GN Store Nord AS

GN: XCSE (DNK)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	DKK 454.00	Qnhpv	Nbbnmdjs

Hearing Segment's Contribution Should Mitigate Slowdown in Audio for GN Store Nord

Alex Morozov

Sep 28, 2022

With the release of narrow-moat GN Store Nord’s third-quarter pre-close brief, we are maintaining our fair value estimate of DKK 348. Unsurprisingly, component shortages continue to plague the hearing and audio industries globally, and GN Audio is also seeing compressed consumer business demand driven by lower consumer sentiment. Management is maintaining the fiscal year guidance provided with its interim report in August, including mid- to high-single-digit core organic revenue growth in the hearing segment and low-single-digit organic growth for the audio segment. We currently view shares as undervalued.

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