GN Store Nord - Q4

ProinvestorNEWS

Q4 2022: Strong organic revenue growth of 14% in GN Hearing and -3% in GN Audio primarily driven by 9% in Enterprise
9.2.2023 07.00 • GlobeNewswire •
2022 Highlights

GN delivered DKK 18.7 billion revenue with organic revenue growth of -3%
Adj. EBITA of DKK 2.2 billion
Intention to initiate a fully underwritten rights issue with gross proceeds of DKK 7 billion in order to accelerate deleveraging to 1-2x NIBD/EBITDA in the short-term

GN Hearing had a very strong finish to the year with 14% organic revenue growth in Q4 2022 driven by significant market share gains as a result of the successful ReSound OMNIA launch. Consequently, GN Hearing delivered 5% organic revenue growth in 2022, in line with the financial guidance. Revenue growth was 17% including around 7% impact from the development in foreign exchange rates and around 5% impact from M&A. The Emerging business (JabraEnhance.com) delivered 73% organic revenue growth. The revenue in 2022 reached DKK 6,227 million, compared to DKK 5,332 million in 2021.

GN Audio executed strongly in the Enterprise business in Q4 2022 with 9% organic revenue growth. Consequently in 2022, the Enterprise business matched the all-time high revenue from 2021 despite significant market challenges. The strong performance resulted in market share gains due to a world-leading product portfolio and solid channel execution. In spite of supply chain challenges and soft market conditions SteelSeries increased their revenues quarter by quarter, and ended with a strong finish, delivering organic revenue growth of -4% in Q4 2022, resulting in market share gains. The Consumer business was challenged by reduced consumer sentiment and significant promotions, which resulted in organic revenue growth of -37% for 2022. As a result, GN Audio delivered -7% organic revenue growth in 2022, in line with the updated financial guidance. The revenue in 2022 reached DKK 12,460 million, compared to DKK 10,443 million in 2021.

The acquisitions of Lively - now rebranded JabraEnhance.com - and SteelSeries are strategically important to GN Hearing and GN Audio, both doing very well in their market segments and present significant growth opportunities. The decision on how to fund the SteelSeries acquisition was taken in October 2021 under different macro-economic assumptions.

Multiple external factors presented GN with significant headwinds throughout 2022: War in Ukraine, soaring inflation, declining consumer confidence, looming recession. This came on top of continued COVID-19 market disturbances, supply chain challenges, FX headwinds, and very high freight costs.

In accordance with our announcement on November 11, 2022, GN has conducted a comprehensive review of the appropriate capital structure. In light of the macroeconomic environment and GN's leverage, GN has announced that it intends to raise gross proceeds of DKK 7 billion in the first half of 2023 through the issuance of new shares with pre-emptive rights for GN's shareholders (the "Rights Offering").

Proceeds from the Rights Offering will be used to strengthen GN's balance sheet and provide appropriate financial flexibility. With these actions we are confirming our commitment to the capital structure policy with a target of 1-2x NIBD/EBITDA, which we plan to reach in the short term.

GN has entered into a standby underwriting letter and, as such, the Rights Offering is, subject to certain customary conditions, fully underwritten by a syndicate of banks. In connection with the Annual General Meeting on March 15, 2023, GN's Board of Directors plan to seek authorization to increase the share capital with pre-emptive rights for the existing shareholders.

Financial highlights Q4 2022

GN Store Nord delivered revenue of DKK 5.3 billion in Q4 2022 and an organic revenue growth of 3%. Adj. EBITA was DKK 744 million, equal to a growth of 14% compared to Q4 2021
GN Hearing delivered a very strong 14% organic revenue growth in Q4 2022 driven by significant market share gains as a result of the successful ReSound OMNIA launch. Adj. EBITA was DKK 503 million in the core business, equal to an EBITA margin of 28.9%, reflecting strong operating leverage. The Emerging business delivered an EBITA of DKK -31 million
GN Audio delivered -3% organic revenue growth in Q4 2022 driven by 9% organic revenue growth in Enterprise but offset by -38% organic revenue growth in Consumer. SteelSeries delivered a strong finish to the year leading to an organic growth of -4% in Q4 2022 in a soft market. Adj. EBITA ended at DKK 334 million in Q4 2022

