Sonova Holding AG

SOON: XSWX (CHE)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	CHF 267.00	Cjslzv	Ffkbybqm

Sonova: Margins Compressed Due to Weak Markets, Supply Chain Challenges, and Acquisition Integration

Alex Morozov

Nov 14, 2022

We anticipate a modest decrease to our CHF 290 fair value estimate for narrow-moat Sonova as we incorporate persisting supply chain challenges and soft growth in key markets, including the United States. While management hasn’t revised guidance, it has indicated that it believes Sonova to be toward the lower end of the previously stated 15%-19% sales growth for fiscal 2022-23. We currently view shares to be undervalued.

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