In this Research Note, we examine the lighting business of Signify, based on their 2022 annual results, investor presentations and connected lighting technology-related activities throughout 2022. This is an update on our previous coverage of Signify last year. Signify, headquartered in Eindhoven, the Netherlands, is a market leader in energy-efficient lighting systems and services, with approximately 35,000 employees and a presence in over 70 countries. The business reported 2022 sales of EUR 7,514 million on 27th January 2023. Full-year sales increased by 9.5% to EUR 7,514 million, including a positive currency effect of 6.0%, primarily driven by the appreciation of the USD, and a positive impact of 2.4% from the consolidation of Fluence and Pierlite. Comparable sales growth was 1.2%, benefiting from traction in the professional segment, partly offset by China, which was impacted by COVID-related measures, and softness in the consumer segment. Over the past few years, Signify has strengthened its position as the […]