William Demant Holding (Sell, TP: DKK175.00) - Prolonged lifecycle of Opn
William Demant reported a stronger H2 2017 than we and consensus expected, driven by Hearing Devices. The full-year 2018 guidance range for EBIT before restructuring costs is DKK2.55bn–2.85bn, hitting both our and consensus estimates, albeit at the low to mid end of the range, hence triggering higher estimates. Restructuring costs are guided at DKKc150m for 2018e. We have raised our target price from DKK155 to DKK175, but retain our SELL recommendation.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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