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 PRESS RELEASE

Annual General Meeting 2024 – GN Store Nord A/S

Annual General Meeting 2024 – GN Store Nord A/S Today, GN Store Nord A/S held its Annual General Meeting. The Annual General Meeting was held in accordance with the agenda announced on February 19, 2024, as set out below. The report by the Board of Directors was noted by the general meeting. The Annual Report 2023 and the proposal on distribution of annual profits, including no distribution of dividends, were approved, and discharge was granted to the Board of Directors and the Executive Management. The general meeting approved the remuneration to the Board of Directors for 2024, ...

Oliver Metzger
  • Oliver Metzger

GN Store Nord : Factor in slower recovery in Enterprise, but turnaroun...

>GN Hearing with strong year ahead - On the back of the recently launched Resound Nexia hearing aid platform, we expect the market share gains to continue. The expansion of the portfolio with new ITE and BTE form factors should underscore our new expected organic growth of 9.0% for 2024 (guidance 8% to 12%). Hence, we see the company well on track to achieve its EBITA margin guidance of 18% to 20% for the core hearing aids business, which compares to our new forecast ...

 PRESS RELEASE

GN Store Nord A/S - Notice to convene the Annual General Meeting 2024

GN Store Nord A/S - Notice to convene the Annual General Meeting 2024 GN Store Nord’s Annual General Meeting will be held on Wednesday, March 13, 2024, at 10:00 a.m. CET at the company’s address: Lautrupbjerg 7, 2750 Ballerup, Denmark. Please find attached the notice to convene the Annual General Meeting, including the agenda and complete proposals. For further information, please contact: Investor RelationsRune Sandager Media Relations Steen Frentz Laursen About GN GN facilitates communication between people through intelligent hearing, audio, video, and gaming ...

Rune Majlund Dahl
  • Rune Majlund Dahl

GN Group (Buy, TP: DKK215.00) - Solid 2024 market outlook

Q4 saw improved underlying market trends, with organic revenue in line with our expectation while profitability missed primarily due to one-offs. Momentum into 2024 gives a solid guidance for organic revenue growth of 2–8%, split between 8–12% for GN Hearing, -3 to +5% for Enterprise and 2–10% for Gaming & Consumer. The EBITA margin guidance is 12–14%, with 18–20% for GN Hearing Core but not specified for the two other divisions. We reiterate our BUY and DKK215 target price.

Oliver Metzger
  • Oliver Metzger

GN Store Nord : Q4 review – Miss on bottom line, 2024 guidance in line...

>Q4 bottom line results at group level below expectations - GN Store Nord achieved Q4 revenues of DKK 5,069m (-3.8% y-o-y, 0%/+1% vs ODDO BHF/consensus). Q4 adj. EBITA reached DKK 644m (+25.5% y-o-y, margin 12.7%), which was 14% below our estimates and 18% below the consensus. EPS reached DKK 2.86 (vs DKK 3.42/3.53 expected).GN Hearing with continued strong performance - GN Hearing’s Q4 revenues of DKK 1,808m (+0.1% y-o-y, 0%/-2% vs expectations) expe...

 PRESS RELEASE

Annual Report 2023: Strong execution across the company led to 13% org...

Annual Report 2023: Strong execution across the company led to 13% organic revenue growth in GN Hearing and -8% organic revenue growth in GN Audio, while generating DKK 1.1 billion in free cash flow excl. M&A 2023 highlights GN delivered DKK 18.1 billion revenue with organic revenue growth of -1%, as a result of 13% organic revenue growth in GN Hearing and -8% organic revenue growth in GN AudioAdj. EBITA of DKK 1.8 billionNew capital plan from May 2023 provides solid foundation for strategy execution. Free cash flow excl. M&A of DKK 1,092 million which together with the other pillars of th...

Rune Majlund Dahl
  • Rune Majlund Dahl

GN Group (Buy, TP: DKK215.00) - Expect a wide 2024 guidance

We believe GN Group is set to reach its 2023 guidance, while investor focus will likely be on the 2024 outlook. We expect an organic revenue growth guidance of 4–8% for GN Hearing and 0–5% for GN Audio. The GN Audio guidance could be split between Enterprise and Gaming & Consumer, but we only expect a group EBITA margin guidance to avoid a SteelSeries-related writedown. We reiterate our BUY and DKK215 target price.

