GN Group (Hold, TP: DKK300.00) - Audio beat – Hearing in line
Q3 organic sales growth of c12% was in line with expectations (we forecast 11.4%, consensus 11.2%), but again GN Audio performed better than expected, while GN Hearing was in line. The EBITA margin of 18.0% was slightly above our forecast of 17.9% and consensus of 17.8%. GN reiterated its 2018 guidance for GN Hearing and GN Audio organic growth of 6%+ and 16–19%, respectively. We expect the share to trade up c1–3% today on the beat, but also no guidance upgrade.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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