reports
Sonova Holding AG: 1 director
A director at Sonova Holding AG bought 88 shares at 284.932CHF and the significance rating of the trade was 53/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearl...
- Fabian Semon
- Jean-Baptiste Rouphael
- Jean-François Granjon
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/22/2023
Prysmian, the unrivalled global leader with an around 8% market share, is a key player in all cable segments. With a significant footprint in Europe and North America, it is seeing its project backlog (€ 10bn) accelerate. Yet we expect modest growth in view of the prevailing macroeconomic environment, corresponding to the lower end of the range for the Connect to Lead plan for 2027 (2022-2027e EBITDA CAGR of +5.0%, +6.1% based on the midpoint). We calculate a target price of € 40 and ...
- Fabian Semon
- Jean-Baptiste Rouphael
- Jean-François Granjon
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 22/11/2023
Leader mondial (8% de PdM), Prysmian est incontournable sur tous les segments de marché du câble. Fortement implanté en Europe et Amérique du Nord, le groupe bénéficie d’un backlog Projets (10 Md€) en accélération. Pour autant, nous avons retenu une croissance modérée compte tenu du contexte macroéconomique actuel, correspondant au bas de fourchette du Plan 2027 « Connect to lead » (TMVA 2022/27e de 5.0% pour l’EBITDA, +6.1% sur la base du milieu de fourchette). Nous calculons un obje...
- Oliver Metzger
Sonova Holding AG : H1 review – Leaving some headwinds behind
>Hearing instruments to leave headwinds behind - Over recent quarters, Sonova’s hearing instrument business was impacted by the non-renewal of Costco supply as well as by supply constraints, which have impacted organic growth (-4.3% in H1 2023-24 vs around 6-7% for the global hearing aid market in unit terms. While we expect ongoing competitive dynamics to persist, we expect structurally a return to market growth and factor in that some accounts, which could not be se...
- Emmanuel Matot
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/21/2023
TotalEnergies remains one of our Top Picks in the sector. The new 2024-2028 plan presented at end-September is ambitious. It is based on selective growth in upstream production (+2/3% per year) and significant development in renewables. Its lead in this domain is undeniable, and has enabled it to raise its profitability target for iPower, which will be a source of re-rating over time. This plan should facilitate cash returns to shareholders of >40% of CFFO, while the share's valuation...
ENGI ENGIE SA.
EDP EDP-ENERGIAS DE PORTUGAL SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
FORTUM FORTUM OYJ
CPG COMPASS GROUP PLC
ELE ENDESA S.A.
RWE RWE AG
BAYN BAYER AG
VER VERBUND AG CLASS A
ENEL ENEL SPA
SOI SOITEC SA
GAS NATURGY ENERGY GROUP S.A.
IBE IBERDROLA SA
UN01 UNIPER SE
EVD CTS EVENTIM AG & CO. KGAA
- Emmanuel Matot
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 21/11/2023
TotalEnergies reste un de nos top picks dans le secteur Pétrole. Le nouveau plan 2024/2028 présenté fin septembre est ambitieux. Il repose sur une croissance sélective de la production en Upstream (+2/3% par an) et un important développement dans les Renouvelables. Son avance dans ce domaine est indéniable et lui a permis de relever son objectif de rentabilité pour iPower, qui sera source de rerating à terme. Ce plan doit permettre un retour de cash aux actionnaires >40% du CFFO alors...
ENGI ENGIE SA.
EDP EDP-ENERGIAS DE PORTUGAL SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
FORTUM FORTUM OYJ
CPG COMPASS GROUP PLC
ELE ENDESA S.A.
RWE RWE AG
BAYN BAYER AG
VER VERBUND AG CLASS A
ENEL ENEL SPA
SOI SOITEC SA
GAS NATURGY ENERGY GROUP S.A.
IBE IBERDROLA SA
UN01 UNIPER SE
EVD CTS EVENTIM AG & CO. KGAA
- Oliver Metzger
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 further extends offering of Sennheiser-branded hearing soluti...
Sonova Holding AG / Key word(s): Product Launch Sonova further extends offering of Sennheiser-branded hearing solutions with All-Day Clear 20.06.2023 / 07:00 CET/CEST Media Release Stäfa (Switzerland), June 20, 2023 – Sonova Holding AG, a leading provider of hearing care solutions, today announces the upcoming US launch of Sennheiser All-Day Clear, a new self-fitting hearing aid which provides consumers with the simplicity of an over-the-counter (OTC) purchase alongside optional support from a hearing care professional (HCP). This further extends the offering of Sennheiser...
