In this Research Note, we examine the lighting business of Signify, based on their 2023 annual results announced on 26th January 2024, investor presentations and connected lighting technology-related activities throughout the last 12 months. This is an update on our previous coverage of Signify last year. Signify (Euronext: LIGHT), headquartered in Eindhoven, the Netherlands, is the global vendor of conventional lighting, LED and connected lighting, with approximately 32,000 employees and a presence in over 70 countries. The business reported 2023 sales of EUR 6.7 billion on 26th January 2024. LED-based solutions and products represented 87% of total sales. Signify Financials Full-year sales decreased by 10.8% to EUR 6,704 million, including a negative currency effect of 3.3%, mainly due to the depreciation of the USD and CNY, and a positive effect of 0.8% from the consolidation of Fluence, Pierlite and Intelligent Lighting Controls. Comparable sales declined by 8.3%, mainly due to weakness in consumer, OEM and […]