Report
Alex Morozov
EUR 101.80 For Business Accounts Only

Maintaining Our Valuation for Sonova; Not Particularly Excited about AudioNova

We're maintaining our fair value estimate of CHF 138 per share for Sonova, along with its narrow moat rating. Shares are fairly valued at current levels.
The biggest change to the company's business structure over the past year has been its growing emphasis on the retail channel, highlighted by the purchase of AudioNova. While this acquisition wasn't necessarily value-destructive based solely on financial metrics, we remain skeptical regarding the overarching strategy of wholesalers' growing pre...
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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