Board Change • May 20
High number of new and inexperienced directors There are 7 new directors who have joined the board in the last 3 years. The company's board is composed of: 7 new directors. 2 experienced directors. No highly experienced directors. Independent Chairman of the Board of Directors Jukka Pertola is the most experienced director on the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Annonce • Mar 16
Amplifon S.p.A. (BIT:AMP) entered into a definitive agreement to acquire GN Hearing A/S from GN Store Nord A/S (CPSE:GN) for DKK 17 billion. Amplifon S.p.A. (BIT:AMP) entered into a definitive agreement to acquire GN Hearing A/S from GN Store Nord A/S (CPSE:GN) for DKK 17 billion on March 16, 2026. As part of consideration, Amplifon S.p.A. will pay DKK 12.6 billion (€1.69 billion) in cash and will issue 56 million common shares of Amplifon S.p.A. Following the issue of such shares, GN Store Nord A/S will become the second largest shareholder with 16% stake in Amplifon S.p.A. Upon completion, GN Store Nord A/S remains committed to serving the customers of the Hearing business and will continue delivering high-quality, innovative products. The cash component of transaction will be financed through a committed bridge loan, with a mix of debt and equity and/or equity-linked instruments. At closing and pro-forma for the Transaction, Amplifon will have a c.3.0x pro-forma net debt / adjusted EBITDA (excluding net synergies), accounting for up to DKK 5.6 billion (€750 million) equity raise (<2.9x including run-rate net synergies).
For the period ending December 31, 2025, GN Hearing A/S reported total revenue of DKK 7.2 billion (€1 billion), EBIT of DKK 1.2 billion (€160 million) and EBITDA of DKK 1.6 billion (€220 million).
The transaction is subject to customary regulatory approvals, subject to antitrust regulations and completion of the Hearing business separation from GN Store Nord A/S. The deal has been unanimously approved by the board of directors of Amplifon S.p.A. and GN Store Nord A/S. The transaction is expected to close by the end of 2026. The proceeds from the sale will be utilized to significantly reduce debt, invest in the ongoing business to support sustainable and profitable growth as well as returning capital to shareholders. The transaction is accretive to Amplifon’s growth, profitability and earnings.
Goldman Sachs Bank Europe SE, Italian Branch acted as sole financial advisor to Amplifon S.p.A. PedersoliGattai acted as legal advisor to Amplifon S.p.A. Ernst & Young Italia acted as due diligence provider to Amplifon S.p.A. White & Case LLP acted as legal advisor to Amplifon S.p.A. J.P. Morgan Securities plc acted as fairness opinion provider to the Board of Directors of GN Store Nord A/S. J.P. Morgan Securities plc acted as exclusive financial advisor to GN Store Nord A/S. Nordea Danmark, Filial af Nordea bank AB (Publ) FINLAND acted as financial advisor and fairness opinion provider to the Board of Directors of GN Store Nord A/S. Gorrissen Federspiel Advokatpartnerselskab acted as legal advisor to GN Store Nord A/S. Gianni & Origoni Law Firm acted as legal advisor to GN Store Nord A/S. Pricewaterhousecoopers Statsautoriseret Revisionsaktieselskab acted as due diligence provider to GN Store Nord A/S. Annonce • Mar 11
GN Store Nord A/S Announces Board Changes GN Store Nord A/S announced that in addition to the members elected by the general meeting, the following three persons have been elected as members of the Board of Directors by the employees: Jens Kirkelund, Lasse Emil Holmegaard Korff and Anders Roikjær replacing Leo Larsen, Claus Holmbeck-Madsen and Cathrin Inge Hansen. Annonce • Feb 06
GN Store Nord A/S, Annual General Meeting, Mar 11, 2026 GN Store Nord A/S, Annual General Meeting, Mar 11, 2026. Annonce • Aug 21
GN Store Nord A/S Provides Earnings Guidance for Year 2025 GN Store Nord A/S provides earnings guidance for year 2025. For the period, the company expects Organic revenue growth excl. wind-down of -2% to +2% as compared to -3% to +3% in the previous guidance. Annonce • Aug 12
