Demant (Hold, TP: DKK335.00) - Strong earnings indications in Q1
Demant estimates the global hearing aid market enjoyed c6% unit growth in Q1 driven by France and the US. With high exposure to France, Demant’s Hearing Healthcare has had high-double-digit organic growth YTD and in the low double-digits versus 2019. Organic revenue growth and EBIT guidance were lifted, and 2021e should be less back-end-loaded than our prior forecast, driven by strong Q1 profitability. We reiterate our HOLD with a new DKK335 (320) 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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