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Sonova Holding

SWX:SOON
Snowflake Description

Excellent balance sheet with proven track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
SOON
SWX
CHF15B
Market Cap
  1. Home
  2. CH
  3. Healthcare
Company description

Sonova Holding AG designs, develops, manufactures, and distributes hearing systems for adults and children with hearing impairment. The last earnings update was 177 days ago. More info.


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SOON Share Price and Events
7 Day Returns
2%
SWX:SOON
0.7%
CH Medical Equipment
-0.4%
CH Market
1 Year Returns
51.8%
SWX:SOON
33.3%
CH Medical Equipment
12.3%
CH Market
SOON Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Sonova Holding (SOON) 2% 1.8% 3.7% 51.8% 83.1% 58.6%
CH Medical Equipment 0.7% 2.5% 4.3% 33.3% 85.6% 109.4%
CH Market -0.4% 2.6% 6.7% 12.3% 21.5% 13.4%
1 Year Return vs Industry and Market
  • SOON outperformed the Medical Equipment industry which returned 33.3% over the past year.
  • SOON outperformed the Market in Switzerland which returned 12.3% over the past year.
Price Volatility
SOON
Industry
5yr Volatility vs Market

SOON Value

 Is Sonova Holding undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Sonova Holding to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Sonova Holding.

SWX:SOON Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 20 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 8.7%
Perpetual Growth Rate 10-Year CH Government Bond Rate 3.3%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for SWX:SOON
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year CH Govt Bond Rate 3.3%
Equity Risk Premium S&P Global 6%
Medical Equipment Unlevered Beta Simply Wall St/ S&P Global 0.84
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.84 (1 + (1- 18%) (4.06%))
0.911
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.91
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 3.28% + (0.911 * 5.96%)
8.71%

Discounted Cash Flow Calculation for SWX:SOON using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Sonova Holding is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Note: Free cash flow to equity valuations ignore the company's cash or debt.

SWX:SOON DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (CHF, Millions) Source Present Value
Discounted (@ 8.71%)
2020 543.64 Analyst x10 500.09
2021 575.03 Analyst x10 486.60
2022 618.61 Analyst x7 481.55
2023 688.23 Analyst x3 492.83
2024 723.67 Analyst x3 476.70
2025 754.12 Est @ 4.21% 456.97
2026 783.74 Est @ 3.93% 436.87
2027 812.99 Est @ 3.73% 416.88
2028 842.22 Est @ 3.6% 397.27
2029 871.69 Est @ 3.5% 378.24
Present value of next 10 years cash flows CHF4,524.00
SWX:SOON DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= CHF871.69 × (1 + 3.28%) ÷ (8.71% – 3.28%)
CHF16,571.42
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= CHF16,571.42 ÷ (1 + 8.71%)10
CHF7,190.62
SWX:SOON Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= CHF4,524.00 + CHF7,190.62
CHF11,714.62
Equity Value per Share
(CHF)
= Total value / Shares Outstanding
= CHF11,714.62 / 64.40
CHF181.91
SWX:SOON Discount to Share Price
Calculation Result
Value per share (CHF) From above. CHF181.91
Current discount Discount to share price of CHF232.30
= -1 x (CHF232.30 - CHF181.91) / CHF181.91
-27.7%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Sonova Holding is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Sonova Holding's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Sonova Holding's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
SWX:SOON PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in CHF CHF6.98
SWX:SOON Share Price ** SWX (2019-11-13) in CHF CHF232.3
Switzerland Medical Equipment Industry PE Ratio Median Figure of 7 Publicly-Listed Medical Equipment Companies 33.29x
Switzerland Market PE Ratio Median Figure of 171 Publicly-Listed Companies 19.37x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Sonova Holding.

SWX:SOON PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= SWX:SOON Share Price ÷ EPS (both in CHF)

= 232.3 ÷ 6.98

33.29x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Sonova Holding is good value based on earnings compared to the CH Medical Equipment industry average.
  • Sonova Holding is overvalued based on earnings compared to the Switzerland market.
Price based on expected Growth
Does Sonova Holding's expected growth come at a high price?
Raw Data
SWX:SOON PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 33.29x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 20 Analysts
8%per year
Switzerland Medical Equipment Industry PEG Ratio Median Figure of 6 Publicly-Listed Medical Equipment Companies 2.34x
Switzerland Market PEG Ratio Median Figure of 124 Publicly-Listed Companies 2.14x

*Line of best fit is calculated by linear regression .

