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Amplifon: 1 director

A director at Amplifon bought 7,015 shares at 14.980EUR and the significance rating of the trade was 61/100. 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 clearly showi...

Oliver Metzger
  • Oliver Metzger

Amplifon : Q3 review – Slower market growth reflected in estimates

>Q3 review – Bottom line below expectations - Amplifon's Q3 revenues of € 567.6m (+6.8% y-o-y, 2%/0% vs expectations) was supported by an organic growth of 4.3%, external growth of 370bp and impacted by a forex headwind of 190bp. While Americas and APAC showed strong organic growth of 13.5% and 6.0%, respectively, the most important region Europe was up by just 1.2% organically. On the bottom line, Amplifon reported a recurring EBITDA of € 115.0m (+4.9% y-o-y, ma...

Oliver Metzger
  • Oliver Metzger

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...

Jerôme Bodin
  • Jerôme Bodin

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/08/2024

We host our 8th ODDO BHF TMT Forum virtually in 07th and 08th March 2024. In total, 46 companies will be presenting during the forum. In the following note, we provide some initial feedback of companies on day 1. - ...

Jerôme Bodin
  • Jerôme Bodin

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 08/03/2024

We host our 8th ODDO BHF TMT Forum virtually in 07th and 08th March 2024. In total, 46 companies will be presenting during the forum. In the following note, we provide some initial feedback of companies on day 1. - ...

Oliver Metzger
  • Oliver Metzger

Amplifon : FY review – Finish as expected, new share buyback programme

>Top-line finish in 2023 as expected - Yesterday, Amplifon reported Q4 revenue of € 615.0m (+6.1% y-o-y), 0%/-1% vs ODDO BHF/consensus. Sales growth in local currencies was 11.2% (vs 10.9%/11.5% expected). Organic growth was 8.9%. Acquisitions contributed 230bp while forex accounted for a headwind of 510bp. Europe performed solidly with 5.1% growth at constant currencies (4.1% organic growth). The Americas region was up strongly by 26.1% organically and acquisitions c...

Oliver Metzger
  • Oliver Metzger

Amplifon : FY results due 7 March – Incorporating higher forex headwin...

>Strong finish of Q4, but higher forex headwind incorporated - Amplifon’s Q4 revenues of € 612m (+5.7% y-o-y) should be driven by an organic growth of 9.1%, which is pushed by a strong development in the Americas and APAC on the back of a comparatively low base. For Europe, we forecast some slower organic growth of 4.0% for the last quarter. Acquisitions contribute by 180bp to revenues, while forex is expected to create a headwind of 590bp. We incorporate the higher t...

Oliver Metzger
  • Oliver Metzger

Amplifon : Q3 review – Solid top line, but bottom line below expectati...

>Strong top line driven by 9% organic growth - Amplifon reported Q3 revenue of € 531.3m (+5.7% y-o-y), +3%/+1% vs ODDO BHF/consensus.Sales growth in local currencies was 11.4% (vs 8.0% expected). Organic growth was 9.0%, supported by a recovering global hearing aid market. Acquisitions contributed 240bp, while forex accounted for a headwind of 470bp. Europe performed solidly with 5.8% growth in constant currencies (5.0% organic growth). The Americas region was up...

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