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1. Company Snapshot

1.a. Company Description

GN Store Nord A/S develops, manufactures, and markets audio and video communications solutions for medical, professional, and consumer technology solutions in Denmark, rest of Europe, North America, and internationally.It operates in two segments, GN Hearing and GN Audio.The GN Hearing segment produces and sells hearing instruments and products.


The GN Audio segment supplies headsets, video cameras, and speakerphones for professional use and consumer products.It offers its products under the ReSound, Beltone, Interton, Jabra, BlueParrott, FalCom, and Audigy brands.GN Store Nord A/S was founded in 1869 and is based in Ballerup, Denmark.

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1.b. Last Insights on GN

GN Store Nord A/S faces challenges, including a difficult market environment and declining revenue. The company's Q4 2025 earnings call highlighted its efforts to navigate these challenges through new product launches and effective debt management. Despite solid execution, GN delivered a -1% organic revenue growth in 2025, with its Enterprise division experiencing a -6% decline. Additionally, the European stock market's recent declines, amid renewed trade and geopolitical uncertainty, may impact the company's performance.

1.c. Company Highlights

2. GN's Strong FY25 Performance Driven by Hearing Division Growth

GN delivered a negative 1% organic revenue growth for FY25, with the Hearing division being a bright spot, achieving 5% organic growth and a record-high market share. The group's EBITA margin came in at 11.4%, demonstrating strong cost management. EPS was $2.36, significantly beating estimates of $1.41. The free cash flow, excluding M&A, was DKK 1.1 billion, driven by solid earnings and positive working capital impact.

Publication Date: Feb -15

📋 Highlights
  • Hearing Division Growth:: Delivered 7% organic revenue growth in Q4, with record high market share due to ReSound Vivia platform success.
  • Group Profitability:: Maintained 11.4% EBITA margin in 2025, reflecting strong cost control and pricing strategies despite macroeconomic challenges.
  • Gaming Division Resilience:: Achieved 16.4% divisional profit margin despite -12% Q4 organic revenue decline, driven by cost efficiency amid market headwinds.
  • 2026 Guidance:: Targets 3-7% organic revenue growth across divisions, leveraging product innovation (e.g., Evolve3 headset) and market share gains.
  • Evolve3 R&D Investment:: Gaming’s new headset platform built on 10 years of R&D, trained on 60 million real-world synthesis data points, aims to drive future growth.

Segment Performance

The Hearing division grew faster than the market, with a 7% organic revenue growth in Q4, driven by the successful launch of ReSound Vivia. The Enterprise division experienced some weakness in Europe but delivered modest growth in the US and APAC. The Gaming division increased its market share in a challenging gaming equipment market.

Guidance and Outlook

GN expects an organic revenue growth of 3-7% across its three divisions in FY26. The Hearing division is expected to continue outgrowing the market, driven by strong commercial execution and product innovation. The Enterprise division is expected to grow between flat and 2% in FY26, driven by the launch of the Evolve3 headset platform.

Valuation

GN's current valuation metrics indicate a P/E Ratio of 21.85, P/B Ratio of 1.31, and EV/EBITDA of 8.66. With an expected revenue growth of 5.2% next year, the stock appears reasonably valued. The ROE of 6.13% and ROIC of 5.91% suggest a decent return on equity and invested capital. The Net Debt / EBITDA ratio of 3.58 indicates a manageable debt level.

Key Drivers

The key drivers for GN's growth include the continued success of ReSound Vivia, the launch of Evolve3 headset platform, and market share gains in the Gaming division. As Peter Karlstromer noted, "We will continue to outgrow the market, driven by strong commercial execution and product innovation."

Challenges and Opportunities

GN faces challenges in the Enterprise division, where the market is expected to be flat to 2% in FY26. However, the company is well-positioned to capitalize on growth opportunities, particularly with the launch of new products. The company's ability to maintain its market share and drive growth in the Hearing and Gaming divisions will be key to its success.

