitigating our concerns. Philips' suites of products ties well into growing demand for integral value-based health-care solutions and aging population with more chronic diseases. Philips has a clear strategy to partner with hospitals to manage the workflow, lower the cost of care, and offer home-care devices and solutions.


WAARDERING

Economic Moat   Fair value   Stewardship Rating   LED
Narrow   EUR 27,00   Standard  
Moat Trend   Uncertainty   Sector  
Stable   Medium   

Technologie - computerhardware

 

BULLS

  • Philips will create additional value by a sale or spin-off of lighting solutions and combination of its health-care and consumer lifestyle divisions.

  • The health continuum is a growing EUR 100 billion-plus market for Philips. The firm's leading portfolio of medical devices and relationships combined with insights into clinical and consumer needs leads to a strong position to capture this opportunity.

  • Philips is a leader in the consumer lifestyle, lighting, and health-care equipment and services markets. Weakness in any one area can be offset by strength in other divisions.

 


BEARS

  • With the market's transition to LED lighting products, the competitive landscape is changing. New players are entering the lighting market from different industries despite barriers to entry such as intellectual property rights, market channel access, and technology and application know-how.

  • Changes in the U.S. health-care system, like lower reimbursement rates, will have an overall negative impact on demand for health-care orders.

  • Philips has a record of returning excess cash to shareholders through dividends, but the cash it does retain is often used on expensive acquisitions.

 

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Effecten genoemd in dit artikel

Naam effectPrijsChange (%)Morningstar Rating
Royal Philips NV42,61 EUR1,93

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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