Demant AS

DEMANT: XCSE (DNK)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	DKK 149.00	Gnkqg	Kvzlwrg

Demant Earnings: Management Reiterates Guidance but Provides No Visual on Implants Divestment Timing

Alex Morozov

May 3, 2023

We maintain our DKK 240 fair value estimate for narrow-moat Demant with the finalization of first-quarter results. It released preliminary revenue numbers in April when it upgraded its fiscal-year guidance with group organic growth reaching 14% year over year. We currently view shares as modestly overvalued.

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