Demant AS

DEMANT: XCSE (DNK)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	DKK 526.00	Lwyyr	Nsdtzzdf

Weakness in Hearing Care and Communications Offsets Good Developments in Hearing Aids for Demant

Alex Morozov

Aug 16, 2022

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.

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