reports
- ABGSC Healthcare Research
- Morten Larsen
- Emira Sagaama
- Juan Ros-Padilla
AMS AMS AG
CRI CHARGEURS SA
EVT EVOTEC SE
FLY SOCIETE FONCIERE LYONNAISE SA
LXS LANXESS AG
BEN BENETEAU SA
KCO KLOECKNER & CO SE
VLS VALNEVA SE
JCQ JACQUET METALS SA
ELG ELMOS SEMICONDUCTOR SE
BAMNB KONINKLIJKE BAM GROEP NV
WIZZ WIZZ AIR HOLDINGS PLC
GN GN STORE NORD A/S
GLB GLANBIA PLC
DEZ DEUTZ AG
AALB AALBERTS N.V.
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
FDR FLUIDRA S.A.
CPINV CARE PROPERTY INVEST SA
LOG COMPANIA DE DISTRIBUCION INTEGRAL LOGISTA HOLDINGS S.A.
TWEKA TKH GROUP N.V. CERT
SMHN SUESS MICROTEC AG
DIC DIC ASSET AG
ALFEN ALFEN NV
INS INSTONE REAL ESTATE GROUP AG
HAG HENSOLDT AG
COP COMPUGROUP MEDICAL SE & CO. KGAA
KTA KNAUS TABBERT
RWI RENEWI PLC
HGEA HGEARS AG
AF AIR FRANCE - KLM
- Emira Sagaama
- Juan Ros-Padilla
AMS AMS AG
CRI CHARGEURS SA
EVT EVOTEC SE
FLY SOCIETE FONCIERE LYONNAISE SA
LXS LANXESS AG
BEN BENETEAU SA
KCO KLOECKNER & CO SE
VLS VALNEVA SE
JCQ JACQUET METALS SA
ELG ELMOS SEMICONDUCTOR SE
BAMNB KONINKLIJKE BAM GROEP NV
WIZZ WIZZ AIR HOLDINGS PLC
GN GN STORE NORD A/S
GLB GLANBIA PLC
DEZ DEUTZ AG
AALB AALBERTS N.V.
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
FDR FLUIDRA S.A.
CPINV CARE PROPERTY INVEST SA
LOG COMPANIA DE DISTRIBUCION INTEGRAL LOGISTA HOLDINGS S.A.
TWEKA TKH GROUP N.V. CERT
SMHN SUESS MICROTEC AG
DIC DIC ASSET AG
ALFEN ALFEN NV
INS INSTONE REAL ESTATE GROUP AG
HAG HENSOLDT AG
COP COMPUGROUP MEDICAL SE & CO. KGAA
KTA KNAUS TABBERT
RWI RENEWI PLC
HGEA HGEARS AG
AF AIR FRANCE - KLM
- Rune Majlund Dahl
GN Group (Buy, TP: DKK230.00) - Looking for an upturn in Enterprise
Q3 sales missed, owing to Enterprise and Gaming & Consumer performing below expectations, while EBITA was strong at DKK553m (c5.1% above consensus). The 2024 guidance was cut for organic growth to 1–2%, maintained for a 12–13% EBITA margin, and raised for FCF to DKK1.1bn+. With flat growth in headsets for two consecutive quarters, offset by a speakerphone decline, we now forecast -3% organic growth in 2024 (-2% in Q4). We reiterate our BUY and DKK230 target price.
- Oliver Metzger
GN Store Nord : Q3 2023 review – Lower end of guidance range for Enter...
>Q3 review - Miss on top line, EBITA as expected, beat on EPS level - GN Store Nord achieved Q3 2024 revenues of DKK 4,164m (-6.3% y-o-y, -6%/-5% vs ODDO BHF/consensus). Q3 EBITA reached DKK 553m (+18.7% y-o-y, margin 13.3%), which was in line with our and the consensus’ expectations. EPS reached DKK 1.86, well ahead of our DKK 1.44 and consensus’ DKK 1.34.GN Hearing continues its strong market outperformance - GN Hearing’s Q3 revenues of DKK 1,725m (...
- ABGSC Healthcare Research
- Morten Larsen
Interim Report Q3 2024: Further margin expansion and strong cash flow ...
Interim Report Q3 2024: Further margin expansion and strong cash flow despite mixed growth across divisions Highlights The Hearing division continued to gain significant market share leading to 10% organic revenue growth, while the divisional profit margin increased by 5.9 percentage points to 34.8%The Enterprise division was negatively impacted by sell-in pressure due to economic growth challenges in parts of Central Europe, while North America and Rest of World continued its stabilization. Overall, organic revenue growth ended at -7%, while sell-out growth was -3%. Despite the topline...
