We're concerned about recent trends of wholesalers expanding own retail channels.
William Demant's third-quarter update was generally in line with previously outlined targets for the full year, so we're maintaining our fair value estimate and narrow moat rating.The company is seeing a moderate slowdown in volume in the quarter, despite the continuing strong uptake of the Opn portfolio. The wholesale business has decelerated from the first-half 11% growth rate, and will likely see further deceleration in the last few months of the year, as Opn runs into tough comps from its l...
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