Financial highlights Q4 2022

GN Hearing GN Audio

DKK million GN Hearing Core business Emerging business GN Audio GN Audio organic Steel- Series

Revenue 1,807 1,742 65 3,463 2,679 784

Organic growth 14% 14% 77% -3% -3% -4%

Adj. EBITA** 472 503 -31 334

Adj. EBITA margin** 26.1% 28.9% 9.6%

Group total* GN Hearing GN Audio

DKK million Q4 2022 Q4 2021 Growth Q4 2022 Q4 2021 Growth Q4 2022 Q4 2021 Growth

Revenue 5,270 4,100 29% 1,807 1,429 26% 3,463 2,671 30%

Organic growth 3% -2% 14% 2% -3% -4%

Adj. Gross profit** 2,581 2,224 16% 1,205 908 33% 1,376 1,316 5%

Adj. Gross profit margin** 49.0% 54.2% -5.2%p 66.7% 63.5% 3.2%p 39.7% 49.3% -9.6%p

Adj. EBITA** 744 651 14% 472 219 116% 334 475 -30%

Adj. EBITA margin** 14.1% 15.9% -1.8%p 26.1% 15.3% 10.8%p 9.6% 17.8% -8.2%p

Adj. Earnings per share (EPS)*** 3.92 4.14 -5%

Free cash flow excl. M&A -105 -279 NA 64 -61 NA -21 198 NA

Including "Other"

** Excluding non-recurring items (DKK -152 million in OPEX in GN Audio, DKK -11 million in COGS in GN Hearing and DKK -25 million in OPEX in GN Hearing) in 2022. Excluding non-recurring items (DKK -31 million in OPEX in GN Audio) in 2021

*** Excluding non-recurring items (DKK -188 million in 2022 and DKK -31 million in 2021) and amortization of acquired intangible assets

Financial highlights 2022

GN Hearing GN Audio

DKK million GN Hearing Core business Emerging business GN Audio GN Audio organic Steel-Series

Revenue 6,227 6,022 205 12,460 10,143 2,317

Organic growth 5% 5% 73% -7% -7% -19%

Adj. EBITA** 599 786 -187 1,759

Adj. EBITA margin** 9.6% 13.1% 14.1%

GN Store Nord* GN Hearing GN Audio

DKK million 2022 2021 Growth 2022 2021 Growth 2022 2021 Growth

Revenue 18,687 15,775 18% 6,227 5,332 17% 12,460 10,443 19%

Organic growth -3% 20% 5% 16% -7% 22%

Adj. Gross profit** 9,384 8,682 8% 3,963 3,400 17% 5,421 5,282 3%

Adj. Gross profit margin** 50.2% 55.0% -4.8%p 63.6% 63.8% -0.2%p 43.5% 50.6% -7.1%p

Adj. EBITA** 2,166 2,664 -19% 599 643 -7% 1,759 2,209 -20%

EBITA margin** 11.6% 16.9% -5.3%p 9.6% 12.1% -2.5%p 14.1% 21.2% -7.1%p

Adj. Earnings per share (EPS)*** 10.54 15.29 -31%

Free cash flow excl. M&A -1,291 702 NA -377 198 NA -91 1,288 NA

Including "Other"

** Excluding non-recurring items (DKK -196 million in COGS in GN Audio, DKK -264 million in OPEX in GN Audio, DKK -56 million in COGS in GN Hearing and DKK -90 million in OPEX in GN Hearing) in 2022. Excluding non-recurring items (DKK -45 in OPEX in GN Audio) in 2021

*** Excluding non-recurring items (DKK -624 million in 2022 and DKK -45 million in 2021) and amortization of acquired intangible assets

Shareholder returns - dividend and share buybacks

In 2022, GN distributed DKK 214 million to shareholders (equivalent to DKK 1.55 per share) in respect of the fiscal year 2021, as approved at the Annual General Meeting in 2022. Due to the acquisition of SteelSeries, as announced in October 2021, GN Store Nord's share buyback program has been paused for the time being.

As a consequence of the concluded capital structure review, GN will not pay a dividend in respect of the fiscal year 2022. As GN's capital structure policy is confirmed, GN expects to return to making dividend payments, once the leverage is back within the long-term target.

