reports
- 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
- Rune Majlund Dahl
Demant (Buy, TP: DKK330.00) - Headwinds set to ease in 2025
We forecast 2.2% organic revenue growth YOY in Q4 (consensus 2.3%) and H2 EBIT before special items of DKK2,312m (consensus DKK2,310m), implying 2024 earnings at the lower end of the guidance. We expect Demant to guide for 3–7% organic revenue growth and EBIT of DKK4.6bn–5.0bn for 2025, with easing headwinds (Managed Care and competitive pressure). We reiterate our BUY and DKK330 target price.
- Damien Choplain
- Martial Descoutures
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/05/2024
European equity markets weakened in October following multiple disappointments across the earnings season. The impending US election, the outcome of which is highly uncertain according to the polls, may also have prompted some traders to adopt a cautious stance. Sovereign long rates rose sharply, particularly in the US, on the back of macro indicators likely to provide arguments to the most hawkish of central bankers. All eyes are now on the November 5 elections and their repercussion...
FME FRESENIUS MEDICAL CARE AG
EN BOUYGUES SA
ADEN ADECCO GROUP AG
DEMANT DEMANT A/S
ZAL ZALANDO SE
ORSTED ORSTED
BCP BANCO COMERCIAL PORTUGUES S.A.
LEG LEG IMMOBILIEN AG
COLO B COLOPLAST A/S CLASS B
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
BNTX BIONTECH SE
SYENS SYENSQO
UN0 UNIPER SE
- Damien Choplain
- Martial Descoutures
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 05/11/2024
Les marchés actions européens ont fléchi en octobre après les nombreuses déceptions sur la saison des résultats. L’approche de l’élection US, très incertaine selon les sondages, pourrait également avoir poussé à la prudence certains opérateurs. Les taux longs souverains ont nettement remonté, en particulier aux Etats-Unis, sur la base d’indicateurs macro susceptibles de donner des arguments aux plus faucons des banquiers centraux. Tous les yeux sont désormais rivés sur le scrutin du 5...
FME FRESENIUS MEDICAL CARE AG
EN BOUYGUES SA
ADEN ADECCO GROUP AG
DEMANT DEMANT A/S
ZAL ZALANDO SE
ORSTED ORSTED
BCP BANCO COMERCIAL PORTUGUES S.A.
LEG LEG IMMOBILIEN AG
COLO B COLOPLAST A/S CLASS B
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
BNTX BIONTECH SE
SYENS SYENSQO
UN0 UNIPER SE
- Oliver Metzger
Demant A/S : Q3 review – Factor in weakness in diagnostics
>Q3 review – slower organic growth - Demant’s Q3 revenues of DKK 5,401m (+0.0% y-o-y including, +4% y-o-y excluding communications) were driven by organic growth of 2% (vs ODDO BHF 1.9%, consensus 2.8%) and were 2%/0% vs ODDO BHF/consensus. Acquisitions contributed 200bp, while forex created a headwind of 100bp. No bottom line was reported on a quarterly basis.Hearing aids impacted by high base and competitive environment - Hearing aids sales of DKK ...
- ABGSC Healthcare Research
- Morten Larsen
- Rune Majlund Dahl
Demant (Buy, TP: DKK330.00) - Lower end of 2024 guidance likely
In its Q3 trading update, Demant ended at organic revenue growth of c2% (below our forecast and consensus), owing to a soft performance in Hearing Aids and Diagnostics. The 2024 guidance was confirmed, but we find the lower end more likely. However, we note a historically high valuation gap between Demant and Sonova. We reiterate our BUY but have cut our target price to DKK330 (360).
- Rune Majlund Dahl
Demant (Buy, TP: DKK360.00) - Company consensus added
Demant recently released company consensus for Q3. Our revenue forecast of DKK5,495m is c1.3% above consensus, and we expect organic revenue growth of 3.7% YOY (consensus 3.0%). In our view, consensus looks too pessimistic for Hearing Aids. We expect unchanged 2024 guidance for organic revenue growth of 2–4%, EBIT before special items of DKK4,300m–4,600m, and share buybacks of DKK2.3bn+. We reiterate our BUY and DKK360 target price.
- Rune Majlund Dahl
Demant (Buy, TP: DKK360.00) - Managed care headwinds priced in
At the EUHA conference, Sonova’s launches were the key focus. While we are positive on the integration of AI technology, we question whether the larger size and lower battery time will be well received by customers. Demant focused on its latest DNN technology, which does not compromise on size or power management. For Q3, we are broadly in line with post-Q2 company consensus and expect an unchanged 2024 guidance. We reiterate our BUY, but have cut our target price to DKK360 (370).
- ABGSC Healthcare Research
- Morten Larsen
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