Sonova Holding AG

“Sonova is a structurally advantaged hearing care oligopolist with 22%+ ROE, 20+ year demographic tailwinds, multi-layered switching-cost moat, and ~90% FCF conversion — currently priced at 17.2x forward earnings near multi-year lows amid temporary FX headwinds and OTC noise that do not threaten the core franchise. The risk of permanent capital impairment is low; the path to 2–3x over a decade requires only that the business continues doing what it has done. Initiate in small tranches with a target to build a full position on further weakness.”