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.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.
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