Financial guidance for 2023

GN Hearing

In 2023, GN Hearing expects to continue to grow faster than the projected market growth. Due to the current macroeconomic environment, GN Hearing is projecting 1-3% market volume growth and -1% to -2% market ASP decline. It is currently expected that market growth will be higher in H2 2023 compared to H1 2023. Due to GN Hearing's current momentum and competitive product portfolio, an organic revenue growth between 2% to 8% driven by market share gains is expected for 2023.

Non-recurring items primarily relates to investments in the supply chain in the magnitude of DKK ~ -150 million is expected in 2023 in order to restore profitability. For the core hearing aid business, the EBITA margin is expected to be between 13% to 16% for 2023 excluding non-recurring items. In the Emerging Business (including JabraEnhance.com (formerly Lively) and further investments into the digital space), GN Hearing will continue to invest, and with the expected strong topline growth, the EBITA impact for 2023 is expected to be DKK ~ -150 million.

The GN Hearing financial guidance is based on the following assumptions for Q1 2023:

Revenue: Q1 2023 organic revenue growth is assumed to be within the 2-8% guidance
EBITA: Q1 2023 EBITA margin assumed to be mid-single digit (excluding non-recurring items) due to seasonality and launch costs. The EBITA margin is expected to improve in H2 2023 due to operating leverage

GN Audio

In 2023, GN Audio expects to continue to grow faster than the market. The uncertainties arising from the current macroeconomic environment are expected to negatively impact the market growth. GN Audio is expecting organic revenue growth between -10% to +5%. The EBITA margin is expected to be 10% to 15% for 2023 excluding non-recurring items. This reflects an expectation of gaining market share in a challenging market environment and continued cost prudence.

In order to further reduce the cost base GN Audio is expecting non-recurring items of

DKK ~ -150 million in 2023 in relation to cost reduction measures.

The GN Audio financial guidance is based on the following assumptions for Q1 2023:

Revenue: Q1 2023 organic revenue growth is assumed to be negative, due to challenged market conditions
EBITA: Q1 2023 EBITA margin assumed to be mid-single digit (excluding non-recurring items) due to the topline development and investment in growth opportunities. The EBITA margin is expected to improve in H2 2023 due to improvement in operating leverage

GN Store Nord

For full year 2023, GN Store Nord consequently expects organic revenue growth of -6% to +6% in 2023, while EBITA in "Other" is expected to be DKK ~ -200 million.

Financial guidance 2023

Organic revenue growth Adjusted EBITA margin2) Non-recurring items (DKK million)

GN Hearing 2% to 8%

Core business 13% to 16% ~ -150
Emerging Business1) (DKK million) ~ -150

GN Audio -10% to +5% 10% to 15% ~ -150

Other (DKK million) ~ -200

GN Store Nord -6% to +6% ~ -300

Note 1) Emerging Business mainly includes the JabraEnhance.com (formerly Lively)

Note 2) Excluding non-recurring items

Based on foreign exchange rates as of February 9, 2023

Primary risk factors in relation to the financial guidance

The basic assumptions behind the guidance remain more uncertain than normal. Primary risk factors include inflationary pressures, consumer sentiment and general economic uncertainty. GN's supply chains, including component sourcing and local and geopolitical instability and deteriorating trade relations may impact key suppliers and GN's operations.

Quotes from Executive Management

Gitte Aabo, CEO of GN Hearing, comments: "We are very pleased with delivering 14% organic growth in Q4 and taking share in soft hearing aid markets. Our new flagship platform ReSound OMNIA has exceeded our high expectations and we are thrilled that customer reception and initial sales numbers have been very strong. GN Hearing's new ReSound OMNIA product family is available in a full line-up of popular styles to cater to all hearing needs and preferences. In addition to the Receiver-in-Ear hardware launched in August 2022, the family now includes miniRIE, Behind-the-Ear (BTE) and custom-made styles all benefiting from 150% improvement in hearing in noisy environments, which puts us in a very strong competitive position going into 2023."

Peter Karlstromer, CEO of GN Audio, comments: "I'm very pleased to take over from René Svendsen-Tune after his successful 8 years. GN Audio is innovative, well run, and I am confident in our team's ability to execute strongly. In 2023, we will continue to launch new industry leading products, making us strongly positioned to continue to delight customers and gain market share in a difficult environment."

