(News Bulletin 247) – UBS believes that the group has announced good results for the first quarter, but concerns about litigation are significant.
The group generated adjusted operating income (Ebita) over the first three months of the year, up to 359 million euros, against 243 million euros a year earlier. For comparison, analysts expected a profit of around only 200 million euros.
Following this announcement, however, the analyst confirms his advice to sell with a price target of 13.2 E.
‘Revenue exceeded consensus by 3% and adjusted EBITA grew 74%, while the company recorded a provision of 575 million euros for a litigation relating to its respiratory devices’ indicates UBS.
Philips, which says it makes resolving the case “its highest priority”, has nevertheless been confident about its prospects for the 2023 financial year.
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