Sonova continues to capture share in a lucrative hearing aid market.
While Sonova's first-half results were roughly in line with our forecast, the underlying metrics didn't impress. We're maintaining our valuation. The firm's full-year guidance is in line with our long-term forecast but now more dependent on certain trends reversing in the second half. Our narrow moat rating is unchanged.ÂIn the wholesale hearing instrument business, Sonova's results were good. Organic local currency growth of 4.6% was buoyed by the positive ASP contribution and wallet share gai...
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