Demant AS

DEMANT: XCSE (DNK)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	DKK 188.00	Khrggj	Cxcgllhs

Solid Hearing Revenue Easily Offsets Demant's Decline in Communications Sales in the First Quarter

Alex Morozov

May 3, 2022

We are maintaining our fair value estimate of DKK 238 for narrow-moat Demant following the announcement of the firm's first-quarter interim statement. Total revenue increased organically by 6% to DKK 4.6 billion year over year as Demant regained share and unit sales in government channels. We currently view shares as overvalued.

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