GN Group (Buy, TP: DKK380.00) - Follows suit, and cuts FY guidance
Despite a reasonably good Q2, GN Group followed peers and cut its 2022 guidance. We note 18% organic growth in the Enterprise segment in Q2 (supporting our backlog case) and the relatively small cut to the 2022 guidance for GN Hearing and Enterprise. We believe the buy-side is more negative than the sell-side, and see an attractive risk/reward. We reiterate our BUY but have cut our target price to DKK380 (400).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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