2023-11-20 13:01:03
Stäfa (awp) – Hearing aid manufacturer Sonova publishes results for the first half of its 2023/24 financial year (April to September) on Tuesday, November 21. Eight analysts contributed to the establishment of the AWP consensus:
H1 2023/24E (in CHF million) cons. AWP range H1 2022/23A revenue estimates 1751 1715 – 1785 1847 8 Adjusted Ebita 354.1 344.0 – 365.0 398.1 7 net profit* 253.5 248.0 – 262.0 296.2 4 * before minority interests
FOCUS: according to analysts, the Stäfa group undoubtedly lost market share during the first half of its staggered financial year, both in wholesale and with hearing implants. Added to this is a poor business performance in retail sales in Europe, as well as the loss of an important customer in the United States (Costco).
Furthermore, the performance of the new Lumity platform leaves something to be desired compared to competitive products, experts point out, even if Sonova assured at a specialized trade fair (EUHA) that the new devices were well welcomed by customers and that the return rate is lower than on the previous Marvel platform.
On this occasion, the company’s management also suggested that the second half of the 2023/24 financial year would be better than the first, thanks in particular to savings measures which should gradually deploy their effects, as well as the reduction of headwinds on the currency front.
OBJECTIVES: Sonova targets growth at constant exchange rates (cc) of 3 to 7% of consolidated turnover and 6 to 10% of adjusted operating surplus (Ebita) for 2023/24.
If Sonova’s outlook for 2023/24 is modest, it’s not just because of the loss of the Costco contract. “The competition expects market growth to be higher than ours in 2023,” CEO Arnd Kaldowski declared in July in the columns of Finanz und Wirtschaft. “We are counting on 2 to 4%, they on 4 to 6%,” said the manager.
Sonova will once again miss the strategic objectives it has set for 2024/25 this year. “If you exclude the loss of the major customer, we are quite close to the medium-term objectives in 2023/24,” reported the boss of Sonova in the German-speaking biweekly.
FOR THE RECORD: Gilbert Achermann has just been called upon to take over the presidency of the board of directors of Sonova. He should initially be elected to the board of directors at the next general meeting, then succeed the incumbent Robert Spoerry in 2025.
Chairman since 2010 of the board of directors of the dental office equipment manufacturer Straumann – of which he was financial director (CFO) then CEO for more than 12 years – he intends to leave the top position at the 2024 general meeting.
He has also been chairman of the board of directors of Ypsomed since 2022 and a member of that of Julius Baer since 2012, a position he also plans to leave in 2024. The financial community and investors welcomed the appointment of Gilbert Achermann, in who they see a leader with great experience, who has brought positive impulses particularly to Yposomed.
SHARE PRICE: long one of the favorites of Zurich stocks, the registered Sonova has lost some of its luster after its annual high in April at 293.20 Swiss francs. Since the start of the year, the stock has gained 5%, while its benchmark SMI index has stood still. Last year, however, its value fell by 39%. In 2021, the price had approached 400 Swiss francs.
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