Demant AS

DEMANT: XCSE (DNK)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	DKK 135.00	Bysfzgv	Gxyhjdhxk

Communications Drags Down Demant Throughout 2022

Alex Morozov

Feb 7, 2023

We anticipate a moderate decrease to our fair value estimate for narrow-moat Demant, given the weakness in the hearing healthcare market that prevailed through the end of 2022 on top of the lackluster gaming market. Organic revenue growth for the full year was 4%, heavily supported by the diagnostics and hearing aid segments, which saw organic growth of 13% and 9%, respectively. The communications segment saw a negative organic impact of 13% year over year.

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