SWX:SOON PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 33.29x ÷ 8%

4.18x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Sonova Holding is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Sonova Holding's assets?
Raw Data
SWX:SOON PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in CHF CHF36.57
SWX:SOON Share Price * SWX (2019-11-13) in CHF CHF232.3
Switzerland Medical Equipment Industry PB Ratio Median Figure of 9 Publicly-Listed Medical Equipment Companies 6.21x
Switzerland Market PB Ratio Median Figure of 214 Publicly-Listed Companies 1.65x
SWX:SOON PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= SWX:SOON Share Price ÷ Book Value per Share (both in CHF)

= 232.3 ÷ 36.57

6.35x

* Primary Listing of Sonova Holding.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Sonova Holding is overvalued based on assets compared to the CH Medical Equipment industry average.
X
Value checks
We assess Sonova Holding's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Medical Equipment industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Medical Equipment industry average (and greater than 0)? (1 check)
  5. Sonova Holding has a total score of 1/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

SOON Future Performance

 How is Sonova Holding expected to perform in the next 1 to 3 years based on estimates from 20 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
8%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Sonova Holding expected to grow at an attractive rate?
  • Sonova Holding's earnings growth is expected to exceed the low risk savings rate of 3.3%.
Growth vs Market Checks
  • Sonova Holding's earnings growth is positive but not above the Switzerland market average.
  • Sonova Holding's revenue growth is expected to exceed the Switzerland market average.
Annual Growth Rates Comparison
Raw Data
SWX:SOON Future Growth Rates Data Sources
Data Point Source Value (per year)
SWX:SOON Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 20 Analysts 8%
SWX:SOON Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 20 Analysts 6%
Switzerland Medical Equipment Industry Earnings Growth Rate Market Cap Weighted Average 38.7%
Switzerland Medical Equipment Industry Revenue Growth Rate Market Cap Weighted Average 7.3%
Switzerland Market Earnings Growth Rate Market Cap Weighted Average 9.9%
Switzerland Market Revenue Growth Rate Market Cap Weighted Average 3.6%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
SWX:SOON Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (7 months ago) See Below
Future Estimates Average of up to 20 Analyst Estimates (S&P Global) See Below
All numbers in CHF Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
SWX:SOON Future Estimates Data
Date (Data in CHF Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2024-03-31 3,731 846 626 4
2023-03-31 3,541 816 597 5
2022-03-31 3,353 798 632 16
2021-03-31 3,136 745 572 20
2020-03-31 2,951 709 522 19
2019-11-14
SWX:SOON Past Financials Data
Date (Data in CHF Millions) Revenue Cash Flow Net Income *
2019-03-31 2,763 533 454
2018-12-31 2,730 537 436
2018-09-30 2,696 541 417
2018-06-30 2,671 532 409
2018-03-31 2,646 523 400
2017-12-31 2,612 529 386
2017-09-30 2,579 535 373
2017-06-30 2,487 529 361
2017-03-31 2,396 522 349
2016-12-31 2,267 478 341
2016-09-30 2,139 434 333
2016-06-30 2,105 431 335

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Sonova Holding's earnings are expected to grow by 8% yearly, however this is not considered high growth (20% yearly).
  • Sonova Holding's revenue is expected to grow by 6% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
SWX:SOON Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (7 months ago) See Below
Future Estimates Average of up to 20 Analyst Estimates (S&P Global) See Below