Sonova erweitert mit All-Day Clear das Angebot an Hörlösungen unter ...
Sonova Holding AG / Schlagwort(e): Produkteinführung Sonova erweitert mit All-Day Clear das Angebot an Hörlösungen unter der Marke Sennheiser 20.06.2023 / 07:00 CET/CEST MedienmitteilungStäfa (Schweiz), 20. Juni 2023 – Sonova Holding AG, ein führender Anbieter von Hörlösungen, gibt heute die anstehende Markteinführung von Sennheiser All-Day Clear in den USA bekannt. Kunden können das neue Hörgerät selbständig erwerben (Over-the-Counter: OTC) und anpassen, sowie nach Bedarf die professionelle Beratung durch einen Hörakustiker in Anspruch nehmen. Damit wird das Angebot an Hö...
Ordentliche Generalversammlung 2023: Sonova Aktionäre stimmen allen An...
Sonova Holding AG / Schlagwort(e): Generalversammlung Ordentliche Generalversammlung 2023: Sonova Aktionäre stimmen allen Anträgen des Verwaltungsrates zu 12.06.2023 / 19:09 CET/CEST Medienmitteilung Stäfa (Schweiz), 12. Juni 2023 – Die Aktionäre der Sonova Holding AG haben an der 38. Generalversammlung (GV) vom 12. Juni 2023 allen Anträgen des Verwaltungsrates zugestimmt. Mehr als 400 Aktionäre waren an der GV in Zürich persönlich anwesend. Insgesamt waren 65% des gesamten Aktienkapitals vertreten. Die Aktionäre genehmigten den Lagebericht, die Konzern-Jahresrechnung und di...
Annual General Shareholders’ Meeting 2023: Sonova shareholders approve...
Sonova Holding AG / Key word(s): AGMEGM Annual General Shareholders’ Meeting 2023: Sonova shareholders approve all motions of the Board of Directors 12.06.2023 / 19:09 CET/CEST Media Release Stäfa (Switzerland), June 12, 2023 – At the 38th Annual General Meeting (AGM) of Sonova Holding AG, all of the proposals submitted by the Board of Directors were approved. More than 400 shareholders personally attended the AGM in Zurich. In total, 65% of the share capital was represented. The shareholders approved the Annual Report, the Annual Consolidated Financial Statements of the Gro...
- Jerôme Bodin
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 23/05/2023
The jury is still out on whether Azelis and its peers will have a hard landing or a soft landing, but for the moment, the latter appears to be the case with respect to organic growth. Though notwithstanding the dynamic of the organic growth, Azelis’ acquisitory power is pushing earnings to new heights. With a leverage ratio of 2.3x and the recent capital raise, Azelis has plenty of room to continue to expand inorganically, which will help mitigate any potential normalisation of end-ma...
- Jerôme Bodin
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/23/2023
The jury is still out on whether Azelis and its peers will have a hard landing or a soft landing, but for the moment, the latter appears to be the case with respect to organic growth. Though notwithstanding the dynamic of the organic growth, Azelis’ acquisitory power is pushing earnings to new heights. With a leverage ratio of 2.3x and the recent capital raise, Azelis has plenty of room to continue to expand inorganically, which will help mitigate any potential normalisation of end-ma...
- Oliver Metzger
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...
- Oliver Metzger
- Thomas Zlowodzki
- Wim Gille
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/16/2023
Q1 2023 results proved to be far better than expected in Europe, with 63% of sales and 70% of EPS ahead of forecasts. Energy, technology, discretionary consumer and utilities led the way for positive surprises. However, the market barely rallied on these results, whether taken as a whole or sector by sector. Consensus EPS forecasts for 2023 and 2024 have hardly changed, except for the luxury goods sector, already largely priced in by the market. There are growing signs of market jitte...
- Oliver Metzger
- Thomas Zlowodzki
- Wim Gille
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 16/05/2023
Les publications du T1 2023 se sont avérées nettement meilleures qu’attendu en Europe : 63% de Ventes et 70% de BPA supérieurs aux attentes. L’énergie, la technologie, la conso. discrétionnaire et les utilities arrivent en tête des surprises positives. Toutefois, le marché a peu salué ces publications, que ce soit dans son ensemble ou secteur par secteur. Le consensus 2023 et 2024 en termes de BPA a peu évolué, à l’exception du secteur du luxe, déjà largement joué par le marché. Le ma...
