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A double opportunity

Aug 16, 2023

The holding company of the Agnelli family, Exor, has taken last week a 15% stake in the Dutch healthcare company Philips worth 2.6 bn EUR. Exor had announced before planning to expand its healthcare portfolio and Philips is definitely a long term investment opportunity. The stock is down 60% since the announcement of the recall of its sleep apnoa product 2 years ago. Philips currently trades at 13.6 times 2024e earnings, 0.94 times revenues and carries a dividend yield of 4.2%. Triggers are in place with a restructuring program launched by a new CEO and ample provisions for the product recall. We own Philips in our European Value Fund. That said we also own Exor, that trades at a record 40% to its NAV, unjustified for a holding with a quality portfolio. A double opportunity in Europe.

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A double opportunity

Aug 16, 2023