All data from Sonova Holding Company Filings, last reported 7 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SWX:SOON Future Estimates Data
Date (Data in CHF Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2024-03-31 11.04 11.13 10.95 2.00
2023-03-31 10.26 10.26 10.25 2.00
2022-03-31 10.20 12.17 9.46 10.00
2021-03-31 9.08 10.26 8.28 15.00
2020-03-31 8.08 8.62 7.54 15.00
2019-11-14
SWX:SOON Past Financials Data
Date (Data in CHF Millions) EPS *
2019-03-31 6.98
2018-12-31 6.68
2018-09-30 6.39
2018-06-30 6.26
2018-03-31 6.13
2017-12-31 5.91
2017-09-30 5.70
2017-06-30 5.52
2017-03-31 5.35
2016-12-31 5.22
2016-09-30 5.09
2016-06-30 5.10

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Sonova Holding is expected to efficiently use shareholders’ funds in the future (Return on Equity greater than 20%).
X
Future performance checks
We assess Sonova Holding's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Switzerland market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Switzerland market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Sonova Holding has a total score of 3/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

SOON Past Performance

  How has Sonova Holding performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Sonova Holding's growth in the last year to its industry (Medical Equipment).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Sonova Holding's year on year earnings growth rate has been positive over the past 5 years.
  • Sonova Holding's 1-year earnings growth exceeds its 5-year average (13.5% vs 4.9%)
  • Sonova Holding's earnings growth has exceeded the CH Medical Equipment industry average in the past year (13.5% vs -9.5%).
Earnings and Revenue History
Sonova Holding's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Sonova Holding Company Filings, last reported 7 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SWX:SOON Past Revenue, Cash Flow and Net Income Data
Date (Data in CHF Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 2,763.20 454.10 1,385.00 46.20
2018-12-31 2,729.70 435.63 1,366.70 44.96
2018-09-30 2,696.22 417.20 1,318.82 42.63
2018-06-30 2,671.07 408.67 1,309.77 42.16
2018-03-31 2,645.90 400.10 1,330.30 42.80
2017-12-31 2,612.32 386.33 1,294.61 51.57
2017-09-30 2,578.74 372.57 1,258.91 60.34
2017-06-30 2,487.19 360.87 1,193.81 58.94
2017-03-31 2,395.65 349.17 1,128.71 57.53
2016-12-31 2,267.16 341.22 1,028.02 68.19
2016-09-30 2,138.67 333.28 927.34 78.85
2016-06-30 2,105.30 335.15 905.90 77.55
2016-03-31 2,071.93 337.03 884.46 76.26
2015-12-31 2,060.00 340.50 875.35 81.61
2015-09-30 2,048.07 343.97 866.24 86.97
2015-06-30 2,041.58 351.98 861.70 86.93
2015-03-31 2,035.09 359.99 857.16 86.90
2014-12-31 2,014.41 354.95 852.93 85.11
2014-09-30 1,993.74 349.90 848.70 83.32
2014-06-30 1,972.52 345.37 840.58 80.39
2014-03-31 1,951.31 340.83 832.45 77.46
2013-12-31 1,910.96 231.16 822.54 75.25
2013-09-30 1,870.61 121.48 812.63 73.04
2013-06-30 1,832.94 115.62 798.16 71.66
2013-03-31 1,795.26 109.75 783.69 70.28
2012-12-31 1,762.27 201.19 763.89 72.42

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Sonova Holding has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Sonova Holding used its assets more efficiently than the CH Medical Equipment industry average last year based on Return on Assets.
  • Sonova Holding's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Sonova Holding's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Medical Equipment industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Sonova Holding has a total score of 4/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

SOON Health

 How is Sonova Holding's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Sonova Holding's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Sonova Holding is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Sonova Holding's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Sonova Holding's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Debt is covered by short term assets, assets are 2.2x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Sonova Holding Company Filings, last reported 7 months ago.