GN Introduces ReSound Enzo IA: Exceptional Speech Understanding and All-Day Battery Life - in the Smallest Rechargeable Super Power Hearing Aid GN announced the launch of ReSound Enzo IA, the world's smallest rechargeable Super Power hearing aid, representing a huge leap forward in sound quality for people with severe to profound hearing loss. Understanding speech, especially in noisy environments, is the biggest challenge for Super Power users. ReSound Enzo IA, benefitting from GN's Organic Hearing philosophy, overcomes this challenge without compromising size or battery life. ReSound Enzo IA allows users with severe to profound hearing loss to access the latest technologies available, including advanced noise management and the world's best feedback management system. ReSound Enzo IA utilizes a specialized 360 chip that processes environmental sounds in real time, using machine-learning artificial intelligence for the best all-round listening experience.3 This approach, which GN calls Intelligence Augmented™? (IA), analyzes surrounding sounds and adjusts settings accordingly, easing cognitive load. In noisy environments, Clear Focus, the industry's most narrow beamformer,4 spotlights speech in front and eliminates distractions, resulting in a 93% preference for hearing in noise for Super Power users, and a significant 2.7 dB Signal-to-Noise Ratio improvement over legacy devices. The device offers all-day battery life in the smallest rechargeable Super power hearing aid. A single charge provides 28 hours of use, or 20 hours when streaming media half the time. ReSound Enzo IA supports Bluetooth Low Energy Audio and Auracast technology, allowing users to access audio broadcasts in public venues using the ReSound Smart 3D app. The hearing aid is also compatible with the Multi-Mic+ for improved listening in public spaces through Telecoil, and the TV-stream+. ReSound Enzo IA and its Beltone equivalent, Beltone BoostTM Max S, will launch initially in the US and Germany on August 21, with more markets to follow. Visit the ReSound and Beltone websites. Board Change • Dec 30
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Deputy Chairman of Board Klaus Holse was the last independent director to join the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Reported Earnings • Nov 07
Third quarter 2024 earnings released: EPS: kr.1.86 (vs kr.1.47 in 3Q 2023) Third quarter 2024 results: EPS: kr.1.86 (up from kr.1.47 in 3Q 2023). Revenue: kr.4.16b (down 6.3% from 3Q 2023). Net income: kr.271.0m (up 27% from 3Q 2023). Profit margin: 6.5% (up from 4.8% in 3Q 2023). Revenue is forecast to grow 5.5% p.a. on average during the next 3 years, compared to a 5.2% growth forecast for the Consumer Durables industry in Germany. Over the last 3 years on average, earnings per share has fallen by 53% per year but the company’s share price has only fallen by 29% per year, which means it has not declined as severely as earnings. Annonce • Nov 07
GN Store Nord A/S Updates Earnings Guidance for the Year 2024 GN Store Nord A/S updated earnings guidance for the year 2024. For the year, the company now expects organic revenue growth to be in the range of 1% to 2% compared to prior range of 2% to 6%. Recent Insider Transactions • Sep 05
Chief Executive Officer recently bought €386k worth of stock On the 2nd of September, Peter Karlstromer bought around 19k shares on-market at roughly €20.59 per share. This transaction amounted to 71% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Peter has been a buyer over the last 12 months, purchasing a net total of €686k worth in shares. Reported Earnings • Aug 23
Second quarter 2024 earnings released: EPS: kr.0.66 (vs kr.0.23 in 2Q 2023) Second quarter 2024 results: EPS: kr.0.66 (up from kr.0.23 in 2Q 2023). Revenue: kr.4.50b (up 2.4% from 2Q 2023). Net income: kr.96.0m (up 200% from 2Q 2023). Profit margin: 2.1% (up from 0.7% in 2Q 2023). Revenue is forecast to grow 6.0% p.a. on average during the next 3 years, compared to a 4.9% growth forecast for the Consumer Durables industry in Germany. Over the last 3 years on average, earnings per share has fallen by 62% per year but the company’s share price has only fallen by 30% per year, which means it has not declined as severely as earnings. Annonce • Aug 08
