Industry

Health Care

Sector

Health Care Technology

Country

Denmark

Company description

GN Store Nord is a Danish manufacturer of hearing instruments and audio products. The company operates through the GN Hearing and GN Audit segments. The GN Hearing operation develops, manufactures and sells hearing aids and related products. The GN Audio segment manufactures and sells audio headsets and related audio solutions. GN Store Nord operates in approximately 100 countries. It is headquartered in Ballerup, Denmark and was founded in 1869.

Market cap.

DKKm 32,264

Share price

DKK 243

Earnings per share (EPS)

DKK 9

Dividend per share (DPS)

DKK 1

Price / earnings

25.9x

Price / sales

3.0x

Price / book value

6.3x

Enterprise value / EBITDA

14.3x

CEO

Rene Svendsen-Tune

Chairman of the Board of Directors

Per Wold-Olsen

CFO

Marcus Desimoni

Investor relations

Peter Justesen

Ticker symbol

GN

Stock exchange

Nasdaq OMX Copenhagen

ISIN code

DK0010272632

Phone

0045 4570 0000

Website

gn.com

Address

Lautrupbjerg 7, 2750 Ballerup

Income statements

DKKm 2006200720082009201020112012201320142015201620172018
Sales 6,7665,9815,6244,7295,1455,5646,2516,7917,3408,4048,6519,58510,607
Other income 0000000000000
Total income 6,7665,9815,6244,7295,1455,5646,2516,7917,3408,4048,6519,58510,607
Total expenses -6,112-5,785-5,118-4,247-2,197-3,833-5,281-5,275-5,618-6,585-6,540-7,395-8,121
EBITDA 6541965064822,9481,7319701,5161,7221,8192,1112,1902,486
Depreciation tangible assets -130-78-144-125-108-100-90-110-105-116-126-123-130
Write-downs tangible assets 00-3-1-1-64-66400000
EBITA 5241183593562,8391,5678741,4701,6171,7031,9852,0672,356
Amortisation intangible assets -215-154-325-286-270-320-346-352-422-483-540-509-560
Income from associated companies 0200000000000
Earnings before interest and taxes (EBIT) 309-3434702,5691,2475281,1181,1951,2201,4451,5581,796
Financial income 636389468217874731359718415971
Financial expenses -123-129-206-118-115-206-143-164-219-230-236-219-274
Income from associated companies 0001062-4552613
Earnings before taxes (EBT) 249-100-83-12,5361,2254611,0231,1161,0921,3951,5041,606
Taxes 74627-69-681-360-140-288-323-287-309-382-359
Profit from continuing operations 323-94-56-701,8558653217357938051,0861,1221,247
Discontinued operations 252700000000-53610
Minorities 0000000000000
Net profit or loss 348-67-56-701,8558653217357938051,0331,1831,247

Cash flow statements

DKKm 2006200720082009201020112012201320142015201620172018
EBITDA 6541965064822,9481,7319701,5161,7221,8192,1112,1902,486
Net interest paid -65-84-107-84-27-72-73-37-53-71-83-87-113
Taxes paid -54-42-28-57-21-23-643-249-80-274-185-350-313
Investments in working capital 63-14091321-196-2062,933-342-227-1511426-95
Other operating cash items -1075485055-2,141-72816630-9127-54106107
Cash flow from operations (CFFO) 4914785127175637023,3539181,3531,4501,8031,8852,072
Capital expenditures (capex) -662-649-571-216-374-405-597-835-873-707-685-751-962
Acquisitions -60-12-36-13-12-82-42-136-46-47-880-94-97
Disposals 00078191500007520
Other investing cash items 0000000000000
Cash flow from investing activities -722-661-607-151-367-486-634-971-919-754-1,565-93-1,059
Free cash flow to equity holders (FCFE) -231-183-955661962162,719-534346962381,7921,013
Dividends paid -1240000-39-50-83-138-142-149-161-169
Share buy-backs -400000-153-641-1,614-787-877-1,162-1,272-1,372-1,061
New share issues 0000000000000
Increase/(decrease) in debt 67418868-578-14389-1,1098844806011,23918271
Other financing cash flows 116136-20147-6335225911-85056
Cash flow from financing activities (CFFF) 15030481-572-187-144-2,77947-483-678729-2,365-903
Discontinued activities and other 000000000000
Net cash flow / Change in cash position 121-14-6972-60-6-4918967-573110

