Signify CMD first take - margin target supportive of consensus, no announcement on portfolio, big reset to dividend

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Signify CMD first take - margin target supportive of consensus, no announcement on portfolio, big reset to dividend

J P M O R G A N Europe Equity Research

23 June 2026

Signify Neutral

LIGHT.AS, LIGHT NA

CMD first take - margin target supportive of consensus, Price (22 Jun 26):€20.94

no announcement on portfolio, big reset to dividend Price Target (Jun-27):€18.40

Our Take: Ahead of its CMD starting at 8am UK time, Signify announced a new European Capital Goods

ACmedium-term plan with a ~10% Adj EBITA margin targeted by 2029, which is Akash Gupta

supportive of consensus expectations of a 9.1% margin in 2028. One could argue (44-20) 7742-7978

that the new medium-term target lacks ambition, as it's below what the company akash.z.gupta@jpmorgan.com

previously targeted, but given the weak track record we see the margin target as J.P. Morgan Securities plc

realistic, which should be seen as the new CEO aiming to build a track record. The Phil Buller

big surprise, however, is on capital allocation, where the company now targets a (44-20) 3493-9403

phil.buller@jpmorgan.com

payout ratio of 40-50% of underlying net income (adjusted for one-offs). On the J.P. Morgan Securities plc

back of the envelope calculation this would imply a ~45% cut to consensus DPS

Chitrita C Sinha

expectations and reduce the dividend yield to ~4%. There was no announcement (44-20) 7742-7176

of a share buyback today. We were expecting portfolio actions to boost the growth chitrita.sinha@jpmorgan.com

profile, which didn’t feature in the press release and the company targets 0-1% J.P. Morgan Securities plc

annual comparable growth in the medium term. However, the company mentioned Jeremy Caspar

six portfolio choices, without offering any details in the press release. Broadly, (44-20) 3493-5188