GN Further Extends the ReSound Nexia Family and Releases Updated Fitting Software Designed for Enhanced Efficiency and Usability GN Store Nord A/S announced the expansion of the ReSound Nexia family, giving more options for people with hearing loss to benefit from advanced hearing technology, while joining the "next era" of Bluetooth connectivity. In addition to the new models, GN is launching its updated hearing aid fitting software, ReSound Smart Fit 2.0, for a more intuitive and efficient experience for both hearing care professionals and hearing aid users. Following its release in October 2023, ReSound Nexia quickly established itself as one of ReSound's most successful hearing aid families ever. Users have reported an 11% higher satisfaction1 and 14% improvement to acceptance rate compared with GN legacy products. Complementing the existing ReSound Nexia portfolio, GN is launching its smallest In-the-Canal (ITC) hearing aid in a wireless non-rechargeable design and a new wireless rechargeable CROS Behind-the-Ear (BTE) solution, to support different hearing needs and preferences; another solution in treating single-sided deafness in addition to the already successful wireless CROS RIE launched in 2023. The new Auracast enabled styles give even more people with hearing loss access to GN's most advanced technology, better equipping them for the new standard of Bluetooth connectivity. In addition, GN is now offering the first remote microphone with Auracast. As well as supporting Telecoil, FM systems, and DAI/direct audio input, the new Multi-Mic+ is designed to support users in challenging listening environments, including distances and noisy acoustics. The technology in the new Multi-Mic+ boosts signal-to-noise ratio (SNR) by at least 10.6 dB compared to adaptive directionality for better hearing in noisy environments. Hearing care professionals consistently rank fitting software as the most critical tool for achieving hearing aid user satisfaction. In fact, up to 55% of a hearing aid fitting consultation is spent in the software which can be complex to navigate, slow to load and requiring many clicks. The new ReSound Smart Fit 2.0 delivers a 33-second improvement in clickthrough speed and a 62% click reduction when selecting preferences and settings. The faster workflows and significantly improved home screen allow for a smoother, smarter and more personalized fitting experience. The ReSound Smart Fit 2.0 fitting software and new ReSound Nexia styles, along with the equivalent Beltone Solus Max software™ and Beltone Serene™ models, will be available in US and Germany from August 2204. Annonce • Jun 13
Gn Store Nord A/S to Gradually Wind-Down Its Elite and Talk Product Lines GN Store Nord A/S has decided to gradually wind-down its Elite and Talk product lines to further increase focus and resources on more attractive parts of GN’s business. As communicated at the Capital Market Day in May 2024, GN is striving to build leading businesses in attractive markets and by this grow with healthy margins and ensure good returns on the invested capital. The re-focusing of the Elite product line towards the premium segment, which was initiated in 2023, has resulted in a stronger profitability level than before. However, the investment required for future innovation and growth in this very competitive space is deemed unjustified in the long-term given associated risks. The Talk product line follows a similar logic and is positioned in the declining mono Bluetooth market. Consequently, following a thorough business review the decision has been taken to gradually wind-down both the Elite and Talk product lines. GN will reduce the inventory of the affected products, of which most is expected to be completed by the end of 2024. GN will, however, continue to service and support customers for several years. This commitment to retail customers is underlined by the global announcement of two next-generation editions of the popular Elite 8 Active and Elite 10 premium earbuds. The Elite 8 Active Gen 2 and Elite 10 Gen 2, which will be the last two product introductions in this product line, will be announced and available from later this month. Annonce • May 03
