Report
Rune Majlund Dahl
EUR 91.47 For Business Accounts Only

Demant (Buy, TP: DKK200.00) - Severe slowdown as expected

The Q1 trading update showed the expected slowdown with significant negative growth since mid-March due to the severe market impact of coronavirus. Current run-rate comments indicate a c80% sales decline and c60% of costs remaining, which is slightly better than our estimates. On the negative side, management was less firm on pent-up demand materialising later in 2020e. The 2020 guidance is still withdrawn.
Underlying
Demant A/S

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.

Provider
DnB Markets
DnB Markets

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.

 

Analysts
Rune Majlund Dahl

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