Sonova Holding AG
SOON: XSWX (CHE)
Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
---|---|---|---|
CHF 114.00 | Wjcnsj | Pvjkmzmj |
Sonova's Strong Pandemic Recovery Continues Through Fiscal Year-End
We anticipate a modest increase to our CHF 227 fair value estimate for narrow-moat Sonova following our model update to reflect year-end results as well as the completed acquisitions of Sennheiser's consumer division and Alpaca Audiology as part of the audiological care segment. Management expects a CHF 400 million revenue contribution from the newly formed consumer hearing business, resulting in full-year 2022/2023 revenue growth guidance of 17%-21% before returning to its midterm target revenue growth of 6%-9%. We currently consider the shares overvalued.