GN Brings Flagship Product Family Resound Nexia to VA Audiology Clinics Expanding Hearing Aid Options for U.S. Veterans GN announced that the ReSound Nexia hearing aid portfolio is now available to U.S. veterans through audiologists and technicians of the Department of Veterans Affairs at more than 400 VA audiology clinics and sites of care nationwide. First launched in the U.S. in September 2023, ReSound Nexia quickly established itself as one of ReSound's most successful hearing aids, building on a top-rated speech-understanding-in-noise performance while also introducing ReSound's smallest rechargeable RIE (receiver-in-ear) style and the first hearing aids made for Bluetooth Low Energy (LE) Audio and Auracast broadcast audio. ReSound Nexia also includes a new wireless CROS/BiCROS solution developed for people with single-sided deafness who need to transmit sound to their better hearing ear. The ReSound Nexia CROS transmitter is the smallest rechargeable aid on the market, and can be used with any of the ReSound Nexia hearing aids that use a disposable battery. ReSound Nexia is leading the way as the first hearing aid to take advantage of Bluetooth Low Energy (LE) audio, the next generation of Bluetooth LE. It is an improved and more power-efficient way of wirelessly transmitting audio from one device (like a smartphone) to another (ear buds, headsets, hearing aids). Bluetooth LE Audio is built with audio in mind, offering crystal clear sound and reducing latency and battery consumption for all-day streaming. This powerful new platform also makes the highly anticipated Auracast broadcast audio a possibility - a technology that promises to revolutionize accessibility to any audio broadcast in public spaces such as schools, places of worship, airports, museums and sports bars. With Auracast broadcast audio, ReSound Nexia wearers will be able to hear important announcements through their hearing aids with a quick connection to a public transmitter. Bluetooth SIG expects more than 3 billion Auracast devices in 2.5 million places by 30,5 offering a simple, effective alternative to existing technologies such as telecoil and FM systems. The Government Services ReSound Nexia portfolio includes Receiver-In-Ear (RIE) and Micro RIE styles, Behind-the-Ear (BTE) and custom-made styles, including rechargeable models, as well as the CROS/BiCROS solutions, giving more people with hearing loss access to ReSound's most advanced hearing aid technology. Reported Earnings • May 02
First quarter 2024 earnings released: EPS: kr.1.74 (vs kr.0.42 loss in 1Q 2023) First quarter 2024 results: EPS: kr.1.74 (up from kr.0.42 loss in 1Q 2023). Revenue: kr.4.30b (up 2.1% from 1Q 2023). Net income: kr.254.0m (up kr.308.0m from 1Q 2023). Profit margin: 5.9% (up from net loss in 1Q 2023). Revenue is forecast to grow 7.2% p.a. on average during the next 3 years, compared to a 5.2% growth forecast for the Consumer Durables industry in Germany. Over the last 3 years on average, earnings per share has fallen by 61% per year but the company’s share price has only fallen by 28% per year, which means it has not declined as severely as earnings. Buy Or Sell Opportunity • Mar 28
Now 22% undervalued Over the last 90 days, the stock has risen 5.4% to €24.35. The fair value is estimated to be €31.20, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 10.0% over the last 3 years. Earnings per share has declined by 53%. For the next 3 years, revenue is forecast to grow by 6.9% per annum. Earnings are also forecast to grow by 33% per annum over the same time period. Board Change • Mar 17
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Deputy Chairman of Board Klaus Holse was the last independent director to join the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Annonce • Mar 13
GN Store Nord A/S Announces Board and Committee Appointments GN Store Nord A/S at its Annual General Meeting held on March 13, 2024, approved the appointment of Kim Vejlby Hansen and Jørgen Bundgaard Hansen as new members of the Board of Directors. Jukka Pekka Pertola was also elected as Chair of the Technology and Innovation Committee. Hélène Barnekow was elected as Chair of the Nomination Committee and of the Remuneration Committee. Reported Earnings • Feb 09
Full year 2023 earnings released: EPS: kr.1.64 (vs kr.4.00 in FY 2022) Full year 2023 results: EPS: kr.1.64 (down from kr.4.00 in FY 2022). Revenue: kr.18.1b (down 3.0% from FY 2022). Net income: kr.228.0m (down 55% from FY 2022). Profit margin: 1.3% (down from 2.7% in FY 2022). Revenue is forecast to grow 7.1% p.a. on average during the next 3 years, compared to a 5.7% growth forecast for the Consumer Durables industry in Germany. Over the last 3 years on average, earnings per share has fallen by 53% per year but the company’s share price has only fallen by 30% per year, which means it has not declined as severely as earnings. Annonce • Feb 08
