Execution RiskExecution risk persists, and with shares having re-rated by +20% on a 12m forward P/E basis, the risk/reward remains more attractive for peer SHL.
Margin PressurePhilips guided to Q3 margins decreasing sequentially, driven by an increased tariff headwind.
Market PerformanceD&T performance was significantly lower than peer Siemens Healthineers, suggesting market share loss in value (-1% vs +8%).