GN Group (Buy, TP: DKK280.00) - Market weakness playing out
Soft end-markets have prompted a guidance cut for GN Audio and restructuring has added another DKK-100m to one-offs. Based on the preliminary Q3 results, we struggle with the unchanged GN Hearing 2022 guidance and note KS11 as a possible explanation. We have cut our estimates for the new guidance and expect a negative spill-over into 2023 but see no risk of an equity raise. We see a positive risk/reward and reiterate our BUY but have cut our target price to DKK280 (380).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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