Demant AS
DEMANT: XCSE (DNK)
Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
---|---|---|---|
DKK 569.00 | Gnpfqk | Yhyhqmkk |
Weakness in Hearing Care and Communications Offsets Good Developments in Hearing Aids for Demant
We are maintaining our fair value estimate of DKK 254 for narrow-moat Demant following the release of first-half results. Management downgraded organic revenue growth for fiscal 2022 from 5%-9% to 4%-6% as a result of lower-than-expected growth for hearing care in the U.S. and continued COVID-19 impacts in the Asia and Pacific regions in the first half. We view shares as fairly valued.