Sonova "Well-placed in AI-winning industry, but just shaded by opportunity..."

研报英文原文证据摘录

Sonova "Well-placed in AI-winning industry, but just shaded by opportunity..."

85 10.74 -1 10.52

through the installed base can add 2-3ppt of market growth per year. Sonova has been

03/28E 11.94 11.56 -3 11.78

key in demonstrating the technological feasibility of such a model through Sphere Ultra

03/29E 12.88 12.63 -2 12.69

(Oct 2025), but view Demant's new product Zeal as more clearly positioning it to capture

the market expansion opportunity. Kavya Deshpande

Analyst

Limited upside to guidance and acquisition strategy creates some uncertainty kavya.deshpande@ubs.com

+44-20-7567 8515

Our FY27 forecasts are at the midpoint of guidance for 7-10% core EBIT CER growth, as

we believe the top end requires a sustained improvement in market growth to above Graham Doyle

management’s 2-4% estimate and greater share preservation in the VA channel. Analyst

graham.doyle@ubs.com

Medium-term, we think the low end of core EBIT guidance for 7-12% CER CAGR is

+44-20-7568 2587

achievable and improves ROIC from high-teens to low-20s. However, this range also

assumes an acquisition larger than the company has typically pursued, which in our view Thyra Lee

casts some uncertainty over the returns profile. Analyst

thyra.lee@ubs.com

+44-20-7568 0083

5-7% core EBIT estimate increases, but lowering PT and remaining Neutral

Our core EBIT estimates rise 5-7% largely due to stripping out Consumer Hearing. The

impact of these changes is offset by reflecting management's bolt-on capex targets and

increased working capital assumptions, and net our DCF-derived PT is lowered to CHF

206 (from CHF 215) on an unchanged WACC (8.4%) and TG (2.0%). On limited upside

to the share price and less apparent scope for consensus earnings upgrades, we remain

Neutral.