GN Store Nord : Operationally a turn for the better - Incorporating strong dilution
>GN Hearing with strong momentum - We rate the 14% organic growth in Q4 2022 as confirmation that GN Hearing’s Omnia hearing aid platform is highly competitive. While the contribution of Costco was at 300-400bp according to our calculations, the strong underlying momentum in a weak market environment is clearly positive. We leave our organic growth forecast of 5% for 2023 unchanged (vs guidance of 2-8%) but now expect a neutral forex environment. Our segmental rep. EB...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).
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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