Amplifon SpA: Q2 preview: Sequential improvement; EMEA in focus

Research evidence excerpt

Amplifon SpA: Q2 preview: Sequential improvement; EMEA in focus

Barclays | Amplifon SpA

Valuation Methodology: We derive our price target based on a blend of 17x P/E and 10.5x EV/EBITDA multiples for FY 26/27E, or a 10% premium to

the hearing aid peer group. While we view this premium as justified given Sonova’s position within the hearing aid complex.

Risks which May Impede the Achievement of the Barclays Research Valuation and Price Target: The risks include a faster-than-expected market

recovery, Sonova successfully defending its share among independents, and making meaningful gains in the VA channel with the launch of Sphere.

Additionally, Sonova re-enters Costco by replacing an existing vendor and achieve stronger-than-expected share gains in the recovering French

hearing aid market.

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