Peter la Cour Gormsen, CFO of GN Store Nord, comments: "2022 was a challenging year with significant external headwinds. Still, GN took market shares across business segments and delivered revenue of DKK 18.7 billion and adj. EBITA of DKK 2.2 billion."

Teleconference

GN Store Nord will host a teleconference at 11.00 a.m. CET today. Please visit www.gn.com/investor to access the teleconference. Presentation material will be available on the website prior to the start of the teleconference.

For further information, please contact:

Investor Relations

Anne Sofie Staunsbæk Veyhe +45 45 75 85 06

Rune Sandager +45 45 75 92 57

Media Relations

Steen Frentz Laursen +45 20 65 34 20

Forward-looking statements

The forward-looking statements in this report reflect the management's current expectations of certain future events and financial results. Statements regarding the future are, naturally, subject to risks and uncertainties, which may result in considerable deviations from the outlook set forth. Furthermore, some of these expectations are based on assumptions regarding future events, which may prove incorrect. Changes to such expectation and assumptions will not be disclosed on an ongoing basis, unless required pursuant to general disclosure obligations to which GN is subject.

Factors that may cause actual results to deviate materially from expectations include - but are not limited to - general economic developments and developments in the financial markets, technological developments, changes and amendments to legislation and regulations governing GN's markets, changes in the demand for GN's products, competition, fluctuations in sub-contractor supplies and developments in ongoing litigation (including but not limited to class action and patent infringement litigation in the United States).

The securities offered will not be and have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements

For more information, see the "Management's report" and "Risk management" elsewhere in this Annual Report. This Annual Report should not be considered an offer to sell securities in GN.

About GN

GN facilitates communication between people through intelligent hearing, audio, video, and gaming technology. Inspired by people and driven by our passion for innovation, we leverage technologies to deliver unique user experiences that bring people closer through the power of sound and vision.

GN was founded more than 150 years ago with a vision to connect the world. Today, we proudly honor that legacy with our world-leading expertise in the human ear, audio, video and speech, wireless technologies, software, miniaturization, and collaboration with leading technology partners. GN's solutions are marketed by the brands ReSound, SteelSeries, Jabra, Beltone, Interton, BlueParrott, Danavox and FalCom in 100 countries. Founded in 1869, the GN Group employs 8,000 people and is listed on Nasdaq Copenhagen (GN.CO).

Visit our homepage GN.com - and connect with us on LinkedIn, Facebook and Twitter

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Q4 2022: Strong organic revenue growth of 14% in GN Hearing and -3% in GN Audio primarily driven by 9% in Enterprise

2022 Highlights GN delivered DKK 18.7 billion revenue with organic revenue growth of -3% Adj. EBITA of DKK 2.2 billionIntention to initiate a fully...

GlobeNewswire News Room (www.globenewswire.com)

ProinvestorNEWS

GN Q4: Tabel over regnskabet

9/2 07:09

Tabel over GN's regnskab for fjerde kvartal:
Mio. kr.
Q4 '22:
Q4 '22(e):
Q4 '21:
FY '22(e):
FY '21:
FY '23(e):
Omsætning
5270
5247
4100
18.658
15.775
18.983

Audio
3463
3472
2671
12.469
10.443
12.340
Hearing
1807
1775
1429
6190
5332
6643
Organisk vækst (%)*
3
2,4
-2
-3,7
20
1,9
Audio*
-3
-1,6
-4
-6,8
22
-0,9
Hearing*
14
12,5
2
4,8
16
7,2
Justeret EBITA
744
776
651
2180
2619
2515
Audio
334
403
475
1825
2164
1846
Hearing
472
430
219
543
643
862
Justeret EBITA-margin (%)
14,1
14,8
15,9
11,7
16,6
13,3
Audio
9,6
11,6
17,8
14,6
20,7
15,0
Hearing
26,1
24,2
15,3
8,8
12,1
13,0
Resultat før skat
354

540 2271

Nettoresultat 278
433
428
1038
1790
1320

(e) = gennemsnitsestimater indsamlet blandt op til 18 analytikere af GN selv før regnskabet.

= tallene for organisk vækst er i GN's regnskaber afrundet til hele tal. Derfor er der ingen decimaler i væksttallene for fjerde kvartal 2022, fjerde kvartal 2021 og hele 2021.

