Demant (Buy, TP: DKK335.00) - 2023 guidance raised again
Continued strong momentum in Hearing Healthcare in Q2, driven by Hearing Aids and a recovery in Diagnostics, led to a 2023 guidance increase to 11–14% organic growth and EBIT of DKK4,000m–4,400m. Management now expects market hearing aid unit growth to be above the historical 4–6% in 2023. Based on the strong H1, Demant said it may restart the share buyback programme in H2. We reiterate our BUY and have raised our target price to DKK335 (325).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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