Added to YB: 2026-03-18
Pitch date: 2026-03-16
GN.CO [neutral]
GN Store Nord A/S
-0.33%
current return
Author Info
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Company Info
GN Store Nord A/S provides hearing, audio, video, and gaming solutions in Denmark, Europe, North America, and internationally.
Market Cap
DKK 12.7B
Pitch Price
DKK 105.55
Price Target
N/A
Dividend
N/A
EV/EBITDA
10.01
P/E
19.40
EV/Sales
1.33
Sector
Household Durables
Category
turnaround
Ripe for activism #2: GN Store Nord (GN)
GN.CO (overview): Danish conglomerate w/ Hearing (43% sales), Enterprise (41%), Gaming (14%). Failed €15.5bn Sonova deal in 2006 blocked by German regulators, later ruled unlawful in 2010. Acquired SteelSeries at 27x EBITA peak-cycle, fully debt-funded pre-rate hikes. Net leverage 7.1x vs 2x target forced DKK2bn equity raise at -60-70% from highs. Non-core assets (19% NationsBenefits stake, 9% LXE Hearing) worth ~DKK2bn could cut leverage 0.85x to 2.96x. Excess dispenser loans vs peers offer another liquidity lever. Break-up thesis: limited operating synergies across segments warrant separation to unlock value.
Read full article (6 min)