Amplifon : High expectations priced in, downgrade to Neutral
>Hearing aid market intact but high exposure to Europe - We regard the overall hearing aid market as intact with some underlying growth of 5% in value terms. Thereby, North America and Asia/Pacific should outperform the overall market, while we forecast growth of around 4% for Europe. While Amplifon’s performance as an acoustic retail chain is linked to the underlying markets, the high exposure towards Europe (c. two-thirds of total revenues) impacts the growth potent...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.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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