Demant (Buy, TP: DKK330.00) - Headwinds set to ease in 2025
We forecast 2.2% organic revenue growth YOY in Q4 (consensus 2.3%) and H2 EBIT before special items of DKK2,312m (consensus DKK2,310m), implying 2024 earnings at the lower end of the guidance. We expect Demant to guide for 3–7% organic revenue growth and EBIT of DKK4.6bn–5.0bn for 2025, with easing headwinds (Managed Care and competitive pressure). We reiterate our BUY and DKK330 target price.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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