SWX:SOON Past Debt and Equity Data
Date (Data in CHF Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 2,376.10 609.90 374.80
2018-12-31 2,376.10 609.90 374.80
2018-09-30 2,282.99 775.01 489.46
2018-06-30 2,282.99 775.01 489.46
2018-03-31 2,474.90 759.40 552.20
2017-12-31 2,474.90 759.40 552.20
2017-09-30 2,219.63 767.71 303.69
2017-06-30 2,219.63 767.71 303.69
2017-03-31 2,131.27 759.30 374.86
2016-12-31 2,131.27 759.30 374.86
2016-09-30 1,892.55 0.00 179.42
2016-06-30 1,892.55 0.00 179.42
2016-03-31 1,906.27 0.15 319.18
2015-12-31 1,906.27 0.15 319.18
2015-09-30 1,769.59 0.00 208.31
2015-06-30 1,769.59 0.00 208.31
2015-03-31 1,871.80 0.15 390.49
2014-12-31 1,871.80 0.15 390.49
2014-09-30 1,871.16 8.01 318.37
2014-06-30 1,871.16 8.01 318.37
2014-03-31 1,774.38 80.90 413.97
2013-12-31 1,774.38 80.90 413.97
2013-09-30 1,633.58 240.04 424.17
2013-06-30 1,633.58 240.04 424.17
2013-03-31 1,641.26 235.20 439.41
2012-12-31 1,635.34 235.20 434.77
  • Sonova Holding's level of debt (25.7%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (4.5% vs 25.7% today).
  • Debt is well covered by operating cash flow (87.4%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 5438x coverage).
X
Financial health checks
We assess Sonova Holding's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Sonova Holding has a total score of 5/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

SOON Dividends

 What is Sonova Holding's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
1.25%
Current annual income from Sonova Holding dividends. Estimated to be 1.59% next year.
If you bought CHF2,000 of Sonova Holding shares you are expected to receive CHF25 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Sonova Holding's pays a lower dividend yield than the bottom 25% of dividend payers in Switzerland (1.85%).
  • Sonova Holding's dividend is below the markets top 25% of dividend payers in Switzerland (3.63%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
SWX:SOON Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 20 Analyst Estimates (S&P Global) See Below
Switzerland Medical Equipment Industry Average Dividend Yield Market Cap Weighted Average of 5 Stocks 1%
Switzerland Market Average Dividend Yield Market Cap Weighted Average of 163 Stocks 2.9%
Switzerland Minimum Threshold Dividend Yield 10th Percentile 1.2%
Switzerland Bottom 25% Dividend Yield 25th Percentile 1.8%
Switzerland Top 25% Dividend Yield 75th Percentile 3.6%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

SWX:SOON Future Dividends Estimate Data
Date (Data in CHF) Dividend per Share (annual) Avg. No. Analysts
2024-03-31 4.55 1.00
2023-03-31 4.20 2.00
2022-03-31 4.18 15.00
2021-03-31 3.65 19.00
2020-03-31 3.26 19.00
2019-11-14
SWX:SOON Past Annualized Dividends Data
Date (Data in CHF) Dividend per share (annual) Avg. Yield (%)
2019-05-21 2.900 1.288
2018-06-12 2.600 1.442
2017-05-16 2.300 1.443
2016-05-18 2.100 1.593
2015-05-19 2.050 1.604
2014-05-21 1.900 1.372
2014-05-20 1.900 1.410
2013-05-21 1.600 1.386
2013-05-14 1.600 1.545
2012-05-22 1.200 1.210
2011-06-21 1.200 1.392
2010-05-18 1.200 1.062
2009-06-10 1.000 0.891

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Sonova Holding is not paying a notable dividend for Switzerland, therefore no need to check if the payments are stable.
  • Sonova Holding is not paying a notable dividend for Switzerland, therefore no need to check if the payments are increasing.
Current Payout to shareholders
What portion of Sonova Holding's earnings are paid to the shareholders as a dividend.
  • No need to calculate the sustainability of Sonova Holding's dividends as it is not paying a notable one for Switzerland.
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (2.5x coverage).
X
Income/ dividend checks
We assess Sonova Holding's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.2%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Sonova Holding afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Sonova Holding has a total score of 1/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

SOON Management

 What is the CEO of Sonova Holding's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Arnd Kaldowski
COMPENSATION CHF3,331,472
AGE 52
TENURE AS CEO 1.6 years
CEO Bio

