reports
Eivind Sars Veddeng ... (+4)
- Eivind Sars Veddeng
- Nicolay Dyvik
- Ole-Andreas Krohn
- Rune Majlund Dahl
Alexander Aukner ... (+8)
- Alexander Aukner
- Karl-Johan Bonnevier
- Martin Arnell
- Mats Bye
- Nicolai Farstad Olsen
- Ole-Andreas Krohn
- Patrik Ling
- Rune Majlund Dahl
Rune Majlund Dahl
- Rune Majlund Dahl
Demant (Hold, TP: DKK210.00) - Product launch to boost H2 2019e
Sales momentum weakened in Q4, which combined with higher costs made H2 2018 EBIT miss consensus by c8%. The 2019 EBIT guidance of DKK2.65bn–2.95bn was also weak, with the high-end below our estimates and consensus. A product launch was announced, which should support growth in 2019 although we expect this will be back-end loaded. We retain our HOLD, but have cut our target price to DKK210 (DKK220).
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