Demant (Buy, TP: DKK355.00) - 2024 set to be a normalised year
We believe investor focus will be less on the H2 results and more on 2024 guidance. We expect the guidance to be for 3–7% YOY organic revenue growth, c2% M&A revenue growth, a c1% FX headwind, and EBIT of DKK4,400m–4,800m. We believe H2 2023 is set for high market unit growth above the 4–6% structural growth rate on easy comparables, while 2024e looks more normalised at c5% unit growth. We reiterate our BUY and have raised our target price to DKK355 (335).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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