Sonova Holding AG : H1 review – impacted by slow organic growth
>Still slow organic growth impacted by Costco - Sonova’s H1 2023-24 revenues of CHF 1,173.0m (-5.1% y-o-y, in line vs ODDO BHF/consensus) were driven by a weak organic decline of -0.4% (vs -0.1%/-0.6%% expected). Excluding the non-renewal at Costco, organic growth would have been at 3.0%, which would still represent an underperformance vs the global hearing aid market. Forex created a headwind of 670bp. Group adj. EBITA of CHF 350.0m (-10.7% y-o-y, margin 20.0%) was...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.
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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