GN Group (Sell, TP: DKK250.00) - Focus set to be on Hearing
We expect focus in the Q2 release to be on GN Hearing (results due at 07:00 CET on 22 August) following the GN Audio guidance upgrade on 14 June. We forecast c5.1% organic growth YOY for GN Hearing as we still expect large retailers and VA to be a drag on organic growth, but have upped our margin. We believe the share price has run far ahead of fundamentals and reiterate SELL, but have raised our target price to DKK250 (210), reflecting increased profitability assumptions and multiples expansion.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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