Demant AS

DEMANT: XCSE (DNK)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	DKK 466.00	Dyntm	Lxrygnln

Demant's First Half Sees the Hearing Industry Recovering

Alex Morozov

Aug 12, 2021

We anticipate a moderate increase to our fair value estimate of DKK 238 for narrow-moat Demant. Management has updated fiscal 2021 revenue guidance to 26%-30% organic growth from 24%-28% and an additional increase of DKK 150 million in EBIT following a strong second quarter and the conclusion of the first half of 2021. We currently view shares as overvalued even including the anticipated increase in our fair value estimate.

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