GN Store Nord A/S Provides Financial Guidance for the Year 2024 GN Store Nord A/S provided financial guidance for the year 2024. For the year, the company expects organic revenue growth in the range of 2% to 8%. Buy Or Sell Opportunity • Jan 20
Now 21% undervalued Over the last 90 days, the stock has risen 60% to €24.15. The fair value is estimated to be €30.43, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has declined by 41%. For the next 3 years, revenue is forecast to grow by 6.5% per annum. Earnings are also forecast to grow by 38% per annum over the same time period. Buying Opportunity • Jan 16
Now 21% undervalued Over the last 90 days, the stock is up 61%. The fair value is estimated to be €30.48, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has declined by 41%. For the next 3 years, revenue is forecast to grow by 6.5% per annum. Earnings is also forecast to grow by 38% per annum over the same time period. Board Change • Jan 05
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Chairman of the Board of Directors Jukka Pertola was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Annonce • Dec 29
GN Store Nord A/S Announces Change to the Board of Directors Board member Ronica Wang has decided to step down from the Board of Directors of GN Store Nord A/S. Consequently, GN’s Board of Directors consists of Jukka Pekka Pertola (Chair), Klaus Holse (Deputy chair), Anette Weber, Hélène Barnekow, and members elected by the employees: Leo Larsen, Cathrin Inge Hansen, and Claus Holmbeck-Madsen. Annonce • Nov 17
GN Store Nord A/S to Report Q3, 2024 Results on Nov 07, 2024 GN Store Nord A/S announced that they will report Q3, 2024 results on Nov 07, 2024 Valuation Update With 7 Day Price Move • Nov 17
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to €20.09, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 11x in the Consumer Durables industry in Europe. Total loss to shareholders of 68% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €34.99 per share. Reported Earnings • Nov 12
Third quarter 2023 earnings released: EPS: kr.1.47 (vs kr.1.54 in 3Q 2022) Third quarter 2023 results: EPS: kr.1.47. Revenue: kr.4.44b (down 5.5% from 3Q 2022). Net income: kr.213.0m (up 8.1% from 3Q 2022). Profit margin: 4.8% (up from 4.2% in 3Q 2022). Revenue is forecast to grow 7.3% p.a. on average during the next 3 years, compared to a 6.1% growth forecast for the Consumer Durables industry in Germany. New Risk • Nov 03
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 6.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (12% operating cash flow to total debt). Minor Risks Share price has been volatile over the past 3 months (6.3% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (2.4% net profit margin). Shareholders have been diluted in the past year (14% increase in shares outstanding). Annonce • Sep 05
GN Store Nord A/S Announces Chief Executive Changes GN Store Nord A/S appointed Peter Karlstromer as the Group CEO. In the coming months Peter will form the new executive leadership team and design the new organizational structure of GN. Gitte Aabo will step down from her executive roles as CEO of GN Store Nord and GN Hearing as she wishes to devote herself to a full-time board career. Going forward, Peter Karlstromer and Group CFO Søren Jelert will constitute the Executive Management of GN. These changes will take effect on October 1, 2023. Gitte Aabo is committed to stay on through the remainder of 2023 to ensure a seamless transition. Annonce • Aug 18
Gn Store Nord A/S Provides Earnings Guidance for the Year 2023 GN Store Nord A/S provided earnings guidance for the year 2023. For the period, the company expects Organic revenue growth of GN Hearing to:9% to 13%.GN Audio: -10% to -4%. GN Store Nord: -4% to +2%. Reported Earnings • Aug 18
Second quarter 2023 earnings released: EPS: kr.0.23 (vs kr.1.89 in 2Q 2022) Second quarter 2023 results: EPS: kr.0.23 (down from kr.1.89 in 2Q 2022). Revenue: kr.4.39b (down 9.5% from 2Q 2022). Net income: kr.32.0m (down 87% from 2Q 2022). Profit margin: 0.7% (down from 5.0% in 2Q 2022). Revenue is forecast to grow 7.1% p.a. on average during the next 3 years, compared to a 6.4% growth forecast for the Consumer Durables industry in Germany. Over the last 3 years on average, earnings per share has fallen by 29% per year whereas the company’s share price has fallen by 30% per year. Annonce • Jun 30
