Rankings Pharma & medtech Demant
Demant
66
15070100
A view of the same findings, not a new score. How it works
A good business with a real question mark: the price, a crack, or both.
Biggest deductions
- Margin−5
- Multiples vs own history−5
- Debt−5
Strengths
- Raised guidance+3
How the score is built
From 100 to 66, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 365.20 DKK
- Median analyst target
- 357.50 DKK
- Upside to median
- −2.1%
- Analysts
- 20
- Target range
- 260.00 – 430.00 DKK
- 52-week change
- +72%
- P/E (trailing)
- 47.8
- Forward P/E
- 23.1
- PEG
- 1.32
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 3 findings−12 of −30
- −5MarginEBIT margin before special items is 16.5% in H1 2026. The operating margin has fallen from 20.6% (2023) to 17.2% (TTM), partly because the lower-margin Hearing Care retail business is now half of revenue.
- −3ROICROIC is 10.7% vs 15.5% in 2021 and 14.9% in 2023; returns are falling while capital grows through acquisitions.
- −4Quality of growthRevenue growth of 14% in 2026 is partly bought (KIND for DKK 5.2bn). EPS is DKK 7.64 (TTM) vs 10.99 in 2024: bigger, not stronger.
Price
Today's multiples against the company's own history and its peers. · 1 finding−5 of −35
- −5Multiples vs own historyForward P/E 21.6 vs 16.0 at the start of the year (16–29 in 2021–25); EV/EBIT 20.3 vs 15–18 in 2022–25. The share price is up 42% over 52 weeks and has lifted the multiple more than earnings.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 4 findings−13 of −35
- −5DebtNet interest-bearing debt DKK 17.95bn (3.0× EBITDA) after KIND; current ratio 0.82; no buybacks in H1 as the focus is on reducing debt.
- −4MacroDemant downgraded twice in 2025: market growth was cut to 1–3%, and unit sales in North America fell 3% in Q1 2025. Hearing aids are a purchase that gets postponed when the economy tightens.
- −2IntegrationSpecial items for 2026 raised to DKK 400m (from 325m) because of faster KIND integration and restructuring.
- −2GovernanceControlled by the William Demant Foundation: the free float is only about 84m of 211m shares, and insiders own 0.5%.
Plus
Only documented strengths. · 1 finding+3 of +15
- +3Raised guidanceIn August 2026 guidance was raised to 6–7% organic growth (from 3–6%) and EBIT before special items of DKK 4.4–4.8bn; H1 delivered 7% organic growth and EBIT +19% in local currency.
Caveats
What the score does not capture, or where the data is weak.
The price has risen 42% over 52 weeks and is above the average analyst price target; 3.0x leverage after the KIND acquisition; controlled by a foundation (low free float)
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