PHG - Philips Undervalued Ahead Of Normalizing Procedures And Telehealth Growth

• Philips beat fourth quarter expectations, with the strong performance of Connected Care driving the business.
• 2020 was a challenging year for hospital capital equipment outside of respiratory care and monitoring, but Philips gained share in MRI and CT.
• Telehealth and image-guided therapies, two areas of particular focus at Philips, are likely to outgrow the broader med-tech market over the next decade.
• Philps looks undervalued on the basis of 7% long-term FCF growth and near-term EBITDA margins in the 18%-19% range.

For further details see: