Demant (Buy, TP: DKK320.00) - Back-end-loaded 2025e recovery
Demant ended the year at the low end of its guidance, with H2 organic growth of c2% YOY and EBIT before special items of DKK2,336m. While we see scope for a recovery in 2025, we forecast it to be back-end loaded, supported by easing headwinds related to Managed Care from Q2e. The 2025 guidance is for 3–7% organic sales growth and EBIT of DKK4.5bn–4.9bn. We reiterate our BUY, but have cut our target price to DKK320 (330).William Demant Holding is a holding company. Through its subsidiaries, Co develops, manufactures and sells products and equipment designed to aid the hearing and communication of individuals. Co. focuses on four areas: Hearing Devices, Diagnostic Instruments, Hearing Implants and Personal Communication. Co.'s hearing devices include Oticon, Bernafon, Sonic, Phonic Ear, and FrontRow. Co.'s Hearing implant consist of Oticon Medical. Co.'s diagnostic instruments include Maico, Interacoustics, Amplivox, Grason-Stadler, MedRx, and Micromedical. Co.'s personal communication consists of Sennheiser Communications.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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