Q2 Preview: Strong Quarter to Bring Expected Guidance Raise

研报英文原文证据摘录

Q2 Preview: Strong Quarter to Bring Expected Guidance Raise

Deutsche Bank

Research

Rating Company Date

Hold Demant 6 July 2026

Forecast Change

Europe

Denmark

Reuters Bloomberg Exchange Ticker Price at 3 Jul 2026 (DKK) 281.80

DEMANT.CO DEMANT DC CPH DEMANT

Price Target (DKK) 258.00

Healthcare

Medical Technologies & ADR ISIN 52-week range (DKK) 281.80176.20-

WILYY US96926A1060

Services

Q2 Preview: Strong Quarter to Bring

Valuation & Risks Expected Guidance Raise

Falko Friedrichs

Q2 Results Are Set to Be Reported on August 8 Research Analyst

We expect another strong quarter for Demant, forecasting 7% organic sales growth +49-69-910-36270

driven by 9% growth in hearing aids and sequentially improving performance in the

Jan Koch, CFA

Hearing Care retail network and Diagnostics businesses against weak Research Analyst

comparables. Furthermore, we forecast 6% growth in adjusted EBIT for the first +49-69-910-47428

half, implying a margin of 15.6%. As is widely anticipated, we expect the company

Fynn Scherzler

to raise its 2026 guidance alongside the results. Our forecast is for an increase in the

Research Analyst

organic sales growth target to 5-7% (from 3-6%; consensus: 6%) and in the adjusted

+49-69-910-40764

EBIT range to DKK 4,300-4,600 million (from DKK 4,100-4,500 million; consensus:

DKK 4,373 million). While a guidance raise would be a positive development, we Sachin Gadilingappa

believe it is largely expected and would therefore likely only lead to a slight upward Research Associate

move in consensus estimates.

Key changes

Forecast Changes & Valuation

226.00 to

We have raised our price target for Demant to DKK 259 (from DKK 226), reflecting TP 258.00 ↑ 14.2%

slightly higher earnings estimates and an increased target multiple. We have left DB EPS (DKK) - ↓ -0.1%