Update of financial guidance for 2024
Update of financial guidance for 2024 GN has throughout the year increased its earnings power and cash flow generation, leading to an upgrade of the guidance on free cash flow excl. M&A to “DKK >1,100 million” and a confirmation of the EBITA margin guidance of “12 to 13%”. Following a somewhat softer market development than earlier anticipated for Enterprise and Gaming, GN adjusts its organic revenue growth guidance to “1% to 2%” Financial guidance for 2024 Organic revenue growthReported EBITA marginFree cash flow excl. M&A (DKK million)UpdatedPriorConfirmedPriorUpdatedPrior1% to 2%2% to 6...
- Rune Majlund Dahl
GN Group (Buy, TP: DKK230.00) - Adding company consensus
GN Group recently released company consensus. We forecast Q3 organic revenue growth of 0.4% YOY (consensus -0.2%) and an EBITA margin of 12.5% (consensus 12.0%). We expect still-strong traction of Nexia, but Enterprise to decline organically YOY. We expect unchanged 2024 guidance for 2–6% organic revenue growth and a 12–13% EBITA margin. We reiterate our BUY and DKK230 target price.
- ABGSC Healthcare Research
- Morten Larsen
- Rune Majlund Dahl
GN Group (Buy, TP: DKK230.00) - Still expecting traction on Nexia
Sonova’s launches were the main focus at the EUHA conference. While we are positive on the integration of AI technology, we question whether the larger size and reduced battery time will be well received by customers. We still expect to see traction for Nexia, and AI in the next platform. For Q3, we are slightly above post-Q2 company consensus and expect an unchanged 2024 guidance. We reiterate our BUY and DKK230 target price.
- ABGSC Healthcare Research
- Morten Larsen
- Anthony Dick
- Marc Lavaud
- Michael Foundoukidis
- Anthony Dick
- Marc Lavaud
- Michael Foundoukidis
- Oliver Metzger
GN Store Nord : Enterprise turnaround takes longer, but Hearing and Ga...
>Hearing with strong outperformance of underlying market - GN Hearing achieved a strong organic growth of 12% in the first half of 2024, which is a meaningful outperformance of the underlying hearing aid market, which grew at around 4% in our view. The driver behind the strong performance is the Resound Nexia hearing aid series, which has contributed to the strong development around the globe. We leave our segmental top-line forecast virtually unchanged but become mo...
GN Store Nord: 1 director
A director at GN Store Nord bought 7,000 shares at 161.780DKK and the significance rating of the trade was 56/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly...
Trading in GN Store Nord shares by board members, executives and assoc...
Trading in GN Store Nord shares by board members, executives and associated persons Trading in GN Store Nord shares by board members, executives and associated persons GN Store Nord has received notification pursuant to article 19 of regulation (EU) no. 596/2014 of the below transactions related to shares in GN Store Nord made by persons discharging managerial responsibilities in GN Store Nord and/or persons closely associated with them. Details of the person discharging managerial responsibilities/person closely associatedNameSøren JelertReason for the notificationPosition/statusChief Fin...
Trading in GN Store Nord shares by board members, executives and assoc...
Trading in GN Store Nord shares by board members, executives and associated persons GN Store Nord has received notification pursuant to article 19 of regulation (EU) no. 596/2014 of the below transactions related to shares in GN Store Nord made by persons discharging managerial responsibilities in GN Store Nord and/or persons closely associated with them. Details of the person discharging managerial responsibilities/person closely associated Name Peter Karlstromer Reason for the notification Position/status Chief Executive Officer Initial notification/Amendment Initial notificati...
Trading in GN Store Nord shares by board members, executives and assoc...
Trading in GN Store Nord shares by board members, executives and associated persons GN Store Nord has received notification pursuant to article 19 of regulation (EU) no. 596/2014 of the below transactions related to shares in GN Store Nord made by persons discharging managerial responsibilities in GN Store Nord and/or persons closely associated with them. Details of the person discharging managerial responsibilities/person closely associatedNameJukka Pekka PertolaReason for the notificationPosition/statusChair of the Board of DirectorsInitial notification/AmendmentInitial notificationDetail...
- Rune Majlund Dahl
GN Group (Buy, TP: DKK230.00) - Waiting for Enterprise to pick up
Q2 missed on group sales and EBITA, due to Enterprise and Hearing performing below our forecasts and consensus. The 2024 guidance was confirmed, but management now expects organic growth in the ‘lower half’ for Enterprise and the ‘upper half’ for Hearing. We forecast Enterprise returning to YOY growth in Q4, but have trimmed our 2025e organic growth. We reiterate our BUY, but have cut our target price to DKK230 (245).
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