Signify: Post Q2 wrap – valuation support but no catalyst to unlock value; remain Neutral

研报英文原文证据摘录

Signify: Post Q2 wrap – valuation support but no catalyst to unlock value; remain Neutral

J P M O R G A N Europe Equity Research

24 July 2026

Signify Neutral

LIGHT.AS, LIGHT NA

Post Q2 wrap – valuation support but no catalyst to Price (23 Jul 26):€15.98

unlock value; remain Neutral Price Target (Dec-27):€19.20

Signify reported weaker-than-expected Q2 results driven by margin misses in the European Capital Goods

ACProfessional and Consumer segments. The company reiterated FY margin Akash Gupta

guidance, as they see stronger margins in H2 driven by restocking by customers, (44-20) 7742-7978

growth in connected lighting and India, and cost saving actions launched earlier akash.z.gupta@jpmorgan.com

this year. We cut our 2026/27 Adj EBITA forecast by 1% each, which leaves us J.P. Morgan Securities plc

5%/8% below the pre-Q2 company-sourced consensus. The upper half of the range Phil Buller

is now highly ambitious, in our view, and we expect consensus to settle around the (44-20) 3493-9403

phil.buller@jpmorgan.com

bottom end of the range. We forecast FY margins of 7.5% vs. prior consensus of J.P. Morgan Securities plc

7.9% (7.5-8.5% guidance). Trading at high teens percentage points FCF yield, we

Chitrita C Sinha

believe the stock has valuation support but there are no catalysts in the near term (44-20) 7742-7176

to unlock value. We maintain our Neutral rating. chitrita.sinha@jpmorgan.com

J.P. Morgan Securities plc

• Conference call take-aways: Management said that retailers destocked Jeremy Caspar

consumer connected lighting products in the quarter (which is accretive to (44-20) 3493-5188

margins), and they expect strong activity in H2. Signify saw some cost jeremy.caspar@jpmorgan.com

headwinds in parts of Consumer business, which also impacted gross margins, J.P.