Balance sheets

DKKm 2006200720082009201020112012201320142015201620172018
Goodwill 4552,5252,6552,6052,8613,0482,9602,9743,2663,6064,3723,9794,245
Other intangible assets 2911,1271,1631,1571,1701,2001,2741,5121,6691,8632,1492,2652,349
Total intangible assets 7463,6523,8183,7624,0314,2484,2344,4864,9355,4696,5216,2446,594
Fixed tangible assets 501735714470481262254465472534508486514
Shares and associated companies 05941353416171720252717118
Other financial assets 4861291571561750000000
Deferred tax assets 196621695670612569563502503507443344368
Other non-current assets 10121312226708261,3091,2391,0949841,142
Total fixed assets 1,4575,1655,4105,1065,3165,2725,7386,2967,2397,7748,5938,0758,736
Inventories 316717662375471549471592616720715711952
Trade receivables 6041,2621,1271,0171,1101,2691,3491,5201,9092,2552,1832,1112,394
Other current assets 5,8035235254892,7523,862472392351295245314299
Cash and cash equivalents 471681541481572291691631141321,099526636
Total current assets 6,7702,6702,4682,0294,4905,9092,4612,6672,9903,4024,2423,6624,281
Total assets 8,2277,8357,8787,1359,80611,1818,1998,96310,22911,17612,83511,73713,017
Equity 4,9004,4824,5074,4356,5046,8785,5425,3305,6675,7645,6204,7835,096
Non-controlling interests (minorities) 0000000000000
Shareholders equity 4,9004,4824,5074,4356,5046,8785,5425,3305,6675,7645,6204,7835,096
Pension liabilities 135806473110100447764664554
Deferred tax liabilities 723467572825373403409496430440399
Long-term provisions 21855614710713015216710559248183262
Convertible debt 0000000000000
Long-term debt 1,2501,3001,6001,0701,0561,3742761,2161,6752,2973,5273,5083,842
Other long-term liabilities 05559534859185209268301325315306
Total long-term liabilities 1,3441,5091,8011,3411,8562,4981,0862,0392,5343,2174,5964,4914,863
Short-term debt 10238314610761124123607047555328
Trade payables 220421448338387486485493593731642605934
Other current liabilities 1,6611,0409769149981,1959631,0411,3651,4171,9221,8052,096
Total current liabilities 1,9831,8441,5701,3591,4461,8051,5711,5942,0282,1952,6192,4633,058
Total equity and liabilities 8,2277,8357,8787,1359,80611,1818,1998,96310,22911,17612,83511,73713,017

Growth rates

[%] 2006200720082009201020112012201320142015201620172018
Sales growth 0.0%-12.0%-6.0%-16.0%9.0%8.0%12.0%9.0%8.0%15.0%3.0%11.0%11.0%
EBITDA growth 0.0%-70.0%158.0%-5.0%512.0%-41.0%-44.0%56.0%14.0%6.0%16.0%4.0%14.0%
EBITA growth 0.0%-77.0%204.0%-1.0%697.0%-45.0%-44.0%68.0%10.0%5.0%17.0%4.0%14.0%
EBIT growth 0.0%-111.0%-200.0%106.0%3,570.0%-51.0%-58.0%112.0%7.0%2.0%18.0%8.0%15.0%
EBT growth 0.0%-140.0%-17.0%-99.0%-253,700.0%-52.0%-62.0%122.0%9.0%-2.0%28.0%8.0%7.0%
Earnings growth 0.0%-119.0%-16.0%25.0%-2,750.0%-53.0%-63.0%129.0%8.0%2.0%28.0%15.0%5.0%

