We are maintaining our fair value estimate of CHF 268 for narrow-moat Sonova following the publication of first-half results. We currently view shares as modestly undervalued.
Premium products account for a significant portion of Sonova's total revenue, limiting the firm's dependence on price-sensitive economy-class systems.
WS Audiology (previously Sivantos and Widex) is regaining momentum, particularly in emerging markets. Its acquisition of Widex could threaten the positioning of premium providers.
|
Metric
|
SOON
|
GN
|
DEMANT
|
|---|---|---|---|
Price/Earnings (Normalized) | 21.26 | 18.76 | 27.53 |
Price/Book Value | 7.16 | 2.33 | 7.10 |
Price/Sales | 4.16 | 1.14 | 2.98 |
Price/Cash Flow | 19.66 | 9.16 | 16.11 |
|
Metric
|
SOON
|
GN
|
DEMANT
|
|---|---|---|---|
Quick Ratio | 0.76 | 0.59 | 0.64 |
Current Ratio | 1.29 | 0.86 | 1.03 |
Interest Coverage | 29.18 | 4.23 | 7.43 |
|
Metric
|
SOON
|
GN
|
DEMANT
|
|---|---|---|---|
Return on Assets (Normalized) | 11.96% | 1.50% | 8.19% |
Return on Equity (Normalized) | 30.61% | 5.80% | 27.72% |
Return on Invested Capital (Normalized) | 22.85% | 2.65% | 11.74% |
|
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|
Name
|
Morningstar Rating for Stocks
|
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|
Market Cap
|
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