Analyst Note| Javier Correonero |
Narrow-moat Philips recorded 9% organic sales growth during the quarter, driven by strong demand in the majority of its product segments, but also helped by easy comparable figures during the second quarter of 2020, which was especially weak. This brought overall revenue to EUR 4.23 billion with growth coming from all the divisions except connected care, which saw a 16% decline year over year, explained by the triple-digit growth in respiratory devices during the second quarter of 2020. Both revenue and EBITA were aligned with company-provided consensus. We are maintaining our fair value estimate.