Margins

[%] 2006200720082009201020112012201320142015201620172018
EBITDA-margin 10.0%3.0%9.0%10.0%57.0%31.0%16.0%22.0%23.0%22.0%24.0%23.0%23.0%
EBITA-margin 8.0%2.0%6.0%8.0%55.0%28.0%14.0%22.0%22.0%20.0%23.0%22.0%22.0%
EBIT-margin 5.0%-1.0%1.0%1.0%50.0%22.0%8.0%16.0%16.0%15.0%17.0%16.0%17.0%
EBT-margin 4.0%-2.0%-1.0%0.0%49.0%22.0%7.0%15.0%15.0%13.0%16.0%16.0%15.0%
Earnings-margin 5.0%-1.0%-1.0%-1.0%36.0%16.0%5.0%11.0%11.0%10.0%12.0%12.0%12.0%

Other key figures

DKKm 2006200720082009201020112012201320142015201620172018
Tax rate -30.0%6.0%33.0%-6,900.0%27.0%29.0%30.0%28.0%29.0%26.0%22.0%25.0%22.0%
Net working capital balance (NWC) 4,8421,0418906292,9483,9998449709181,122579726615
Net interest bearing debt (NIBD) 1,3061,5501,6721,0931,0331,3793301,1571,7082,2762,5493,0803,288
Invested capital (including goodwill) 6,2066,0326,1795,5287,5378,2575,8726,4877,3758,0408,1697,8638,384
Invested capital (excluding goodwill) 5,7513,5073,5242,9234,6765,2092,9123,5134,1094,4343,7973,8844,139
Enterprise value (EV) 18,5409,7103,7506,75611,30310,71514,29023,10723,20921,36323,52530,44835,552

Share data

2006200720082009201020112012201320142015201620172018
Shares outstanding, millions (excl. treasury) 206204204204202193171165160152143137133
Market capitalisation (DKKm) 17,2348,1602,0785,66310,2709,33613,96021,95021,50119,08720,97627,36832,264
Market capitalisation (DKKm) 17,2348,1602,0785,66310,2709,33613,96021,95021,50119,08720,97627,36832,264
Share price (DKK) 83.540.110.227.850.948.481.8133.2134.8125.3146.3200.5243.3
Earnings per share (EPS), (DKK) 1.7-0.3-0.3-0.39.24.31.84.44.95.27.08.59.3
Dividend per share (DPS), (DKK) 0.00.00.00.00.20.30.50.80.91.01.21.31.4

Price multiples

2006200720082009201020112012201320142015201620172018
Price/Earnings (P/E) 49.5x-121.8x-37.1x-80.9x5.5x10.8x43.5x29.9x27.1x23.7x20.3x23.1x25.9x
Price/Sales (P/S) 2.6x1.4x0.4x1.2x2.0x1.7x2.2x3.2x2.9x2.3x2.4x2.9x3.0x
Price/Book value (P/B) 3.5x1.8x0.5x1.3x1.6x1.4x2.5x4.1x3.8x3.3x3.7x5.7x6.3x

Enterprise value (EV) multiples

2006200720082009201020112012201320142015201620172018
Enterprise value/Sales (EV/Sales) 2.7x1.6x0.7x1.4x2.2x1.9x2.3x3.4x3.2x2.5x2.7x3.2x3.4x
Enterprise value/EBITDA (EV/EBITDA) 28.4x49.5x7.4x14.0x3.8x6.2x14.7x15.2x13.5x11.7x11.1x13.9x14.3x
Enterprise value/EBITA (EV/EBITA) 35.4x82.3x10.5x19.0x4.0x6.8x16.4x15.7x14.4x12.5x11.9x14.7x15.1x
Enterprise value/EBIT (EV/EBIT) 60.0x-285.6x110.3x96.5x4.4x8.6x27.1x20.7x19.4x17.5x16.3x19.5x19.8x