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 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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