GN Store Nord Shares screen cheap if management delivers on the numbers

Research evidence excerpt

GN Store Nord Shares screen cheap if management delivers on the numbers

J P M O R G A N Europe Equity Research

18 May 2026

GN Store Nord Neutral

GN.CO, GN DC

Shares screen cheap if management delivers on the Price (13 May 26):Dkr94.50

numbers ▲Price Target (Jun-27):Dkr131.80 Prior (Jun-27):Dkr110.00

Following Q1 and after hosting a Management Roadshow, we lay out our latest

thoughts. Investors remain focused on the deterioration in Enterprise with some European Medical Technologies &

Servicesfinding it difficult to underwrite the updated margin guidance. However, if one does

believe the guide, the shares screen cheap, as we highlighted here – but this would David Adlington AC

require no further deterioration in the Enterprise market (unhelped by GN’s poor track (44-20) 7134-5828

david.adlington@jpmorgan.com

record of calling the market). Admittedly, though, the company is better positioned

this year with meaningful product launches (e.g. Evolve3 launch at high/mid and entry Anchal Verma

(44-20) 3493-6144

tiers) and, as such, should have a better chance of delivering improved growth. We anchal.verma@jpmorgan.com

update our numbers for the new reporting structure, where we look for 2.9% organic

Philip S Omnou

growth and 8.2% adj EBITA margin, slightly below the midpoint of guidance. (44-20) 3493-5648

Ultimately, despite an attractive valuation, there is likely a near-term ownership philip.omnou@jpmorgan.com

vacuum where healthcare investors may be less engaged (given deconsolidation of J.P. Morgan Securities plc

Hearing), while tech investors wait for greater visibility on underlying markets, and

Specialist Sales contact details:as a result, we may see shares range-bound for now. We remain Neutral. We update