GN Group (Hold, TP: DKK320.00) - Last quarter with high organic growth
Last quarter with high organic growth Following the 36% organic growth in GN Audio guidance in Q1 and what looked to be a very modest guidance increase to 19%+ for the full year, we are surprised we have not seen another increase, which leads us to believe GN Audio has seen a slowdown in Q2. For GN Hearing, we forecast c7.5% organic growth in Q2 YOY, driven by a strong contribution from the VA and the independent channel. We reiterate HOLD, but have cut our target price to DKK320 (340).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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