GN Group (Buy, TP: DKK500.00) - Supply normalisation in H2e
GN Hearing beat our Q4e and consensus, while GN Audio fell short. The 2022 guidance underscores significant supply issues in Q1 and high one-offs due to the acquisitions of SteelSeries and Lively. The guidance is for 5–10% organic growth for GN Hearing and 5%+ for GN Audio due to supply constraints, and for EBITA margins of c14% and c20%, respectively. We reiterate our BUY, but have cut our target price DKK500 (520).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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