Demant (Buy, TP: DKK370.00) - EPOS restructuring triggers one-off
Demant reported its H1 results (pre-announced) and confirmed its recently revised 2024 guidance. The key focus was the restructuring expenses of DKK400m triggering a one-off related to EPOS, prompting management to revise its guidance for the net loss from discontinued operations to DKK550m (including a cDKK50m net loss in CI). Demant guided for share buy-backs of DKK2.3bn+ (previously DKK2.0bn+). We reiterate our BUY and DKK370 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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