GN Group (Buy, TP: DKK270.00) - Very wide guidance for 2023
The 2022 GN Audio and Hearing core organic growth guidance was reached, while the GN Hearing adj. EBITA margin missed. The 2023 guidance is very wide at 2–8% organic growth and an EBITA margin of 13–16% for GN Hearing Core, with cDKK-150m EBITA for the emerging business, while the GN Audio combined guidance is for -10%–+5% organic growth and an EBITA margin of 10–15%. We expect 10%+ negative consensus 2023 EPS revisions and a significant negative (20%) share price reaction today.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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