Q4: GN Store Nord slår forventningerne men fremstår dyr

Den danske høreapparatsproducent lukker bøgerne på et stærkt 2018 med en salgsvækst der både slår konsensus og Morningstars forventninger. Vi fastholder fair value på 250 kroner og mener aktien ligger til den dyre side.

GN Store Nord

Af Andreea Hotaranu, Aktieanalytiker hos Morningstar.

Narrow-moat GN Store Nord reported full-year revenue of DKK 10.6 billion, or 11% growth year over year, with a 1% acquisition contribution offset by a 3% currency decline. The 13% full-year organic growth was mainly driven by GN Audio at 21% organic growth, above our expectations, while GN Hearing delivered 7% organic growth, fueled by an impressive 10% in the last quarter. The shares reacted positively to the results, but for now, we are maintaining our DKK 250 fair value estimate and narrow moat rating.

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Navn på papirPrisÆndring (%)Morningstar Rating
Demant AS189,30 DKK0,75
GN Store Nord A/S361,70 DKK3,31
Sonova Holding AG219,76 USD2,24

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