reports
- ABGSC Healthcare Research
- Morten Larsen
- ABGSC Healthcare Research
- Morten Larsen
- Oliver Metzger
- Oliver Metzger
- ABGSC Healthcare Research
- Morten Larsen
- Oliver Metzger
- ABGSC Healthcare Research
- Morten Larsen
- ABGSC Healthcare Research
- Morten Larsen
- ABGSC Healthcare Research
- Morten Larsen
- Rune Majlund Dahl
Demant (Buy, TP: DKK300.00) - Headwinds set to persist in Q1
We forecast Q1 organic sales growth of just 0.6% YOY, below the full-year guidance, owing to persistent headwinds in wholesale. However, with Managed Care headwinds set to annualise from Q2, better quarters should lie ahead. We expect an unchanged 2025 guidance of 3–7% organic sales growth and DKK4.5bn–4.9bn in EBIT, but we find the lower end most likely. We reiterate our BUY but have cut our target price to DKK300 (320).
- Benoit Valleaux
- Steven Gould
- Thomas Zlowodzki
BRE MBANK SA
FP TOTAL SE
EQNR EQUINOR ASA
MT ARCELORMITTAL SA
DBK DEUTSCHE BANK AG
RI PERNOD RICARD SA
DEMANT DEMANT A/S
KOMB KOMERCNI BANKA A.S.
ORSTED ORSTED
RAA RATIONAL AG
SPSN SWISS PRIME SITE AG
ASSA B ASSA ABLOY AB CLASS B
INGA ING GROEP NV
AD KONINKLIJKE AHOLD DELHAIZE N.V.
AZN ASTRAZENECA PLC
SHL SIEMENS HEALTHINEERS AG
VWS VESTAS WIND SYSTEMS
ARM ARM HOLDINGS PLC
- Benoit Valleaux
- Steven Gould
- Thomas Zlowodzki
BRE MBANK SA
FP TOTAL SE
EQNR EQUINOR ASA
MT ARCELORMITTAL SA
DBK DEUTSCHE BANK AG
RI PERNOD RICARD SA
DEMANT DEMANT A/S
KOMB KOMERCNI BANKA A.S.
ORSTED ORSTED
RAA RATIONAL AG
SPSN SWISS PRIME SITE AG
ASSA B ASSA ABLOY AB CLASS B
INGA ING GROEP NV
AD KONINKLIJKE AHOLD DELHAIZE N.V.
AZN ASTRAZENECA PLC
SHL SIEMENS HEALTHINEERS AG
VWS VESTAS WIND SYSTEMS
ARM ARM HOLDINGS PLC
- ABGSC Healthcare Research
- Morten Larsen
- Rune Majlund Dahl
Demant (Buy, TP: DKK320.00) - Back-end-loaded 2025e recovery
Demant ended the year at the low end of its guidance, with H2 organic growth of c2% YOY and EBIT before special items of DKK2,336m. While we see scope for a recovery in 2025, we forecast it to be back-end loaded, supported by easing headwinds related to Managed Care from Q2e. The 2025 guidance is for 3–7% organic sales growth and EBIT of DKK4.5bn–4.9bn. We reiterate our BUY, but have cut our target price to DKK320 (330).
- Markus Remis
- Martin Marandon-Carlhian
- Stephane Houri
FP TOTAL SE
PUB PUBLICIS GROUPE SA
TKA THYSSENKRUPP AG
EQNR EQUINOR ASA
MT ARCELORMITTAL SA
BEKB BEKAERT SA
DGE DIAGEO PLC
AAL ANGLO AMERICAN PLC
BNP BNP PARIBAS SA CLASS A
APAML APERAM SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
OUT1V OUTOKUMPU OYJ
SSAB A SSAB AB CLASS A
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
DEMANT DEMANT A/S
SZG SALZGITTER AG
EL ESSILORLUXOTTICA SA
AMUN AMUNDI SA
BRBY BURBERRY GROUP PLC
KER KERING SA
VOE VOESTALPINE AG
ACX ACERINOX SA
ISP INTESA SANPAOLO S.P.A.
FRE FRESENIUS SE & CO. KGAA
ERA ERAMET SA
SPL SANTANDER BANK POLSKA SA
01913 PRADA S.P.A.
NDA AURUBIS AG
BC8 BECHTLE AG
ELI ELIA GROUP SA/NV
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
MONC MONCLER SPA
ASSA B ASSA ABLOY AB CLASS B
PRY PRYSMIAN S.P.A.
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
RACE FERRARI NV
RIO RIO TINTO PLC
BHP BHP GROUP LTD
DHER DELIVERY HERO SE
DSY DASSAULT SYSTEMES SA
GSK GSK PLC
NOVO B NOVO NORDISK A/S
- Markus Remis
- Martin Marandon-Carlhian
- Stephane Houri
FP TOTAL SE
PUB PUBLICIS GROUPE SA
TKA THYSSENKRUPP AG
EQNR EQUINOR ASA
MT ARCELORMITTAL SA
BEKB BEKAERT SA
DGE DIAGEO PLC
AAL ANGLO AMERICAN PLC
BNP BNP PARIBAS SA CLASS A
APAML APERAM SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
OUT1V OUTOKUMPU OYJ
SSAB A SSAB AB CLASS A
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
DEMANT DEMANT A/S
SZG SALZGITTER AG
EL ESSILORLUXOTTICA SA
AMUN AMUNDI SA
BRBY BURBERRY GROUP PLC
KER KERING SA
VOE VOESTALPINE AG
ACX ACERINOX SA
ISP INTESA SANPAOLO S.P.A.
FRE FRESENIUS SE & CO. KGAA
ERA ERAMET SA
SPL SANTANDER BANK POLSKA SA
01913 PRADA S.P.A.
NDA AURUBIS AG
BC8 BECHTLE AG
ELI ELIA GROUP SA/NV
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
MONC MONCLER SPA
ASSA B ASSA ABLOY AB CLASS B
PRY PRYSMIAN S.P.A.
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
RACE FERRARI NV
RIO RIO TINTO PLC
BHP BHP GROUP LTD
DHER DELIVERY HERO SE
DSY DASSAULT SYSTEMES SA
GSK GSK PLC
NOVO B NOVO NORDISK A/S
- Oliver Metzger
- ABGSC Healthcare Research
- Morten Larsen
- ABGSC Healthcare Research
- Morten Larsen
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