Demant AS

DEMANT: XCSE (DNK)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	DKK 453.00	Zndkxz	Pdpghlxh

Demant's Interim Results Show Strong Hearing Healthcare Recovery

Alex Morozov

Nov 2, 2021

We anticipate moderately increasing our fair value estimate for narrow-moat Demant following management’s interim statement. Management increased its fiscal 2021 EBIT outlook to DKK 3,300 million-3,500 million from DKK 3,150 million-3,450 million on the strength of the hearing business. We currently view the shares as modestly overvalued.

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