GN Group (Hold, TP: DKK580.00) - GN Audio continues to impress
GN Group has announced its preliminary Q1 results including group organic growth of 46% and an 18.3% EBITA margin (full results due at 07:00 CET on 6 May). GN Audio beat our forecast (39.0%) with c82% organic growth YOY in Q1, while GN Hearing was more in line at c1% (we forecast 0.9%). The 2021 organic revenue growth guidance was lifted for GN Audio but unchanged for GN Hearing. We reiterate our HOLD but have raised our target price to DKK580 (550).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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