RBC sees long-term hearing aid sector growth, flags near-term headwinds
19/11/2025 11:10
** RBC starts coverage of European hearing-aid makers, saying the sector offers attractive long-term dynamics but warning that near-term risks could create opportunities for a recovery in 2026 or later ** RBC initiates Sonova SOON.S with an "outperform" rating, saying the company is best positioned thanks to its strong technology and leading market presence, which it says should help it win customers over time ** It adds that Sonova's solid balance sheet gives it more room than peers to acquire additional retail chains if opportunities emerge ** RBC initiates Demant DEMANT.CO with a "sector-perform" rating, calling it a high-quality business but seeing fewer opportunities for near-term market share gains ** The brokerage says Demant's purchase of Germany's Kind may prove beneficial over time but limits the company's ability to pursue further acquisitions and adds some execution risk ** RBC initiates GN Store Nord GN.CO with "sector-perform", noting the company is making progress in hearing aids and gaming, but saying its Enterprise division remains weak, with no meaningful recovery expected before the second half of 2026 ** RBC starts Amplifon AMPF.MI with "sector-perform", says demand in the markets where the company operates is currently soft, which could delay the company's margin improvement plan
| COMPANY | NEW RATING | OLD RATING |
|---|---|---|
| Sonova | outperform | --- |
| Demant | sector-perform | --- |
| GN Store Nord | sector-perform | --- |
| Amplifon | sector-perform | --- |