与gn store nord高层对话的反馈

Restricted - External GN.CO/GN DCEQUAL WEIGHTEuropean MedicalTechnology & ServicesPOSITIVEPrice TargetDKK 135.00Price (20-May-25)DKK 94.80Potential Upside/Downside+42.4%Source: Bloomberg, Barclays ResearchEuropean Medical Technology &ServicesHassan Al-Wakeel, CFA+44 (0)20 7773 3898hassan.al-wakeel@barclays.comBarclays, UKJonathon Unwin+44 (0)20 7773 0354jonathon.unwin@barclays.comBarclays, UKMarco Pires-Cox+44 (0)20 3134 3421marco.pirescox@barclays.comBarclays, UKRohit Rajan+91 (0) 22 6175 1698rohit.rajan@barclays.comBarclays, UK Our notesGroup•They have three businesses operating in attractive markets and management think they have•a strong position in each market. They are getting lots of questions on how they are thinkingabout the market – they feel good about the three markets and their position.•Strategy:At the CMD they changed the governance of the Group and changed what they’d•like to see on operations and R&D working across divisions. They also laid out their financialplan. Management feels good about what they laid out and believe they made good progressin 2024. They have been thrown a few uncertainties(tariffand macro) that are setting themback a bit. In 2025 they think they will stand still a bit but don't think it should be viewed asthe strategy not having legs. They plan to ride out the shorter-term challenges, then toresume a lot of the benefits from the strategy.•Leverageratio is still too high but down from the peak.••Innovation:Overall level they are comfortable with their level of innovation – right level to•deliver financial results and the innovation for the business. Nothing dramatic in the shortterm but if in the mid term they feel they are falling behind they can reassess.•Hearing Aid Market:Q1 was weak in the US, consistent with peer commentary. When looking•at April data it means they see Q1 as a “slow start” rather than an indication of the full-yeargrowth. Will still have a span around historical levels that is driving the range of guidance –lower end is market and is less than normal, mid-to-high end is market and is normal. Lastyear was a very strong US market and with the start they saw in Q1, will probably be aweaker market this year. European market is fairly stable, and less of a disappointment. Asiamarket is fairly stable.Hearing Aids•Vivia Launch:Feedback from Vivia is strong. They are rolling out Vivia across all channels in•the US and most of the meaningful international markets.•International launch:Vivia launch metrics a bit stronger than what they saw for•Nexia and tracking a bit stronger than Nexia.•VA:They are in the VA with one AI product, and one without AI. Bit of a higher price on the AI•chip to reflect innovation and also a bit of extra cost. Blended price depends on the mix,which they do not control. Higher uptake of AI would be good for mix. Fair pricing is in placeto deliver the business with respectable margins. Management feel it is a good pricing dealfor the VA, too, who should get a good price given it is a big channel. Eagerly anticipating andfeel good about it.•Costco:Launch of Vivia happened a couple of daysafterthe Q1 call – a significant launch•quarter. Recognised as a good hearing aid by Costco.•Market share in Costco: Exactly how many players etc is up to Costco. Management are•grateful for the partnership with Costco and had positive momentum with Nexia. Don’t knowexactly what share they have, but feel they were getting a fair share. Fair to assume marketshare in Costco has gone down a bit from the peak as happens when you get to the end of lifeof a new product. Feel they have every chance for a good Vivia launch with Costco witha range of scenarios to the upside and the downside. Focusing on being a good partner toCostco with a long-term perspective. 2 •OTC:Jabra Enhance starting to track 2026 growth and margin targets, roughly breakeven.•Don’t worry too much about OTC. Will influence industry, but most scenarios look positive.Enterprise & Gaming•Enterprise:Market recovery has taken longer than expected, but still very much believe in•the market.•Gaminghas performed strong vs market, want to see profit improvement – Q1 margins•improvedoffthe back of a lot of changes last year – confident in stronger margin over time.•Sell-in:It can fluctuate between quarters, never exactly the same as sell-out. In Q1 it was a•bit of a larger delta, less sell-in than sell-out (inventory reduction). A channel with lessinventory at some point needs to restock if sell-out is stronger. As long as driving sell-outgrowth, sell-in will follow over time. Primarily focused on sell-out.•Enterprise Q2:Q2 to be a similar size to Q1, which is a little less than it usually is. Don’t•believe the market will bounce back in Q2.Tariffimpacting the topline.•Enterprise FY guide:Is a combination of fewer SKUs (in US hard to sell some products,•putting some pressure), then have market expectations in Europe.•Gaming guide:Mostly because oftariffs,tariffsare holding them back. 10% b