Report
Alex Morozov
EUR 101.80 For Business Accounts Only

EUHA 2017 Doesn't Alter Our Current Position on the Hearing Instrument Market

We aren't making any changes to our moats or valuations for Sonova and William Demant following our attendance of EUHA 2017. However, the conference did give us more clarity on the upcoming Bluetooth Low Energy audio streaming standard and on the different strategies each major player in the space is taking ahead of this important industry event. We met with all six major players in the hearing instrument space (of which three are private companies) as well as two cochlear implant firms (Cochlea...
Underlying
SONOVA HOLDING AG

Sonova Holding is a hearing instrument manufacturer based in Switzerland. Co. specializes in the design, development, manufacture, and worldwide distribution of technologically advanced wireless and hearing systems for adults and children with hearing impairment. Co. offers a range of digital hearing instruments, along with high tech specialty products and complementary wireless communications systems. Co. comprises two hearing instrument divisions, Phonak and Unitron Hearing, as well as Phonak Communications, a developer of wireless communication devices for both hearing instrument and other applications.

Provider
Morningstar
Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

Analysts
Alex Morozov

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