GN's forventninger til 2023:

GN Hearing:

%
Ved FY '22:
FY '23(e)
Organisk omsætningsvækst
2-8
7,2
Just. EBITA-margin
13-16
13,0

GN Audio:

%
Ved FY '22:
FY '23(e)
Organisk omsætningsvækst
-10 til +5
-0,9
Just. EBITA-margin
10-15
15,0

.\˙ MarketWire

ProinvestorNEWS

GN: Vil rejse 7 mia. kr. ved fortegningsemission - GENT
9.2.2023 06.34 • MarketWire •
GN planlægger at rejse brutto 7 mia. kr. gennem udstedelse og salg af nye aktier.

Det fremgår af en meddelelse til fondsbørsen onsdag aften.

Kapitalrejsningen skal ske via en fortegningsemission med fortrinsret til eksisterende aktionærer i løbet af første halvår 2023.

Provenuet fra fortegningsemissionen vil blive brugt til at styrke GN's balance og give passende finansiel fleksibilitet.

Koncernen vurderer, at koncernens kapitalstruktur efter kapitalindsprøjtningen vil opfylde målet om, at den netto rentebærende gæld skal ligge i intervallet en-to gange driftsindtjeningen målt på EBITDA.

GN har hyret J.P. Morgan, Nordea og BNP Paribas som fælles globale koordinatorer og fælles bookrunners, mens SEB også ventes at blive bookrunner.

GN, der aflægger regnskab torsdag morgen, lukkede onsdag med en stigning på 2,4 pct. i 195 kr.

.\˙ MarketWire

Redaktion

ProinvestorNEWS

GN's aktiesalg vil udvande de aktionærerne med 28 pct. spår finanshus
9.2.2023 06.34 • MarketWire •
GN har onsdag aften annonceret planer om et aktiesalg via en fortegningsemission for eksisterende aktionærer med et mål om at rejse brutto 7 mia. kr. i frisk kapital.

Den manøvre vil imidlertid ramme aktionærerne på kursen, forudser investeringsbanken Jefferies i en kort kommentar.

Ved den aktuelle aktiekurs vurderer vi, at aktieudvandingseffekten er omkring 28 pct., hedder det.

Samtidig har GN gentaget sit mål om, at den netto rentebærende gæld skal ligge i intervallet en-to gange driftsindtjeningen målt på EBITDA.

Jefferies regner imidlertid med, at kapitalrejsningen ikke vil bringe forholdet mellem gæld og overskud tilbage i det niveau.

Vi vurderer, at fortegningsemissionen vil reducere nettogæld til EBITDA til 2,5-3,0 gange helårsresultatet for 2022 og dækker alle obligationsbetalinger, der forfalder i 2024.

Jefferies har tidligere fremhævet risikoen for en kapitalrejsning fra GN's side.

GN, der aflægger regnskab torsdag morgen, lukkede onsdag med en stigning på 2,4 pct. i 195 kr.

.\˙ MarketWire

Redaktion

ProinvestorNEWS

GN skuffer med prognosen for 2023 - NY
9.2.2023 07.14 • MarketWire •
GN spiller i sit årsregnskab for 2022 torsdag morgen ud med en forventning om en organisk vækst på minus 10 til plus 5 pct. og en driftsmargin (EBITA) før særlige poster på 10-15 pct. for headset-selskabet GN Audio.

For GN Hearing ventes der samtidig en organisk vækst på 2-8 pct. og en EBITA-margin før særlige poster på 13-16 pct.

Konsensus blandt analytikerne var inden årsregnskabet en vækst på minus 0,9 pct. for GN Audio i år, mens buddet på driftsmarginen før særlige poster var 15,0 pct.

For GN Hearing ventede analytikerne på forhånd en organisk vækst på 7,2 pct. og en justeret EBITA-margin på 13,0 pct.

I 2022 endte den organiske vækst i GN Hearing på 5 pct., mens væksten i GN Audio var minus 7 pct.

Den justerede EBITA-margin endte i de to divisioner på henholdsvis 7,3 pct. og 10,4 pct.

