索诺瓦控股 AG 首席执行官路演反馈

Restricted - External SOON.S/SOON SEEQUAL WEIGHTEuropean MedicalTechnology & ServicesPOSITIVEPrice TargetCHF 275.00Price (16-May-25)CHF 282.70Potential Upside/Downside-2.7%Source: Bloomberg, Barclays ResearchEuropean Medical Technology &ServicesHassan Al-Wakeel, CFA+44 (0)20 7773 3898hassan.al-wakeel@barclays.comBarclays, UKJonathon Unwin+44 (0)20 7773 0354jonathon.unwin@barclays.comBarclays, UKMarco Pires-Cox+44 (0)20 3134 3421marco.pirescox@barclays.comBarclays, UKRohit Rajan+91 (0) 22 6175 1698rohit.rajan@barclays.comBarclays, UK •Internal candidates:•°Would have liked an internal CEO.°°Looked at heads of business units, aligned them with good fit to business system.°°Have a strong management board, that is stronger than previously.°°If someone has talent, Sonova encourages them to move around to get exposure to°differentbusiness units.°Management board funnel gets better, but no one ready yet.°•New CEO: Eric Bernard – 25 years Essilor, strong B2B experience in a very comparable model.•They read WSA performance as good under his leadership.Growth Guidance•Costco:volumes to be back end loaded, switching time of 2-3 months until you get the share.•Not new to the channel which is important. Biggest unknown is if there will be three or fourvendors.•VA:•°Expect meaningful share gains from Sphere (disappointed if not 5pp), should be more than°50:50 Sphere vs Infinio. A little bit more price that share gains in the guide.°They took a conscious decision to not enter VA with Sphere until the contract was ready.°Wanted to teach the market that breakthrough technology has adifferentprice.°They don’t know what price the competition gets; the product might be in the same°category but not necessarily at the same price.°Sonova generally gets a higher price in VA than competition. They should get, and hope°they get, a meaningful premium, which they would not have been able to do if they hadentered VA earlier.°Price increase was ~15-20% five years ago.°•New product:manlysoftware,but some accessories updates. Thinks it is important to give a•new product, that audiologists recognise as new, to keep at the top of the product stack, dothis by doing one “deep” development followed by one “shallow” development. The newproduct has more merit than Marvel 2.0 vs Marvel 1.0.•Think they can get to market growth with already owned stores, M&A is a small contribution.•Doing some greenfield.•Headphones:Market data for H1 was -ve volume growth in market in premium headphones,•H2 was MSD or so (they were above that).•Managed Care:Assume they lose a bit of share but have enough positive growth drivers.•Recent trading 2 •US 4.5% positive unit volume in the market in April, 3.5%-4% globally.••US sell-in data ex-VA: Feb -10%, March -5%, +4 in April. 3m floating avg -4%, that is unusual.••If you take the three-month average (or even two) their share gains are pretty consistent –•they haven’t lost since the launch.•France – strong low DD in April••Germany is down but had a strong Q1•Cost savings•Majority is audiological care and store rationalization. New leader in the business for the past•nine months. Had to get better management of lead generation.°When deciding where to deconsolidate they look at how big the catchment area is and ask°if they can get to the right run rate in the next few years. Deconsolidation of stores on alocal level, assume a leakage of revenue. If its 20% leakage, then that’s fine if you look atthe fixed costs of a store.°Should always do some deconsolidation, so they are stopping adjusting it out. Cost of°deconsolidation is mainly the leases, not really the severance.°More than 1% of footprint out, but not 1% of revenue.°•Another portion is cost base in Switzerland vs non-Switzerland. Can’t move everything out of•Switzerland, wouldn’t want to move R&D. Moving some roles to Barcelona, some to India.Implementing shared services.France•Volume•°Management do take expect DD growth in the French market from the renewal of hearing°aids, following the four-year anniversary of the hearing aid reform, though they expect it tocome a delay vs peers and are expecting MSD-HSD in CYH2'25°Doesn’t expect all customers to come back on the same dayafterthe four-year anniversary°of the reform passes. In the first instance lots of people came day 1 and it took a couple ofquarters until everyone came. Doesn’t mean everyone will come back like that. 3 Analyst(s) Certification(s):I, Hassan Al-Wakeel, CFA, hereby certify (1) that the views expressed in this research report accurately reflect my personal views about any or all of thesubject securities or issuers referred to in this research report and (2) no part of my compensation was, is or will be directly or indirectly related to thespecific recommendations or views expressed in this research report.Important Disclosures:Barclays Research is produced by the Investment Bank of Barclays Bank PLC and itsaffiliates(collectively and each individually, "Barclays"). Allauthors contributing