Sonova Holding AG
SOON: XSWX (CHE)
Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
---|---|---|---|
CHF 666.00 | Drfyjs | Lwhwgxkn |
Sonova Earnings: Weak Markets, High Costs, and Sennheiser Drag Down Fiscal 2022-23 Margins
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.