GN Store Nord A/S

GN Store Nord is an electronics communication products group based in Denmark. Co. is engaged in the manufacture and marketing of products for personal communication. Co.'s product offering includes hearing instruments, corded and wireless headsets, and audiologic diagnostics equipment used to test people's hearing and sense of balance. In addition, Co. offers products and accessories such as speakers, amplifiers, headset telephones, and adapters, as well as software and equipment for fitting hearing instruments. Co.'s operations are organized along two business divisions: GN Netcom (headsets) and GN ReSound (advanced hearing instruments).
  • TickerGN
  • ISINDK0010272632
  • ExchangeNasdaq Nordic Copenhagen
  • SectorHealth Care Equipment & Services
  • CountryDenmark

Analysts

Rune Majlund Dahl

GN Group (Hold, TP: DKK300.00) - Relying on Quattro

GN Hearing’s organic growth of c6.0% YOY in Q3 included a not insignificant contribution from the Quattro launch. The division needs c8% organic growth in Q4 to meet the full-year guidance of >6% – in our view highlighting the importance of the early launch of Quattro. GN Audio’s organic growth, however, remained strong at 20% YOY. The group EBIT margin was in line with our expectation, as was the cash conversion. We reiterate our HOLD and DKK300 target price.

Alex Morozov

Morningstar | GN Store Nord's 3Q in Line With Our Expectations; Maintaining Valuation

GN Store Nord reported third-quarter revenue of DKK 2.6 billion, a 12% increase from the third quarter last year, with a 1% acquisition contribution offset by a 1% currency decline. The 12% organic growth was mainly driven by GN Audio at 20% organic growth, above our expectations, while GN Hearing delivered 6% organic growth as expected. Our fair value estimate of DKK 250  and narrow moat rating are intact. The shares are currently trading in 3-star territory. GN Hearing remains focused on the brand's independent market penetration. The Linx 3D product family and new Linx Quattro premium-plus...

Alex Morozov

GN Store Nord's 3Q in Line With Our Expectations; Maintaining Valuation

GN Store Nord reported third-quarter revenue of DKK 2.6 billion, a 12% increase from the third quarter last year, with a 1% acquisition contribution offset by a 1% currency decline. The 12% organic growth was mainly driven by GN Audio at 20% organic growth, above our expectations, while GN Hearing delivered 6% organic growth as expected. Our fair value estimate of DKK 250  and narrow moat rating are intact. The shares are currently trading in 3-star territory. GN Hearing remains focused on the b...

Rune Majlund Dahl

GN Group (Hold, TP: DKK300.00) - Audio beat – Hearing in line

Q3 organic sales growth of c12% was in line with expectations (we forecast 11.4%, consensus 11.2%), but again GN Audio performed better than expected, while GN Hearing was in line. The EBITA margin of 18.0% was slightly above our forecast of 17.9% and consensus of 17.8%. GN reiterated its 2018 guidance for GN Hearing and GN Audio organic growth of 6%+ and 16–19%, respectively. We expect the share to trade up c1–3% today on the beat, but also no guidance upgrade.

Rune Majlund Dahl

GN Group (Hold, TP: DKK300.00) - Valuation looking more reasonable

We have upgraded GN to HOLD (SELL) following the recent multiples contraction, and lifted our target price to DKK300 (270). Sonova’s new 2.4GHz platform was the main topic at the EUHA conference, and although it is likely to be competitive, we left the conference expecting GN’s LiNX Quattro to provide support for GN Hearing from Q4. We expect GN Hearing to be in line with the FY guidance, and GN Audio to be at the high end. The Q3 results are due at 07:00 CET on 15 November.

A director sold 6,129 shares at 201.579DKK and

A director at GN Store Nord sold 6,129 shares at 201.579DKK and the significance rating of the trade was 50/100. 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 clearly showing Close periods where trading activity is restricted under listing rules. The names of ...

Alexander Aukner ...
  • Nicolay Dyvik
  • Ole-Andreas Krohn
  • Paul Harper
  • Rune Majlund Dahl
  • Simen Mortensen

Northern Lights

Alexander Aukner ...
  • Christoffer Wang Bjørnsen
  • Håkon Astrup
  • Jesper Ingildsen
  • Karl-Johan Bonnevier
  • Nicolay Dyvik
  • Ole-Andreas Krohn
  • Rune Majlund Dahl
  • Simen Mortensen

Northern Lights

Antti Kansanen ...
  • Eivind Sars Veddeng
  • Joachim Gunell
  • Jon Masdal
  • Martin Arnell
  • Martin Huseby Karlsen
  • Niclas Gehin
  • Nicolas McBeath
  • Ole-Andreas Krohn
  • Olof Larshammar
  • Patrik Ling
  • Rune Majlund Dahl
  • Simen Mortensen
  • Stefan Gauffin

Northern Lights

Alexander Aukner ...
  • Nicolay Dyvik
  • Ole-Andreas Krohn
  • Patrik Ling
  • Rune Majlund Dahl

Northern Lights

Alexander Aukner ...
  • Joachim Gunell
  • Karl-Johan Bonnevier
  • Mattias Holmberg
  • Ole-Andreas Krohn
  • Patrik Ling
  • Rune Majlund Dahl
  • Simen Mortensen

Northern Lights

An unfavourable environment weighs on GN STORE NORD A/S, which sees a downgrade to Slightly Negative

The independent financial analyst theScreener just requalified the general evaluation of GN STORE NORD A/S (DK), active in the Medical Equipment industry. As regards its fundamental valuation, the title still shows 1 out of 4 stars and its market behaviour is seen as moderately risky. theScreener believes that the unfavourable environment weighs on the sector and penalises the company, which sees a downgrade to its general evaluation to Slightly Negative. As of the analysis date November 10, 2017, the closing price was DKK 203.20 and its target price was estimated at DKK 185.83.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Expert Corporate Governance Service (ECGS)

Proxy Report - 14/03/2018

In general, GN Store Nord is in compliance with the Danish regulations relating to the organisation and procedures of the Annual General Meeting. Under ITEM F, the board of directors proposes to re-appoint Ernst & Young as the Compa y's statutory auditor. In light of the substantial amount of non-audit fees, ECGS normally would have recommended opposition. However, considering that the proxy card does not permit this, it recommends abstention instead. Under ITEM G.1 (1), the board of directors seeks authority to repurchase own shares. Although the authorisation requested as such (up to 10% o...

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