Initiating Coverage on Amplifon With a No-Moat Rating; Shares Are Fairly Valued

Amplifon is the global leader in hearing care retail, operating an extensive network of over 10,000 points of sale across 26 countries. Unlike its primary listed competitors, such as Sonova and Demant, Amplifon does not manufacture hearing devices. Instead, it operates a pure-play retail and service model, focusing exclusively on audiological consultation, customized fitting, and device distribution. This brand-agnostic approach is a differentiator to hybrid business models, as it positions Amplifon as an objective advisor capable of offering customers a diverse range of technological solutions tailored to their specific needs.