.\˙ MarketWire

Mikkel Brix Kvols

deleted-user

Lars Hytting fra Artha er på Børsen.dk og kommer med en halvtynd klagesang - der var åbenbart ikke plads til mikrofonholderi på Euroinvestor.dk i dagens anledning.

Så er det jo "godt", at Børsen.dk ukritisk giver Hytting spalteplads, når Hytting lyster. Mon ikke Euroinvestor forbarmer sig i løbet af dagen og giver plads til lidt jammer fra Hr. Hytting.

Trods den sædvanlige hype fra Hytting, når han "plejer" Artha' investeringer, så kan hans ord ikke tale casen op. Håber folk har bevaret en god sund kritisk tilgang til casen, set grundigt på fundamentaler og ikke lyttet til alt der kom fra Lars Hytting. Han er danmarksmester i utroværdige analyser - set fra min kontorstol.

ProinvestorNEWS

GN Hearing/CEO: Flash-overblik
9.2.2023 07.51 • MarketWire •
Overblik over flashes fra interview med Gitte Pugholm Aabo, der er administrerende direktør hos GN Hearing, efter selskabets regnskab for fjerde kvartal og hele 2022:

GN HEARING/CEO: VERDEN HAR ÆNDRET SIG MEGET SIDEN STEELSERIES-KØB

GN HEARING/CEO: DENGANG VAR FINANSIERINGSMULIGHEDERNE MEGET ATTRAKTIVE

GN HEARING/CEO: EFTER VORES GENNEMGANG ER KONKLUSIONEN AT EMISSION ER DEN RIGTIGE LØSNING

GN HEARING/CEO: ALTERNATIVET VILLE VÆRE AT FORTSAT KIGGE PÅ GÆLDSFINANSIERING

GN HEARING/CEO: DET VILLE GØRE VEJEN TIL MÅLET LÆNGERE OG DYRERE

GN HEARING/CEO: MED RETTET EMISSION BEHANDLER VI ALLE AKTIONÆRER LIGE

GN HEARING/CEO: OG VI UNDGÅR EN SITUATION MED FOR HØJE RENTER

GN HEARING/CEO: DET VIL OGSÅ FORTSAT KRÆVE KNIVSKARPT FOKUS PÅ VORES DRIFT

GN HEARING/CEO: GEARING SKAL NEDBRINGES TIL MÅLET INDEN FOR 12-18 MÅNEDER

GN HEARING/CEO: ET HELT ELLER DELVIST SALG HAR SLET IKKE VÆRET MED I LIGNINGEN

GN HEARING/CEO: RIGTIG STÆRK ORGANISK VÆKST I FJERDE KVARTAL

GN HEARING/CEO: RESULTAT AF STÆRK MODTAGELSE AF RESOUND OMNIA

GN HEARING/CEO: MEN OGSÅ HELE DEN STRATEGI VI HAR FØRT OVER HALVANDET ÅR

GN HEARING/CEO: STÆRKE PRODUKTER MED HØJ KVALITET I FOKUS

GN HEARING/CEO: STORT SPÆND I VÆKSTFORVENTNINGER REFLEKTERER USIKKERT MARKED

GN HEARING/CEO: VI VENTER KUN VÆRDIVÆKST PÅ 1% I ÅR

GN HEARING/CEO: SÅ PROGNOSEN ER UDTRYK FOR FORVENTNING OM MARKEDSANDELE

.\˙ MarketWire

Mikkel Brix Kvols

GreenTea

Hvorfor kalder de en rettet emission? Er det ikke en netop en emission for all GN aktionærer? Jeg ville have ønsket de havde lavet en rettet emission med ATP eller nogen ligende. Men jaja. Kan ikke lige overskue... Sidste Q4 tal ser vel okay ud men har kun lige læst 5% af regnskab.

deleted-user

Den er rettet mod nuværende aktionærer, der har fortegningsret og baseret på book building.

De skal hentes 7 mia. kr. og pengene hænger ikke på kapitaltræet i disse dage med dagsrenten taget in mente.

Der skulle bestyrelsen nok have læst skriften på væggen og set hvor det bar hen +12 måneder tidligere. De har sovet i timen eller bevidst kørt den alt for langt ud af en tangent med lukkede øjne. Hele verden har jo blot ventet på rentestigningerne de seneste 12-15 måneder - men ikke bestyrelsen i GN (?)

