GN Group (Buy, TP: DKK245.00) - Elite and Talk wind-down hits Q2e
We forecast Q2 organic revenue growth of 5.3% YOY (consensus 5.1%), driven by still-strong traction of Nexia, but a soft EBITA margin of just 8.3% (consensus 8.7%), hurt by the wind-down of Elite and Talk. We forecast Enterprise to decline organically YOY, but note rising PC shipments bode well for a return to growth in H2e. We expect unchanged 2024 guidance for 2–6% organic revenue growth and a 12–13% EBITA margin. We reiterate our BUY and DKK245 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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