PHPPY - Signify: I Like This Lighting Leader But Shares Still Lack The Spark
When you light a candle, you also cast a shadow.
- Ursula K. Le Guin
Investor’s briefing
Formerly Philips Lighting, Signify (PHPPY) is a spin-off of Dutch electronics manufacturer Royal Phillips (PHG) focusing on lighting for professionals, consumers and IoT. The company is a well-renowned industry leader in both conventional and LED lighting, generating annual global sales of EUR 6.4 billion in 2018 (approx. USD 7 billion). While there is little doubt about the quality of the company's products, the investment case has been murkier. In 2018, its sales and profits