PHILIPS ELECTRONICS N.V. ADRs $38 (New York symbol PHG; Conservative Growth Portfolio, Manufacturing & Industry sector; ADRs outstanding: 1.1 billion; Market cap: $41.8 billion; WSSF Rating: Average) operates in three main areas: consumer electronics; lighting; and medical equipment. Each American Depository Receipt represents one Philips common share.
Philips is a leading maker of LED (light-emitting diode) lighting systems, which use up to 50% less electricity than regular light bulbs. LEDs also last much longer than conventional bulbs. Consequently, many cities are replacing street lamps and traffic signals with LEDs. Construction companies are also installing LED systems in new buildings. Demand for LEDs should continue to grow, as the technology improves and manufacturing costs fall.
In 2007, Philips’ earnings jumped to 4.19 Euros a share from 0.76 Euros a share in 2006, mostly due to gains on the sale of assets (1 Euro = $1.54 U.S.). Sales crept up to 26.8 billion Euros from 26.7 billion Euros.
Philips’ stock now trades at 14.1 times the $2.70 U.S. a share it should earn in 2008. The current implied annual dividend rate of $0.81 U.S. yields 2.1%.
Philips is a buy.
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