Amplifon is multinational company engaged in the ddistribution, fitting, adaptation and personalization of hearing systems (hearing aids) designed to meet the needs of those suffering from hearing disabilities. Co. is also engaged in the sale of accessories such as batteries, consumables and spare parts, as well as in the distribution of biomedical devices. Co. is active in 20 different countries: Italy, France, Germany, Switzerland, The Netherlands, Belgium, Luxembourg, the U.K., Ireland, Spain, Portugal, Hungary, Turkey, the U.S., Canada, Australia, New Zealand, India, Egypt, and in Poland.
  • TickerAMP
  • ISINIT0004056880
  • SectorHealth Care Equipment & Services
  • CountryItaly

Amplifon: 1 director bought

A director at Amplifon bought 5,000 shares at 23.430EUR and the significance rating of the trade was 62/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of board memb...

AMPLIFON SPA sees an upgrade to Positive due to a better fundamental star rating

The general evaluation of AMPLIFON SPA (IT), a company active in the Medical Equipment industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 3 out of 4 possible stars while its market behaviour can be considered as defensive. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Positive. As of the analysis date May 5, 2020, the closing price was EUR 21.65 and its potential was estimated at EUR 25.29.

Expert Corporate Governance Service (ECGS)

Amplifon – AGM 24 April 2020

In item 3.a, shareholders are called to a binding vote on the remuneration policy. Aggregate variable remuneration is capped at 336% of the CEO's fixed remuneration, slightly above ECGS' guidelines of 300%, and, in our opinion, it is adequately structured to realize and alignment of interests with shareholders in the long term. However, we note that the variable-to-fixed remuneration decreased in the last years only because the CEO's base salary significantly increased (+27.2% in 2019, +5.8% in 2018 and +51.6% in 2017) without providing any justifications to shareholders. Also taking into acco...

Dave Nicoski ...
  • Ross LaDuke

Int'l Macro Vision: Sector Synopsis

Int'l Equity Strategy Global equities were on a tear in early January, continuing the trend that began in 4Q2019. As global equities started to get extended, the coronavirus outbreak hit in mid-January, leading to some market setbacks and deterioration in market indicators as global growth expectations were dialed-in. Despite this deterioration, what was important to us was that there were not any breakdowns. Even the areas of the market most-directly affected by the outbreak -- China (MSCI China) and EM (MSCI EM) -- were not breaking down. To us, this was a reassuring sign of underlying stre...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

EM Pullback Opportunity Supporting our global bull market thesis, uptrends remain intact for the major global indexes (MSCI ACWI, ACWI ex-US, EAFE, and EM). At this point, concerns surrounding the Wuhan coronavirus have led to some market setbacks and deterioration in market indicators, however they have not resulted in breakdowns. This is true even for areas of the market most-directly affected, including China (MSCI China) and emerging markets (MSCI EM). For these reasons and, as long as there is no significant additional damage, we view recent weakness as a buying opportunity - especially ...

Dave Nicoski ...
  • Ross LaDuke

Int'l Macro Vision: Sector Synopsis

Int'l Equity Strategy Global equities were on a tear in early January, continuing the trend that began in 4Q2019. As global equities started to get extended, the coronavirus outbreak hit in mid-January, leading to some market setbacks and deterioration in market indicators as global growth expectations were dialed-in. Despite this deterioration, what was important to us was that there were not any breakdowns. Even the areas of the market most-directly affected by the outbreak -- China (MSCI China) and EM (MSCI EM) -- were not breaking down. To us, this was a reassuring sign of underlying stre...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

