Sonova Holding AG

SOON: XSWX (CHE)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	CHF 822.00	Schvkyc	Qjjvvmn

Raising Sonova's Fair Value Estimate Following Fiscal 2020-21 Results; Shares Remain Overvalued

Alex Morozov

May 19, 2021

We are increasing our fair value estimate to CHF 227 from CHF 174 for narrow-moat Sonova, as we updated our forecasts following the release of fiscal 2020-21 results on May 18. We have raised modestly our forecast for fiscal 2021 roughly in line with management guidance of 24%-28% revenue growth and 34%-42% adjusted EBITDA growth. At current levels, we view share prices as overvalued.

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