- Oliver Metzger
Sonova Holding AG : FY earnings review – Impacted by slow organic grow...
>Weak organic growth performance, bottom line in line - Sonova’s FY 2022-23 revenues of CHF 3,738.4m (+11.1% y-o-y, -1%/-2% vs ODDO BHF/consensus) were driven by weak organic growth of 2.3% (vs 3.8%/3.5%% expected). Excluding the non-renewal at Costco, organic growth would have been at 4.5%, which would still represent an underperformance vs the global hearing aid market. The implied organic growth guidance was 4-7%. External growth was 12.3% supported by the acquisit...
- Life Sciences & Chemicals Team
ODDO : Defensive growth sectors
We are publishing our first slideshow on our Life Sciences & Chemicals macropole. Our expertise integrates many sub-sectors which have been schematically separated into pharma, medtech, biotech, healthcare services and chemicals. The objective here is to review on a quarterly basis the key points of our respective sectors, by publishing both the financial and market metrics as well as the stocks that we recommend. - >Pharma’s defensive role validated thanks to a reassuring...
SOON SONOVA HOLDING AG
DSM KONINKLIJKE DSM N.V.
FME FRESENIUS MEDICAL CARE AG & CO. KGAA
1COV COVESTRO AG
BOI BOIRON SA
IPN IPSEN SA
WCH WACKER CHEMIE AG
ROG ROCHE HOLDING LTD
MDG1 MEDIGENE AG
NOVN NOVARTIS AG
QIA QIAGEN NV
PA8 PAION AG
SBS STRATEC SE
TNG TRANSGENE SA
BIO BB BIOTECH AG
KORI KORIAN SA
AFX CARL ZEISS MEDITEC AG
SRT3 SARTORIUS AG PREF
DEMANT DEMANT A/S
RHK RHON-KLINIKUM AG
LXS LANXESS AG
GXI GERRESHEIMER AG
ABVX ABIVAX SA
BLC BASTIDE LE CONFORT MEDICAL SA
IPH INNATE PHARMA SA CLASS A
VIRP VIRBAC SA
VLS VALNEVA SE
LNA LNA SANTE SA
GBT GUERBET SA
ALCLS CELLECTIS SA
MRK MERCK KGAA
NOVO B NOVO NORDISK A/S CLASS B
ALCAR CARMAT SA
SDF K+S AG
GRF GRIFOLS S.A. CLASS A
GN GN STORE NORD A/S
BAS BASF SE
SAN SANOFI
FRE FRESENIUS SE & CO. KGAA
SOLB SOLVAY SA
BAYN BAYER AG
UCB UCB S.A.
ORP ORPEA SA
SY1 SYMRISE AG
AMP AMPLIFON S.P.A.
FAE FAES FARMA S.A.
KWS KWS SAAT SE & CO KGAA
SZU SUEDZUCKER AG
GNFT GENFIT SA
EVK EVONIK INDUSTRIES AG
DIM SARTORIUS STEDIM BIOTECH SA
REC RECORDATI INDUSTRIA CHIMICA E FARMACEUTICA S.P.A.
ROVI LABORATORIOS FARMACEUTICOS ROVI S.A.
ADOC ADOCIA SA
BNR BRENNTAG SE
COLO B COLOPLAST A/S CLASS B
POXEL POXEL SA
ALM ALMIRALL SA
GRF.P GRIFOLS S.A. PREF CLASS B
COPN COSMO PHARMACEUTICALS NV
AZN ASTRAZENECA PLC
ALVAL VALBIOTIS SA
VIFN VIFOR PHARMA AG
BIM BIOMERIEUX SA
ALTHX THERANEXUS SA
2HRA H&R GMBH & CO KGAA
DMP DERMAPHARM HOLDING SE
SHL SIEMENS HEALTHINEERS AG
MOR MORPHOSYS AG
MEDCL MEDINCELL SA
AKZA AKZO NOBEL N.V.
MRNA MODERNA INC.
