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GN Jumps as Deutsche Bank Sees Headset Growth: Copenhagen Mover

Oct. 14 (Bloomberg) -- GN Store Nord A/S, which owns Europe’s biggest headset maker, rose the most among Copenhagen’s benchmark shares today after Deutsche Bank AG said the market underestimates the unit’s growth potential.

GN rose as much as 3.6 percent, making it today’s biggest winner in the Nasdaq OMX Copenhagen 20 Index. The stock rose 3.1 percent to 121.30 kroner at 10:41 a.m. in Copenhagen, with trading volume at 39 percent of the three-month daily average.

GN, based in Ballerup, Denmark, generates about 60 percent of its revenue from its hearing aid division and 40 percent from the headset unit. Deutsche Bank started coverage today on the GN share with a buy recommendation and said the company’s headset sales will “at least double” through 2017 while profitability will “slightly” improve.

The headset market “is not commoditising, its opportunity to innovate is increasing and it has high entry barriers,” Yi-Dan Wang, a London-based Deutsche Bank analyst, said in a report on the industry. “While it did not grow much in the last five years, it is just starting to undergo robust structural growth that can become viral in our view.”

Deutsche Bank assigned GN shares a 12-month price estimate of 145 kroner. That compares with an average target of 128 kroner for the 18 analysts tracking the stock, according to data compiled by Bloomberg.

GN is scheduled to publish third-quarter earnings on Nov. 15. The company may report net income of 194 million kroner ($35.3 million), according to the average of seven analyst estimates compiled by Bloomberg. That compares with 64 million kroner a year earlier.

To contact the reporter on this story: Christian Wienberg in Copenhagen at

To contact the editor responsible for this story: Tasneem Brogger at

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