MCH signed an agreement to acquire BelaudiCAo, Unipessoal, Lda from GN Store Nord A/S (CPSE:GN). MCH signed an agreement to acquire BelaudiCAo, Unipessoal, Lda from GN Store Nord A/S (CPSE:GN) on June 28, 2023. BelaudiCAo has revenues of around €35 million. The transaction is subject to MCH Private Equity completing financing and obtaining anti-trust clearance. The transaction is expected to close in Q3 2023. Alantra Partners, S.A. (BME:ALNT) acted as financial advisor and Vieira de Almeida & Associados – Sociedade de Advogados, RL acted as legal advisor to GN. Uría Menéndez - Proença de Carvalho acted as legal advisor to MCH. Annonce • May 26
GN Store Nord A/S has completed a Follow-on Equity Offering in the amount of DKK 2.771094 billion. GN Store Nord A/S has completed a Follow-on Equity Offering in the amount of DKK 2.771094 billion.
Security Name: Shares
Security Type: Common Stock
Securities Offered: 17,319,337
Price\Range: DKK 160
Transaction Features: Subsequent Direct Listing Reported Earnings • May 03
First quarter 2023 earnings released: kr.0.42 loss per share (vs kr.1.50 loss in 1Q 2022) First quarter 2023 results: kr.0.42 loss per share (improved from kr.1.50 loss in 1Q 2022). Revenue: kr.4.21b (up 9.2% from 1Q 2022). Net loss: kr.54.0m (loss narrowed 72% from 1Q 2022). Revenue is forecast to grow 7.9% p.a. on average during the next 3 years, compared to a 6.3% growth forecast for the Consumer Durables industry in Germany. Over the last 3 years on average, earnings per share has fallen by 20% per year whereas the company’s share price has fallen by 17% per year. Valuation Update With 7 Day Price Move • Apr 28
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to €24.65, the stock trades at a forward P/E ratio of 27x. Average forward P/E is 12x in the Consumer Durables industry in Germany. Total loss to shareholders of 41% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €34.56 per share. Buying Opportunity • Mar 17
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 5.0%. The fair value is estimated to be €24.37, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has declined by 14%. For the next 3 years, revenue is forecast to grow by 6.7% per annum. Earnings is also forecast to grow by 29% per annum over the same time period. Buying Opportunity • Mar 02
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 18%. The fair value is estimated to be €24.44, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has declined by 14%. For the next 3 years, revenue is forecast to grow by 6.6% per annum. Earnings is also forecast to grow by 29% per annum over the same time period. Recent Insider Transactions • Feb 12
Key Executive recently bought €67k worth of stock On the 10th of February, Jukka Pertola bought around 3k shares on-market at roughly €22.32 per share. This transaction increased Jukka's direct individual holding by 1x at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Jukka's only on-market trade for the last 12 months. Annonce • Feb 11
GN Store Nord A/S Provides Earnings Guidance for the Year of 2023 GN Store Nord A/S provided earnings guidance for the year of 2023. For the year, the company expected an organic revenue growth in the range of 2% to 8%. Reported Earnings • Feb 10
Full year 2022 earnings released: EPS: kr.4.00 (vs kr.13.63 in FY 2021) Full year 2022 results: EPS: kr.4.00 (down from kr.13.63 in FY 2021). Revenue: kr.18.7b (up 19% from FY 2021). Net income: kr.511.0m (down 71% from FY 2021). Profit margin: 2.7% (down from 11% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.7% p.a. on average during the next 3 years, compared to a 6.2% growth forecast for the Medical Equipment industry in Germany. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has fallen by 25% per year, which means it is performing significantly worse than earnings. Annonce • Feb 10
William Demant Invest A/S acquired an unknown minority stake in GN Store Nord A/S. William Demant Invest A/S acquired an unknown minority stake in GN Store Nord A/S on November 30, 2022.William Demant Invest A/S completed the acquisition of an unknown minority stake in GN Store Nord A/S on November 30, 2022. Annonce • Feb 09
