Rankings Tech hardware & optics GN Store Nord
GN Store Nord
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−7
- Quality of growth−5
- Capital allocation−5
Strengths
- Raised margin outlook+2
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
- 105.17 DKK
- Median analyst target
- 119.00 DKK
- Upside to median
- +13.1%
- Analysts
- 11
- Target range
- 79.15 – 131.80 DKK
- 52-week change
- −7%
- P/E (trailing)
- n/a
- Forward P/E
- 23.9
- PEG
- 0.86
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 5 findings−25 of −30
- −7MarginThe operating margin is 7.0% (TTM) vs 15.9% in 2021; continuing operations had an adjusted EBITA margin of only 5.1% in Q2, and the 2026 target is 9–10%. Net profit is −DKK 560m (TTM).
- −4ROICROIC 4.6% vs WACC 8.4%, down from 18.8% in 2021; returns have been below the cost of capital every year since 2022.
- −5Quality of growthRevenue has fallen three years in a row (DKK 18.7bn in 2022 to 16.5bn TTM). Enterprise fell 7% organically in Q2, and continuing operations 4%.
- −4Future segment and moatThe company is selling its most defensible business (hearing aids) to Amplifon and keeping Jabra headsets and SteelSeries gaming gear – consumer and office electronics with fierce competition from Logitech and others and lower margins.
- −5Capital allocationSteelSeries was bought for about DKK 7.3bn in 2022 with borrowed money, which triggered an emergency share issue of DKK 2.7bn in 2023; gaming revenue has since fallen from DKK 3.9bn to 2.7bn.
Price
Today's multiples against the company's own history and its peers. · 2 findings−8 of −35
- −5Multiples vs own historyThe forward P/E of 26.3 is above the whole 10.3–22.3 range in 2021–2025, and EV/EBITDA 17.7 vs 12.3–20.1. The figures are distorted by the Hearing divestment, but suggest that the remaining business is not cheap.
- −3PeersForward P/E 26.3 vs Logitech 18.3 and Corsair 17.3; Logitech has an 18% operating margin vs GN's 7%, which effectively means a premium for lower quality.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 3 findings−9 of −35
- −4Debt and transaction riskNet debt DKK 9.7bn, debt/EBITDA 7.4 and interest cover 2.9. Deleveraging depends on the Amplifon deal (DKK 12.6bn in cash + 56m Amplifon shares) closing at the end of 2026; DKK 1.5–2.0bn of tax must be paid up front.
- −3Execution vs targetsThe 2026 organic growth outlook was cut from 0–6% to 0–3%, and the plan requires 4–9% growth in H2 after −4% in Q2. The stock fell 4.9% on the Q2 presentation.
- −2One-off costs2026 is burdened by about DKK 750m of cash separation and restructuring costs and DKK 1.3bn of non-cash write-downs related to the divestment.
Plus
Only documented strengths. · 1 finding+2 of +15
- +2Raised margin outlookThe 2026 adjusted EBITA margin outlook has been raised from 8–9% to 9–10%, and the gross margin in Gaming rose 5.2 points to 39.2% in Q2.
Caveats
What the score does not capture, or where the data is weak.
In the middle of divesting Hearing to Amplifon (closing expected end-2026): TTM figures and historical multiples still include Hearing, while 2026 consensus only covers Enterprise + Gaming (DKK 9.6bn). Headsets/gaming equipment do not fit neatly in the industry list; placed under Tech hardware & optics. The value of the Amplifon shares has not been assessed
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