3. NewsRoom

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GN Store Nord A/S - Notice to convene the Annual General Meeting 2026

Feb -16

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GN Store Nord AS (GGNDF) Q4 2025 Earnings Call Highlights: Navigating Challenges with Strategic ...

Feb -05

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GN Annual Report 2025: Solid execution leading to market share gains, DKK 1.1 billion free cash flow, and a strong foundation for profitable growth in the years ahead

Feb -05

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3 European Stocks Estimated To Be Trading At Up To 45.3% Below Intrinsic Value

Jan -27

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3 European Stocks Estimated To Be Undervalued By Up To 46%

Dec -26

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Changes to Tecan’s Board of Directors proposed to shareholders at the upcoming Annual General Meeting 2026

Dec -04

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European Stocks That May Be Trading Below Their Estimated Value

Nov -27

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European Stocks Estimated To Be Trading Below Intrinsic Value By Up To 37.5%

Nov -19

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (5.88%)

6. Segments

GN Audio

Expected Growth: 5.5%

GN Audio's 5.5% growth is driven by increasing demand for wireless headsets, particularly in the gaming and music markets. The company's Jabra brand benefits from its strong market position, innovative products, and strategic partnerships. Additionally, the growing trend of remote work and virtual meetings fuels demand for high-quality audio solutions, contributing to GN Audio's growth.

GN Hearing

Expected Growth: 6.5%

GN Hearing's 6.5% growth driven by increasing demand for hearing aids, particularly in emerging markets, and a growing trend towards online sales. Additionally, the company's focus on innovation, such as its ReSound ONE hearing aid, and strategic partnerships have contributed to its growth momentum.

7. Detailed Products

Hearing Aids

GN Store Nord A/S offers a wide range of hearing aids designed to improve communication and quality of life for individuals with hearing loss.

Cochlear Implants

GN Store Nord A/S provides cochlear implants that restore hearing for individuals with severe to profound sensorineural hearing loss.

Bone Anchored Hearing Systems

GN Store Nord A/S offers bone anchored hearing systems that provide sound conduction through the skull, bypassing the outer ear and middle ear.

Diagnostic Equipment

GN Store Nord A/S provides diagnostic equipment for hearing healthcare professionals to assess and diagnose hearing loss.

Auditory Accessories

GN Store Nord A/S offers a range of auditory accessories, including hearing aid batteries, cleaning tools, and drying systems.

8. GN Store Nord A/S's Porter Forces

Forces Ranking

Threat Of Substitutes

GN Store Nord A/S operates in the hearing aid industry, where there are limited substitutes for hearing aids. However, there are alternative solutions such as cochlear implants and bone-anchored hearing aids, which could pose a threat to the company's sales.

Bargaining Power Of Customers

GN Store Nord A/S sells its products to a large number of customers, which reduces the bargaining power of individual customers. Additionally, the company's products are specialized, making it difficult for customers to switch to alternative products.

Bargaining Power Of Suppliers

GN Store Nord A/S relies on a few large suppliers for its components, which gives these suppliers some bargaining power. However, the company's large size and global presence also give it some negotiating power.

Threat Of New Entrants

The hearing aid industry has high barriers to entry, including significant research and development costs, regulatory hurdles, and the need for specialized expertise. This makes it difficult for new entrants to enter the market.

Intensity Of Rivalry

The hearing aid industry is highly competitive, with several large players competing for market share. GN Store Nord A/S faces intense competition from companies such as Sonova, Cochlear, and Oticon.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 58.47%
Debt Cost 3.95%
Equity Weight 41.53%
Equity Cost 10.62%
WACC 6.72%
Leverage 140.81%

11. Quality Control: GN Store Nord A/S passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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A-Score: 2.8/10

Value: 5.8

Growth: 4.2

Quality: 4.4

Yield: 0.0

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Volatility: 1.0

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

98.04$

Current Price

98.04$

Potential

-0.00%

Expected Cash-Flows