 PRESS RELEASE

GN Store Nord announces change to the Board of Directors

GN Store Nord announces change to the Board of Directors Board member Ronica Wang has decided to step down from the Board of Directors of GN Store Nord A/S. Consequently, GN’s Board of Directors as of today consists of Jukka Pekka Pertola (Chair), Klaus Holse (Deputy chair), Anette Weber, Hélène Barnekow, and members elected by the employees: Leo Larsen, Cathrin Inge Hansen, and Claus Holmbeck-Madsen. For further information, please contact: Investor RelationsAnne Sofie Staunsbæk Veyhe Rune Sandager Media Relations Steen Frentz Laursen About GN GN facilitates communication betwe...

 PRESS RELEASE

Major shareholder notification – Norges Bank

Major shareholder notification – Norges Bank GN Store Nord A/S hereby announces that on December 14, 2023, pursuant to Section 38(1) of the Danish Capital Markets Act, it received a notification from Norges Bank stating that on December 13, 2023 Norges Bank decreased its aggregate direct holding of shares to under 5% of the share capital and voting rights in GN Store Nord A/S. For further information, please contact: Investor RelationsAnne Sofie Staunsbæk Veyhe Rune Sandager Media Relations Steen Frentz Laursen About GN GN facilitates communication between people through intellig...

GN Store Nord: 1 director

A director at GN Store Nord bought 10,000 shares at 160.260DKK and the significance rating of the trade was 68/100. 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 clearl...

 PRESS RELEASE

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...

Rune Majlund Dahl
  • Rune Majlund Dahl

GN Group (Buy, TP: DKK215.00) - Focus on “One-GN transformation”

While Q3 was broadly in line with our expectations and consensus, the 2023 organic revenue growth guidance was revised to 11–13% for GN Hearing and a decline of 9–7% for GN Audio. The key news was the stabilisation of the enterprise market and the update on the “One-GN transformation”, which we view as an important step for the new management in building credibility. We reiterate our BUY and DKK215 target price.

Julian Dobrovolschi ... (+2)
  • Julian Dobrovolschi
  • Thomas Zlowodzki

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/10/2023

The Q3 earnings season, which has seen stocks that have disappointed expectations take a severe pounding, has thus far resulted in only a modest downward revision to the consensus. EPS for 2023 are now expected to be down -1.1% vs 2022, with of course significant divergences between sectors. However, it is the fall in interest rates since the end of September that has driven stock market performances the most, with technology and consumer products & services (including luxury goods) r...

Julian Dobrovolschi ... (+2)
  • Julian Dobrovolschi
  • Thomas Zlowodzki

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 10/11/2023

La saison des résultats du T3, qui a vu se succéder de vives sanctions pour les titres qui décevaient les attentes, n’a pourtant jusqu’à présent occasionné qu’une modeste révision baissière du consensus. Les BPA 2023 sont désormais attendus en baisse de 1,1% vs 2022, avec bien entendu des divergences sectorielles importantes. C’est toutefois la baisse des taux, intervenue depuis fin septembre, qui a davantage drivé les performances boursières, à l’instar de la Technology et des Consum...

Oliver Metzger
  • Oliver Metzger

GN Store Nord : Q3 2023 review - GN Hearing ongoing strength

>Solid at group level - GN Store Nord achieved Q3 revenues of DKK 4,443m (-5.5% y-o-y, 2%/-1% vs ODDO BHF/consensus). Q3 adj. EBITA reached DKK 495m (-9.7% y-o-y, margin 11.1%), which was 2% below our estimate, but 2% below the consensus. EPS reached DKK 2.33 (vs DKK 1.23/1.41 expected). At group level, the FY guidance range on organic growth is narrowed to -2% to 0% (from -4% to +2%). GN Hearing – strong performance continues - GN Hearing’s Q3 reven...

 PRESS RELEASE

One-GN transformation well on track. Hearing continued strong organic ...

One-GN transformation well on track. Hearing continued strong organic growth while Enterprise executed well in stabilizing markets and SteelSeries outperformed the market. Sequential margin improvements resulted in strong positive free cash - - GN Store Nord GN delivered continued focused execution across the company resulting in 1% revenue growth compared to Q2 2023. Group organic revenue growth was 0%Adj. EBITA was DKK 495 million, equal to an adj. EBITA margin improvement of 1.9 percentage points compared to Q2 2023 (0.6 percentage points lower than Q3 2022), driven by tightly managed O...

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