GN Store Nord AS

GN: XCSE (DNK)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	DKK 794.00	Yhmwjbt	Crylwht

GN Fair Value Estimate Unchanged as Management Revises Fiscal 2021 Hearing Guidance

Alex Morozov

Oct 5, 2021

We are maintaining our DKK 395 fair value estimate for narrow-moat GN Store Nord following revised fiscal 2021 guidance for the hearing segment as the company is delaying product launches scheduled for the second half of the year. GN also provided a preliminary third-quarter revenue figure of DKK 1,346 million for the hearing segment, still well below its prepandemic third-quarter 2019 number of DKK 1,537 million but showing recovery from 2020. Our modeled forecast is in line with the new target, and thus this update does not affect our fair value estimate. We currently view the shares as fairly valued.

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