Report
Alex Morozov
EUR 101.80 For Business Accounts Only

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. 
In 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...
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

Other Reports on these Companies
Other Reports from Morningstar

ResearchPool Subscriptions

Get the most out of your insights

Get in touch