Cleaner 2024 ahead

Q4 fell 17-18% short, we cut estimates 6-11%. The 20% Hearing Core adj EBITA margin target was not so firm. SOTP TP DKK 225 (240). Stock more investable today.

Weak margins, but investability is up

Messy Q4, clear uplift in 2024

Many moving parts to Q4 margins, confirmation of demand trough. Leaving a weak 2023 behind with better visibility for 2024. BUY on cheap turnaround. TP DKK 240 (200) on rising peer valuations.

A quiet quarter is good news for GN

An in-line quarter is good news for GN stock. Audio demand signals point to turnaround. Not valued for recovery, nor for structural values.

Looks like a low-event Q for once

Still unclear pace in near-term margin recovery

GN reports Q3 on Friday, 10 Nov @ 07:00 CET. Guidance likely to be tweaked both up & down. TP DKK 200 (215). BUY on skewed turnaround risk/reward.

GN Stole The Show

US Audio Enterprise business stabilising

Market overreacts to Audio guidance downgrade , in our view. Strong Hearing, US Enterprise stabilising, margins recovering. Core estimates unchanged, very attractive at 17x '24e P/E.

A tale of two business'

Q2 to show GN on path to normalization

Q2 stepping stone towards 20% margins. Scope for Hearing growth guidance hike, low Audio visibility. Good value on 2024e, Q2 to de-risk and bridge towards 2024.

Counting to 7...the easy way

De-risking Q1 puts spotlight on value — BUY

We are increasingly comfortable with GN fixing its debt problem. Up to BUY (Hold), TP of DKK 215 (175) after Q1 inflection point.

A very de-risking quarter

"We are not amused" 2.0