William Demant Holding (Sell, TP: DKK155.00) - Solid 2018 guidance
H2 sales were above our estimate and consensus and the EBIT margin was c19.1% versus our forecast and consensus of c18.8%. The 2018 EBIT guidance of DKK2.55bn–2.85bn is wide as usual and covers both our estimates and consensus, but with a mid-point that offers upside potential to estimates (we forecast DKK2,598m; consensus DKK2,655m). We expect consensus 2018 EPS to come up 2–3%, and could see the share price up 2–3% as well.William Demant Holding is a holding company. Through its subsidiaries, Co develops, manufactures and sells products and equipment designed to aid the hearing and communication of individuals. Co. focuses on four areas: Hearing Devices, Diagnostic Instruments, Hearing Implants and Personal Communication. Co.'s hearing devices include Oticon, Bernafon, Sonic, Phonic Ear, and FrontRow. Co.'s Hearing implant consist of Oticon Medical. Co.'s diagnostic instruments include Maico, Interacoustics, Amplivox, Grason-Stadler, MedRx, and Micromedical. Co.'s personal communication consists of Sennheiser Communications.
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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