ATP var i øvrigt aldrig, under nogen omstændigheder kommet med så stort beløb til så "lille" et selskab. Det er jo ca. 25 % af selskabet der skal nytegnes. Det er store tal for, at lukke et hul, efter en strategisk fejlbeslutning.

VærKritisk

Hvis det nu ikke kan være anderledes, så synes jeg det er fint, at alle aktionærer får muligheden for at deltage. Så kan de takke ja eller nej alt efter hvordan de vurderer casen.

Er du alm. aktionærer så er det jo ikke en gratis omgang for dig, bare fordi ATP købte hele dynen. Du vil få regningen, som udvanding.

Urban

Midt i alle diskussionerne, fik jeg købt en pæn sjat GN på kurs 149,75;-)

deleted-user

Det var du så ikke ene om. Man kan godt være saglig herinde, mens fingeren er på købsknappen. Nu skal jeg have en af de dyre flasker til aftensmaden.

Bankens

Mon ikke Norges Bank også fylder på i dag

VærKritisk

Det her aktiemarked er altså ikke helt sundt. Chemometic dropper endnu mere...dvs 25%

Aps_invest

Ja, Chemometec ser voldsomt ud, de fastholder jo EBITDA og de begynder snart produktionen af XM 40....men aktien er dyr og markedet bestemmer

VærKritisk

Den er dyr, enig. Men det betyder jo faktaik, at markedets fejltagelse er endnu større. I går Rockwool, idag GN og chemometic. Her bør man så spørge sig selv, who is next?

deleted-user

Svaret er - det næste selskab, hvis aktionærmasse er sammensat af dovne rigide investorer.

Bankens

Demant og Norges Bank der til sammen ejer vel 15% af GN kan vel ikke kaldes dovne

deleted-user

Det skal jeg ikke kunne vurdere så konkret som dig

Dagens store fald skyldes dovne og rigide investorer, der ikke har læst på nøgletal og den offentlige hemmelig, at en emission har været nærforestående og ledelsens timing har været elendig på en problematik, der ikke opstod fornyligt.

Husk at være kritisk som investor

ProinvestorNEWS

Sydbank: Emission giver mørk sky over aktien - fusion i baggrunden

9/2 09:01

Den store kapitaludvidelse, som GN er ved at forberede, vil være en mørk sky over aktien i en periode - i hvert fald indtil aktiesalget er gennemført.

Sådan lyder vurderingen fra Søren Løntoft Hansen, der er senioranalytiker hos Sydbank.

Man kan ikke undgå at udvande kursen med emissionen. Vi vil formentlig også se en aktie, der kommer under pres i dag. Det vil være en mørk sky, der kommer til at hænge over aktien, indtil emissionen er gennemført, siger Søren Løntoft Hansen til MarketWire.
Det er først på generalforsamlingen, at man vil bede om at få lov til at iværksætte den. Og det er først til marts, så det er ikke en meget hurtig emission. Her er det en meget stor udvidelse og derfor også en mere langstrakt affære. Derfor bliver det en lidt mørk sky over aktien, uddyber han.

SÆNKER SANDSYNLIGHEDEN FOR KONSOLIDERING KLART

Med fortegningsemissionen på op til 7 mia. kr. fjerner GN også en god del af sandsynligheden for, at det danske selskab kommer til at blive helt eller delvist solgt - eller at fusionere med et andet selskab.

Rygter om et muligt salg har ellers floreret i markedet længe - og i hvert fald siden GN annoncerede en omfattende gennemgang af kapitalstrukturen mod slutningen af sidste år.

For nylig vurderede Nordea blandt andet, at et salg af GN inden for en overskuelige fremtid var "meget sandsynligt."

Det er en ret stor kapitaludvidelse, man skal gennemføre. Måske er det også nødvendigt set i lyset af den høje gæld og renteniveauet i øjeblikket. Det er noget, som vil give en bedre gearing og bringe GN tættere på målsætningen, siger Søren Løntoft Hansen.
I min optik kan man ikke udelukke de her konsolideringstanker. Men den her annoncering af en emission sender et signal om, at GN gerne vil klare det selv. Så sandsynligheden for en fusion er blevet noget mindre, selv om man stadig ikke kan udelukke det helt, fortsætter han.

.\˙ MarketWire