BNTX BIONTECH SE
ZEL PHARMA MAR SA
FPE3 FUCHS PETROLUB SE
SYAB SYNLAB AG
AELIS AELIS FARMA SA
EAPI EUROAPI
STMN STRAUMANN HOLDING AG
GSK GSK PLC
BAI BENEVOLENTAI
- Life Sciences & Chemicals Team
ODDO : Defensive growth sectors
We are publishing our first slideshow on our Life Sciences & Chemicals macropole. Our expertise integrates many sub-sectors which have been schematically separated into pharma, medtech, biotech, healthcare services and chemicals. The objective here is to review on a quarterly basis the key points of our respective sectors, by publishing both the financial and market metrics as well as the stocks that we recommend. - >Pharma’s defensive role validated thanks to a reassuring...
SOON SONOVA HOLDING AG
DSM KONINKLIJKE DSM N.V.
FME FRESENIUS MEDICAL CARE AG & CO. KGAA
1COV COVESTRO AG
BOI BOIRON SA
IPN IPSEN SA
WCH WACKER CHEMIE AG
ROG ROCHE HOLDING LTD
MDG1 MEDIGENE AG
NOVN NOVARTIS AG
QIA QIAGEN NV
PA8 PAION AG
SBS STRATEC SE
TNG TRANSGENE SA
BIO BB BIOTECH AG
KORI KORIAN SA
AFX CARL ZEISS MEDITEC AG
SRT3 SARTORIUS AG PREF
DEMANT DEMANT A/S
RHK RHON-KLINIKUM AG
LXS LANXESS AG
GXI GERRESHEIMER AG
ABVX ABIVAX SA
BLC BASTIDE LE CONFORT MEDICAL SA
IPH INNATE PHARMA SA CLASS A
VIRP VIRBAC SA
VLS VALNEVA SE
LNA LNA SANTE SA
GBT GUERBET SA
ALCLS CELLECTIS SA
MRK MERCK KGAA
NOVO B NOVO NORDISK A/S CLASS B
ALCAR CARMAT SA
SDF K+S AG
GRF GRIFOLS S.A. CLASS A
GN GN STORE NORD A/S
BAS BASF SE
SAN SANOFI
FRE FRESENIUS SE & CO. KGAA
SOLB SOLVAY SA
BAYN BAYER AG
UCB UCB S.A.
ORP ORPEA SA
SY1 SYMRISE AG
AMP AMPLIFON S.P.A.
FAE FAES FARMA S.A.
KWS KWS SAAT SE & CO KGAA
SZU SUEDZUCKER AG
GNFT GENFIT SA
EVK EVONIK INDUSTRIES AG
DIM SARTORIUS STEDIM BIOTECH SA
REC RECORDATI INDUSTRIA CHIMICA E FARMACEUTICA S.P.A.
ROVI LABORATORIOS FARMACEUTICOS ROVI S.A.
ADOC ADOCIA SA
BNR BRENNTAG SE
COLO B COLOPLAST A/S CLASS B
POXEL POXEL SA
ALM ALMIRALL SA
GRF.P GRIFOLS S.A. PREF CLASS B
COPN COSMO PHARMACEUTICALS NV
AZN ASTRAZENECA PLC
ALVAL VALBIOTIS SA
VIFN VIFOR PHARMA AG
BIM BIOMERIEUX SA
ALTHX THERANEXUS SA
2HRA H&R GMBH & CO KGAA
DMP DERMAPHARM HOLDING SE
SHL SIEMENS HEALTHINEERS AG
MOR MORPHOSYS AG
MEDCL MEDINCELL SA
AKZA AKZO NOBEL N.V.
MRNA MODERNA INC.
BNTX BIONTECH SE
ZEL PHARMA MAR SA
FPE3 FUCHS PETROLUB SE
SYAB SYNLAB AG
AELIS AELIS FARMA SA
EAPI EUROAPI
STMN STRAUMANN HOLDING AG
GSK GSK PLC
BAI BENEVOLENTAI
Katya Kruglova to join Sonova’s Management Board as GVP Human Resource...
Sonova Holding AG / Key word(s): Personnel Katya Kruglova to join Sonova’s Management Board as GVP Human Resources & Communications 02.03.2023 / 07:00 CET/CEST Media Release Stäfa (Switzerland), March 2, 2023 – Sonova Holding AG, a leading provider of hearing care solutions, announces today that Katya Kruglova will assume the position of Group Vice President Human Resources & Communications and join the Sonova Management Board effective May 2023. She is a seasoned HR leader with more than 25 years of global experience in large-scale organizations and a proven track record in...
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