EM Pullback Opportunity Supporting our global bull market thesis, uptrends remain intact for the major global indexes (MSCI ACWI, ACWI ex-US, EAFE, and EM). At this point, concerns surrounding the Wuhan coronavirus have led to some market setbacks and deterioration in market indicators, however they have not resulted in breakdowns. This is true even for areas of the market most-directly affected, including China (MSCI China) and emerging markets (MSCI EM). For these reasons and, as long as there is no significant additional damage, we view recent weakness as a buying opportunity - especially ...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Another test of support Heightened trade tensions have caused global equities to move from resistance to support in a matter of days. Additional consolidation - i.e., no breakdowns - on the broad global indexes (MSCI ACWI, ACWI ex-US, EAFE, and EM) remains the most likely scenario. At the same time, new cracks are beginning to show and as a result we believe global equities are vulnerable to a breakdown. • New cracks emerging. Breakdowns in crude oil and new lows for the STOXX 600 Bank supersector are two recent developments which have dampened our overall outlook... see charts below. • Tes...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Global equities nearing potential resistance Helped by support from global central banks and improving trade headlines, critical support levels have held for major global indexes and therefore our outlook remains constructive. At the same time, just because these indexes are not breaking down does not mean they are headed higher. Rather, we believe global equities remain in a state of purgatory and consolidation is likely to continue as several major indexes approach logical resistance... see charts below and page 2. With global equity markets generally moving sideways, we want to stick with ...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Bottoms-up view on developed int'l, part two Big Picture: Our outlook remains neutral on the MSCI ACWI ex-U.S. index (when priced in local currency) while horizontal consolidation continues. On the other hand, we are negative on broad global ex-U.S. markets when priced in USD... see charts below. In today's report we take a bottoms-up approach to developed ex-U.S. equities, highlighting stocks that present attractive buy opportunities at current levels. Specifically we present actionable stocks within the Communications, Health Care, Manufacturing, Materials, Technology, Transportation, and U...

Amplifon: 1 director bought

A director at Amplifon bought 5,000 shares at 23.430EUR and the significance rating of the trade was 62/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of board memb...

QuickView: Growth accelerating to a new high

Amplifon’s organic sales growth accelerated further in Q115 to a new high of 12%. We expect raised productivity and investments to sustain growth well above historical trends and a steady rise in profitability. While it trades at a 29% premium on P/E, Amplifon offers a 26% discount on EV/EBITDA vs its hearing aid peers in FY15e, influenced by its unusually high tax rate.

QuickView: Organic growth returns to 10-year high

Trading in the world’s largest hearing aid retailer, Amplifon, accelerated in Q4 to deliver 6% FY14 organic sales growth. We see major upgrades to FY15e consensus that currently imply no organic growth. It trades at 3% premium on 2015e P/E, but 25% discount on 2015e EV/EBITDA vs its peers.

Institutional Comment: Daily comment

QuickView: Strength of business model coming to the fore

Amplifon accelerated its operating performance improvement in Q3. This validates its business model, not least evident in the strong European growth against a challenging economic backdrop. Amplifon is well placed to deliver solid profit growth as it gains scale in its core markets, while allowing it to enter new markets. It trades at a 14% premium on a 2014e P/E but a 23% discount on 2014 EV/EBITDA vs its European hearing-aid peers.

AMPLIFON SPA sees an upgrade to Positive due to a better fundamental star rating

The general evaluation of AMPLIFON SPA (IT), a company active in the Medical Equipment industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 3 out of 4 possible stars while its market behaviour can be considered as defensive. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Positive. As of the analysis date May 5, 2020, the closing price was EUR 21.65 and its potential was estimated at EUR 25.29.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Expert Corporate Governance Service (ECGS)

Amplifon – AGM 24 April 2020

In item 3.a, shareholders are called to a binding vote on the remuneration policy. Aggregate variable remuneration is capped at 336% of the CEO's fixed remuneration, slightly above ECGS' guidelines of 300%, and, in our opinion, it is adequately structured to realize and alignment of interests with shareholders in the long term. However, we note that the variable-to-fixed remuneration decreased in the last years only because the CEO's base salary significantly increased (+27.2% in 2019, +5.8% in 2018 and +51.6% in 2017) without providing any justifications to shareholders. Also taking into acco...

Expert Corporate Governance Service (ECGS)

Amplifon April 17th, 2019

In item 2, the AGM is called to appoint the members of the Board of Directors on slates of nominees submitted by shareholders holding, even jointly, at least 1.0% of Amplifon's share capital. Two slates have been submitted, by the controlling shareholder Ampliter (61.8% of votes with 44.9% of shares) and a group of institutional investors. We have serious concerns over the Company's corporate governance, as it does not respect the "one share rone vote" principle: all shareholders that have registered their shares for more than 2 years are entitled to receive an additional voting right. Also ta...

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