Demant AS

DEMANT: XCSE (DNK)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	DKK 163.00	Vlqbydf	Rryxydk

Demant Sees Strong Hearing Growth to Offset Lower Communications Revenue in Fiscal 2021

Alex Morozov

Feb 8, 2022

We anticipate a moderate increase to our fair value estimate of DKK 238 for narrow-moat Demant as we update our model following fiscal 2021 results. Demant saw strong revenue growth of 27% to DKK 18.4 billion versus the easy overall comparables of fiscal 2020 (DKK 14.5 billion) as the global pandemic recovery continued in the second half of the year. We currently view shares as modestly overvalued.

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