Launching Coverage of GN Store Nord With Narrow Moat, Negative Trend Ratings; Shares Expensive
We are initiating coverage of GN Store Nord, a Danish company offering hearing instruments and audio solutions, with a narrow moat and a negative trend rating. We believe the shares are currently trading at lofty levels, more than 30% above our DKK 250 per share fair value estimate, which implies 2018 adjusted P/E and EBITDA multiples of 25 times and 16 times, respectively.We believe the hearing segment is a narrow-moat business, given the sticky audiologist/manufacturer relationship and techno...
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).
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