Report
Alex Morozov
EUR 101.80 For Business Accounts Only

William Demant's Opn Platform Continues to Deliver Superb Results

William Demant's fourth-quarter results were modestly above our forecast, but not enough to affect our recently raised fair value estimate. We maintain our narrow moat rating.
While we were anticipating growth from the Opn portfolio to decelerate as a result of tough comparisons, the company defied our expectations by delivering 12% growth from Opn in the second half of the year, outpacing overall market growth in both volume (6% versus 4% market global growth rate) and average selling price. On...
Provider
Morningstar
Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

Analysts
Alex Morozov

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