GN Group (Sell, TP: DKK250.00) - Another GN Audio upgrade
Q2 group organic sales growth of 11% YOY was above us and consensus (we forecast 8.7%, consensus 9.3%), with GN Audio performing better and GN Hearing in line with consensus. The 17.6% group EBITA margin was also better than our forecast and consensus, driven mainly by GN Audio. GN Group upgraded the organic growth guidance in Audio to 16–19% (from 15%+ in June). We expect the shares to trade up 3%+.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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