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Philips (PHIANA Baa1/BBB+): 2Q24 Preview (29th July)

HEALTHCARE
  • 2Q Revenues are expected to be flat yoy at €4,446 with no significant outliers in the 3 business units.
  • Philips share price has moved ahead of analysts' earnings expectations which either sets up for a disappointment or a sign that analysts are too conservative.
  • Exor and Artisan have both amassed significant stakes as value investors betting on a turn-around in the business.
  • Ratings were placed on Stable by Moody's and S&P in May and July
  • Better earnings predictability after agreement on the sleep apnoea legal claims.
  • Expect to see ongoing cost-savings.
  • Moody's anticipate leverage maintained at 2-3x over the next 1-2yrs.
  • Last issued in May '24 to refi existing debt.
  • Nothing falls due until Mar '25.
  • Bonds trade more or less in-line with BDX which is 1 notch lower rated but 3x the size.
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