GN Store Nord A/S announced that it expects to receive DKK 7 billion in funding GN Store Nord A/S announced that it will receive DKK 7,000 million in a round of funding on February 8, 2023. The company will issue common shares in the transaction. Buying Opportunity • Jan 28
Now 21% undervalued Over the last 90 days, the stock is up 10%. The fair value is estimated to be €30.59, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has declined by 4.8%. For the next 3 years, revenue is forecast to grow by 7.6% per annum. Earnings is also forecast to grow by 33% per annum over the same time period. Annonce • Jan 27
Per Wold-Olsen to Not Seek Re-Election as Chair of GN Store Nord A/S GN Store Nord A/S announced that GN Chair of the Board, Per Wold-Olsen, will not seek re-election at the AGM. Board Change • Nov 16
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Employee Elected Director Claus Holmbeck-Madsen was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 12
Third quarter 2022 earnings released: EPS: kr.1.54 (vs kr.3.37 in 3Q 2021) Third quarter 2022 results: EPS: kr.1.54 (down from kr.3.37 in 3Q 2021). Revenue: kr.4.70b (up 24% from 3Q 2021). Net income: kr.197.0m (down 55% from 3Q 2021). Profit margin: 4.2% (down from 11% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 8.4% p.a. on average during the next 3 years, compared to a 6.2% growth forecast for the Medical Equipment industry in Germany. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has fallen by 17% per year, which means it is performing significantly worse than earnings. Valuation Update With 7 Day Price Move • Oct 15
Investor sentiment improved over the past week After last week's 16% share price gain to €18.57, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 25x in the Medical Equipment industry in Germany. Total loss to shareholders of 52% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €36.67 per share. Valuation Update With 7 Day Price Move • Sep 20
Investor sentiment deteriorated over the past week After last week's 17% share price decline to €24.73, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 24x in the Medical Equipment industry in Germany. Total loss to shareholders of 35% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €34.33 per share. Buying Opportunity • Sep 15
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 6.3%. The fair value is estimated to be €35.35, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 3.5%. For the next 3 years, revenue is forecast to grow by 9.7% per annum. Earnings is also forecast to grow by 25% per annum over the same time period. Reported Earnings • Aug 19
Second quarter 2022 earnings released: EPS: kr.1.89 (vs kr.3.29 in 2Q 2021) Second quarter 2022 results: EPS: kr.1.89 (down from kr.3.29 in 2Q 2021). Revenue: kr.4.86b (up 29% from 2Q 2021). Net income: kr.242.0m (down 43% from 2Q 2021). Profit margin: 5.0% (down from 11% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 25%, compared to a 7.6% growth forecast for the Medical Equipment industry in Germany. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Jun 30
Investor sentiment improved over the past week After last week's 15% share price gain to €33.48, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 25x in the Medical Equipment industry in Germany. Total loss to shareholders of 19% over the past three years. Valuation Update With 7 Day Price Move • May 19
Investor sentiment improved over the past week After last week's 16% share price gain to €34.00, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 29x in the Medical Equipment industry in Germany. Total loss to shareholders of 20% over the past three years. Reported Earnings • May 06
First quarter 2022 earnings released: kr.1.50 loss per share (vs kr.3.66 profit in 1Q 2021) First quarter 2022 results: kr.1.50 loss per share (down from kr.3.66 profit in 1Q 2021). Revenue: kr.3.86b (down 6.1% from 1Q 2021). Net loss: kr.191.0m (down 140% from profit in 1Q 2021). Over the next year, revenue is forecast to grow 33%, compared to a 11% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Board Change • Apr 27
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Employee Elected Director Claus Holmbeck-Madsen was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Board Change • Apr 02
