Sonova Holding AG : Muted first half limits upside
>More muted first half for hearing instrument business - The strong first quarter in the global hearing aid market (ODDO BHF +6%) has no effect on H1 2023-24 (started 1 April), but it explains a more cautious view on the underlying market trend in unit terms (2-4% vs 4-6% of its peers). However, the inflated base on the back of the non-renewal of Costco supply will weigh on organic growth in H1 by around 400bp. We therefore expect ongoing competitive pressures to make...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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