GN Group (Buy, TP: DKK230.00) - Looking for an upturn in Enterprise
Q3 sales missed, owing to Enterprise and Gaming & Consumer performing below expectations, while EBITA was strong at DKK553m (c5.1% above consensus). The 2024 guidance was cut for organic growth to 1–2%, maintained for a 12–13% EBITA margin, and raised for FCF to DKK1.1bn+. With flat growth in headsets for two consecutive quarters, offset by a speakerphone decline, we now forecast -3% organic growth in 2024 (-2% in Q4). We reiterate our BUY and DKK230 target price.GN Store Nord is an electronics communication products group based in Denmark. Co. is engaged in the manufacture and marketing of products for personal communication. Co.'s product offering includes hearing instruments, corded and wireless headsets, and audiologic diagnostics equipment used to test people's hearing and sense of balance. In addition, Co. offers products and accessories such as speakers, amplifiers, headset telephones, and adapters, as well as software and equipment for fitting hearing instruments. Co.'s operations are organized along two business divisions: GN Netcom (headsets) and GN ReSound (advanced hearing instruments).
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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