Mr. Arnd Kaldowski has been the Chief Executive Officer at Sonova Holding AG since April 1, 2018 and its Chief Operating Officer since October 1, 2017 and its Member of Management Board since October 1, 2017. Mr. Kaldowski is responsible for all three businesses hearing instruments, retail and cochlear implants, as well as for research & development, supply chain and IT. He served as Vice President and Group Executive at Danaher Corporation since March 2014. He served as Group Executive Diagnostics Platform and President Beckman Coulter Diagnostics at Danaher Corporation. He had overall revenue responsibility of USD 5.5 billion globally, including direct reporting of the operating companies Radiometer, Leica Biosystems and Cepheid and including the Heads HR, legal, finance, business development (M&A), clinical affairs, regulatory and quality. He served as Senior Vice President of Point-of-Care Solutions at Siemens Medical. He served as Investment Director of Atila Ventures and Manager at the Boston Consulting Group. Mr. Kaldowski served as an Executive Vice President of Sales & Marketing and a Member of Managing Board at Leica Microsystems GmbH. He served as President of Leica Biosystems of Leica Microsystems GmbH. He has seven years of experience in top management consulting and venture capital. He was engaged in physics research in the U.S.A., spent five years in top management consulting in Munich at The Boston Consulting Group and advised on numerous venture capital deals in the technology sectors in Europe, both at Firestorm Ventures and Atila Ventures. He serves as Member of Investment Committee at ETV Holding AG and ETV Montana Tech Holding GmbH. He served as Member of Investment Committee at Atila Ventures. Mr. Kaldowski holds a Masters Degree in Physics from Darmstadt University and an M.B.A. from INSEAD, Fontainebleau.

CEO Compensation
  • Arnd's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Arnd's remuneration is about average for companies of similar size in Switzerland.
Management Team Tenure

Average tenure and age of the Sonova Holding management team in years:

2.5
Average Tenure
53
Average Age
  • The tenure for the Sonova Holding management team is about average.
Management Team

Arnd Kaldowski

TITLE
CEO, COO & Member of Management Board
COMPENSATION
CHF3M
AGE
52
TENURE
1.6 yrs

Hartwig Grevener

TITLE
CFO & Member of Management Board
AGE
53
TENURE
7.3 yrs

Andi Vonlanthen

TITLE
Group VP of Research & Development and Member of Management Board
AGE
58
TENURE
7.6 yrs

Claude Diversi

TITLE
Group VP of Hearing Instruments Wholesale & Member of Management Board
AGE
55
TENURE
7.5 yrs

Martin Grieder

TITLE
Group VP of Hearing Instruments Marketing & Member of Management Board
AGE
54
TENURE
5.3 yrs

Christophe Fond

TITLE
Group VP of Audiological Care & Member of Management Board
AGE
53
TENURE
2.8 yrs

Claudio Bartesaghi

TITLE
Group VP of Corporate HRM & Communications and Member of Management Board
AGE
46
TENURE
2.1 yrs

Hans Mehl

TITLE
Executive Officer
AGE
60
TENURE
0.6 yrs

Hansjürg Emch

TITLE
Strategic Advisor to AB
AGE
51
TENURE
0.6 yrs

Vicky Carr-Brendel

TITLE
Member of Management Board
TENURE
0.6 yrs
Board of Directors Tenure

Average tenure and age of the Sonova Holding board of directors in years:

6.9
Average Tenure
62.5
Average Age
  • The tenure for the Sonova Holding board of directors is about average.
Board of Directors

Robert Spoerry

TITLE
Chairman
COMPENSATION
CHF957K
AGE
64
TENURE
8.7 yrs

Beat Hess

TITLE
Vice Chairman
COMPENSATION
CHF347K
AGE
70
TENURE
7.4 yrs

Ronald van der Vis

TITLE
Non-Executive Director
COMPENSATION
CHF335K
AGE
52
TENURE
10.4 yrs

Michael Jacobi

TITLE
Non-Executive Director
COMPENSATION
CHF350K
AGE
66
TENURE
16.8 yrs

Lukas Braunschweiler

TITLE
Director
COMPENSATION
CHF441K
AGE
63
TENURE
1.4 yrs

Jinlong Wang

TITLE
Non-Executive Director
COMPENSATION
CHF324K
AGE
62
TENURE
6.4 yrs

Stacy Seng

TITLE
Non-Executive Director
COMPENSATION
CHF335K
AGE
55
TENURE
5.8 yrs

Lynn Bleil

TITLE
Non-Executive Director
COMPENSATION
CHF332K
AGE
56
TENURE
3.4 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month open market individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (CHF) Value (CHF)
X
Management checks
We assess Sonova Holding's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Sonova Holding has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