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Employee Elected Director Claus Holmbeck-Madsen was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Mar 03
Upcoming dividend of kr.1.55 per share Eligible shareholders must have bought the stock before 10 March 2022. Payment date: 14 March 2022. Payout ratio is a comfortable 11% and this is well supported by cash flows. Trailing yield: 0.5%. Lower than top quartile of German dividend payers (3.4%). Lower than average of industry peers (1.1%). Reported Earnings • Feb 14
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: kr.13.63 (up from kr.9.72 in FY 2020). Revenue: kr.15.8b (up 17% from FY 2020). Net income: kr.1.76b (up 40% from FY 2020). Profit margin: 11% (up from 9.3% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 25%, compared to a 12% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Reported Earnings • Oct 30
Third quarter 2021 earnings released: EPS kr.3.37 (vs kr.4.78 in 3Q 2020) The company reported a soft third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: kr.3.79b (up 1.3% from 3Q 2020). Net income: kr.433.0m (down 30% from 3Q 2020). Profit margin: 11% (down from 17% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 15% per year whereas the company’s share price has increased by 11% per year. Reported Earnings • Aug 21
Second quarter 2021 earnings released: EPS kr.3.29 (vs kr.0.062 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: kr.3.78b (up 42% from 2Q 2020). Net income: kr.427.0m (up kr.419.0m from 2Q 2020). Profit margin: 11% (up from 0.3% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 13% per year and the company’s share price has also increased by 13% per year. Reported Earnings • May 07
First quarter 2021 earnings released: EPS kr.3.66 (vs kr.0.78 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: kr.4.11b (up 39% from 1Q 2020). Net income: kr.474.0m (up 369% from 1Q 2020). Profit margin: 12% (up from 3.4% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 31% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Mar 11
Upcoming Dividend of kr.1.45 Per Share Will be paid on the 22nd of March to those who are registered shareholders by the 18th of March. The trailing yield of 0.3% is below the top quartile of German dividend payers (3.3%), and is lower than industry peers (1.1%). Is New 90 Day High Low • Mar 06
New 90-day low: €61.70 The company is down 3.0% from its price of €63.60 on 04 December 2020. The German market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Medical Equipment industry, which is up 10.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €67.71 per share. Reported Earnings • Feb 12
Full year 2020 earnings released: EPS kr.9.72 (vs kr.11.12 in FY 2019) The company reported a soft full year result with weaker earnings and profit margins, although revenues improved. Full year 2020 results: Revenue: kr.13.4b (up 7.0% from FY 2019). Net income: kr.1.25b (down 14% from FY 2019). Profit margin: 9.3% (down from 12% in FY 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has increased by 33% per year, which means it is tracking significantly ahead of earnings growth. Analyst Estimate Surprise Post Earnings • Feb 12
Revenue misses expectations Revenue missed analyst estimates by 0.4%. Over the next year, revenue is forecast to grow 19%, compared to a 14% growth forecast for the Medical Equipment industry in Germany. Is New 90 Day High Low • Feb 10
New 90-day high: €68.84 The company is up 9.0% from its price of €63.04 on 12 November 2020. The German market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Medical Equipment industry, which is up 22% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €74.36 per share. Annonce • Oct 01
GN Store Nord A/S Appoints Henriette Wennicke as Vice President, Investor Relations & Treasury, Effective January 1, 2021 GN Store Nord A/S announced that Henriette Wennicke, currently Vice President, Global Finance of GN Hearing, is appointed Vice President, Investor Relations & Treasury. Henriette Wennicke has been with GN for four years in different leadership roles within finance. Prior to joining GN, Henriette held various positions in Novo Nordisk’s finance community, including leadership roles, and ending as Director, R&D Business Support. The appointment is effective January 1, 2021. 
