GN Group (Buy, TP: DKK250.00) - Set to narrow Hearing guidance
We estimate Q1 organic growth of 8.4% YOY for GN Hearing (consensus 7.9%) and -5.1% YOY for GN Audio, with adj. EBITA margins of 6.4% for GN Hearing Core and 5.8% for GN Audio. We still believe 10% accelerated book build with a sale of 5.2m treasury shares linked to the convertible bond could take NIBD/EBITDA below 3x by end-2024e. We see narrowed GN Hearing guidance of 5–8% and a 14–16% adj. EBIT margin for GN Core. We reiterate our BUY and DKK250 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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