SOON News

Simply Wall St News

Introducing Sonova Holding (VTX:SOON), A Stock That Climbed 67% In The Last Three Years

But if you buy good businesses at attractive prices, your portfolio returns could exceed the average market return. … For example, Sonova Holding AG (VTX:SOON) shareholders have seen the share price rise 67% over three years, well in excess of the market return (15%, not including dividends). … Before deciding if you like the current share price, check how Sonova Holding scores on these 3 valuation metrics.

Simply Wall St -

Don’t Buy Sonova Holding AG (VTX:SOON) Until You Understand Its ROCE

Analysts use this formula to calculate return on capital employed: Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities) Or for Sonova Holding: 0.17 = CHF544m ÷ (CHF4.3b - CHF1.0b) (Based on the trailing twelve months to March 2019.) So, Sonova Holding has an ROCE of 17%. … How Sonova Holding's Current Liabilities Impact Its ROCE Short term (or current) liabilities, are things like supplier invoices, overdrafts, or tax bills that need to be paid within 12 months. … The ROCE equation subtracts current liabilities from capital employed, so a company with a lot of current liabilities appears to have less capital employed, and a higher ROCE than otherwise.

Simply Wall St -

What Percentage Of Sonova Holding AG (VTX:SOON) Shares Do Insiders Own?

Check out our latest analysis for Sonova Holding SWX:SOON Ownership Summary, August 13th 2019 What Does The Institutional Ownership Tell Us About Sonova Holding? … Sonova Holding already has institutions on the share registry. … Insider Ownership Of Sonova Holding While the precise definition of an insider can be subjective, almost everyone considers board members to be insiders.

Simply Wall St -

Will Sonova Holding AG's (VTX:SOON) Earnings Grow In The Year Ahead?

Looking at Sonova Holding AG's (VTX:SOON) earnings update in March 2019, the consensus outlook from analysts appear fairly confident, with earnings expected to grow by 16% in the upcoming year against the past 5-year average growth rate of 4.9%. … View our latest analysis for Sonova Holding How is Sonova Holding going to perform in the near future? … SWX:SOON Past and Future Earnings, August 5th 2019 From the current net income level of CHF454m and the final forecast of CHF636m by 2022, the annual rate of growth for SOON’s earnings is 8.9%.

Simply Wall St -

Despite Its High P/E Ratio, Is Sonova Holding AG (VTX:SOON) Still Undervalued?

Check out our latest analysis for Sonova Holding How Do You Calculate Sonova Holding's P/E Ratio? … The formula for price to earnings is: Price to Earnings Ratio = Price per Share ÷ Earnings per Share (EPS) Or for Sonova Holding: P/E of 32.28 = CHF225.3 ÷ CHF6.98 (Based on the year to March 2019.) Is A High Price-to-Earnings Ratio Good? … How Does Sonova Holding's Debt Impact Its P/E Ratio?

Simply Wall St -

Does Sonova Holding AG's (VTX:SOON) Past Performance Indicate A Stronger Future?

When Sonova Holding AG's (VTX:SOON) announced its latest earnings (31 March 2019), I wanted to understand how these figures stacked up against its past performance. … The two benchmarks I used were Sonova Holding's average earnings over the past couple of years, and its industry performance. … View our latest analysis for Sonova Holding Were SOON's earnings stronger than its past performances and the industry?

Simply Wall St -

Is Sonova Holding (VTX:SOON) A Risky Investment?

We can see that Sonova Holding AG (VTX:SOON) does use debt in its business. … Since Sonova Holding does have net debt, we think it is worthwhile for shareholders to keep an eye on the balance sheet, over time. … But ultimately the future profitability of the business will decide if Sonova Holding can strengthen its balance sheet over time.

