Sonova Holding AG

SOON: XSWX (CHE)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	CHF 867.00	Jmwqms	Njvdsylc

Sonova Earnings: Weak Markets, High Costs, and Sennheiser Drag Down Fiscal 2022-23 Margins

Alex Morozov

May 16, 2023

We are maintaining our fair value estimate of CHF 268 for narrow-moat Sonova following the publication of 2022-23 fiscal year earnings. Reported EBIT came in under consensus expectations, CHF 746.7 million versus CHF 781 million, as market growth remained slow, with continuing economic uncertainty delaying hearing aid replacement cycles. We currently view shares as fairly valued.

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