2010年4月欧洲艾滋病治疗行业研究报告

相似文件 换一批

是 否 +2 论坛币

k人 参与回答

经管之家送您一份

应届毕业生专属福利!

求职就业群

赵安豆老师微信：zhaoandou666

经管之家联合CDA

送您一个全额奖学金名额~ !

立即领取

感谢您参与论坛问题回答

经管之家送您两个论坛币！

+2 论坛币

【出版时间及名称】：2010年4月欧洲艾滋病治疗行业研究报告
        【作者】：摩根斯坦利
        【文件格式】：pdf
        【页数】：35
        【目录或简介】：
FEEDBACK FROM AUDIOLOGY NOW CONGRESS
Following Audiology NOW, we feel more positive about
Sonova and the hearing aid market, which has
prompted our upgrade from Equal to Overweight with a
CHF150 price target. This implies a CY11E P/E multiple
of 23x, which for conservative reasons is below
pre-recession multiples of 25-26x, despite our view that
Sonova can continue to grow its top line organically by
+10%. We expect a strong 2H FY10 result and
encouraging FY11 guidance despite demanding comps.
MARKET DEVELOPMENTS
2010 Market Growth Outlook – we are raising our
market growth expectations from +5-6% to +6-7% to
start to reflect an exceptionally strong high-end product
cycle, as well as a more optimistic outlook on the VA
contract. The last high-end industry product cycle of this
magnitude resulted in +10-11% growth in CY06E.
New Wearing Style Cycle – the hearing aid industry
may be moving to the next wearing style cycle, away
from behind-the-ear to invisible deep-in-the-canal
technology. The move towards invisible solutions could
better our CY11E industry growth rate of 5-6%.
EARNINGS CHANGES
Sonova – we are raising our FY10E & FY11E EPS by
+3.7% and +4.2% to CHF5.45 and CHF6.17 driven by
stronger organic sales growth.
William Demant – we are raising our FY10E & FY11E
EPS by +0.8% and +1.0% to DKK17.59 and DKK20.38.
GN Store Nord - we are lowering our FY10E & FY11E
EPS by -10.1% and -4.5% to DKK1.25 and DKK1.52.
INVESTMENT CONCLUSION
We reiterate our "Equal-weight" stance on William
Demant and GN Store Nord and are more bullish on
Sonova with an “Overweight”.

扫码加我 拉你入群

请注明：姓名-公司-职位

以便审核进群资格，未注明则拒绝

分享0 收藏1 回帖

关键词：行业研究报告 研究报告 行业研究 艾滋病 Developments 研究报告 行业 欧洲 治疗 艾滋病