Simply Wall St -

Three Things You Should Check Before Buying Sonova Holding AG (VTX:SOON) For Its Dividend

Conclusion To summarise, shareholders should always check that Sonova Holding's dividends are affordable, that its dividend payments are relatively stable, and that it has decent prospects for growing its earnings and dividend. … Second, earnings growth has been ordinary, and its history of dividend payments is shorter than we'd like. … Earnings growth generally bodes well for the future value of company dividend payments.

Simply Wall St -

I Built A List Of Growing Companies And Sonova Holding (VTX:SOON) Made The Cut

So if you're like me, you might be more interested in profitable, growing companies, like Sonova Holding (VTX:SOON). … We would not expect to see insiders owning a large percentage of a CHF15b company like Sonova Holding. … It's good to see that insiders are invested in the company, but are remuneration levels reasonable?

Simply Wall St -

What Do Analysts Think About The Future Of Sonova Holding AG's (VTX:SOON)?

Sonova Holding AG's (VTX:SOON) latest earnings announcement in March 2019 indicated that the business experienced a strong tailwind, leading to a double-digit earnings growth of 13%. … Today I want to provide a brief commentary on how market analysts predict Sonova Holding's earnings growth outlook over the next couple of years and whether the future looks even brighter than the past. … See our latest analysis for Sonova Holding Analysts' outlook for next year seems optimistic, with earnings increasing by a robust 16%.

Simply Wall St -

SOON Company Info

Description

Sonova Holding AG designs, develops, manufactures, and distributes hearing systems for adults and children with hearing impairment. It offers hearing instruments, cochlear implants, wireless communication products, and rechargeable hearing aids, as well as professional audiological care services. The company provides hearing instruments under the Phonak, Unitron, and Hansaton brand names; cochlear implants under the Advanced Bionics brand; and professional hearing care services under the AudioNova, Audium, AuditionSanté, Boots Hearingcare, Connect Hearing, Fiebing, Geers, Hansaton, Lapperre, Lindacher, Schoonenberg, Triton, and Vitakustik brands. Sonova Holding operates through sales channels, including independent healthcare professionals, government agencies, clinics, and retail network, as well as through Sonova-owned wholesale companies and independent distributors. It operates in the Americas, Europe, the Middle East, Africa, and the Asia/Pacific. The company was formerly known as Phonak Holding AG and changed its name to Sonova Holding AG in August 2007. Sonova Holding AG was founded in 1947 and is headquartered in Stäfa, Switzerland.

Details
Name: Sonova Holding AG
SOON
Exchange: SWX
Founded: 1947
CHF15,011,205,734
64,398,137
Website: http://www.sonova.com
Address: Sonova Holding AG
Laubisrutistrasse 28,
Stäfa,
Zurich, 8712,
Switzerland
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SWX SOON Registered Shares SIX Swiss Exchange CH CHF 02. Dec 1994
OTCPK SONV.F Registered Shares Pink Sheets LLC US USD 02. Dec 1994
DB PHBN Registered Shares Deutsche Boerse AG DE EUR 02. Dec 1994
LSE 0QPY Registered Shares London Stock Exchange GB CHF 02. Dec 1994
OTCPK SONV.Y UNSP ADR EACH REPR 0.2 ORD Pink Sheets LLC US USD 03. Dec 2008
SWX SOONE CHF0.05 SIX Swiss Exchange CH CHF 10. Oct 2018
DB PHBA UNSP ADR EACH REPR 0.2 ORD Deutsche Boerse AG DE EUR 03. Dec 2008
SWX SOONE CHF0.05(2ND LINE) SIX Swiss Exchange CH CHF 01. Dec 2014
Number of employees
Current staff
Staff numbers
14,740
Sonova Holding employees.
Industry
Health Care Equipment
Healthcare
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/11/14 20:44
End of day share price update: 2019/11/13 00:00
Last estimates confirmation: 2019/11/13
Last earnings filing: 2019/05/21
Last earnings reported: 2019/03/31
Last annual earnings reported: 2019/03/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.