QuickView: Growth accelerating to a new high
Amplifon’s organic sales growth accelerated further in Q115 to a new highof 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.
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.
Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.
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