Jyske Bank cuts GN to 'hold' on 'less attractive' Hearing sale price

Amplifon SpA

17/03/2026 07:53

** Jyske Bank downgrades Danish audio solutions provider GN Store Nord GN.CO to "hold" from "buy", citing an increased risk after the sale of its Hearing unit to Italy's Amplifon AMPF.MI for 2.3 billion euros  ($2.6 billion)

** The brokerage calls the sale price "less attractive than it seemed at first glance" as GN may retain a high cost base with untransferred administrative expenses

** GN is now dependent on its Enterprise unit's recovery, with the broker viewing current growth guidance as "a bit optimistic" given recent weak performance and the unit's dependency on the macroeconomic situation

** While proceeds will clear net debt and remove refinancing fears, the broker sees limited short-term catalysts for the stock despite its valuation showing some upside

** GN shares closed up 21.17% on March 16, after initially they jumped c. 35%, when the deal was announced

** