GN Store Nord AS

GN: XCSE (DNK)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	DKK 626.00	Ctqwfn	Nxzctwks

Despite GN Hearing's Strong Showing in Q4, Audio Drags Down Fiscal 2022 Growth

Alex Morozov

Feb 9, 2023

We anticipate a material decrease to our fair value estimate of narrow-moat GN Store Nord following our model update to include fiscal 2022 results. Hit from both sides with soft markets resulting in an organic revenue decline of 3% and increased costs, GN's EBIT margin dropped from over 15% in fiscal 2021 to just under 6% for the full year. Audio was particularly pressured between integrating SteelSeries and weak demand in the consumer market. Additionally, with many companies having invested in audio solutions during COVID, the enterprise portion of GN Audio had tough comparables.

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