Demant (Hold, TP: DKK250.00) - Top-line guidance included
H2 sales and EBIT beat our estimates and consensus, with a strong EBIT margin of c16.9% versus our forecast of c16.7%. The 2021 guidance was strong and included guidance for revenue growth of 24–28% YOY in local currency and EBIT of DKK2,850m–3,150m, c9.5% above 2019 LCY revenue and c11% above 2019 EBIT (adjusted for an IT incident). We expect consensus 2021e EPS to come up c7% and a positive share price reaction of 5%+ today.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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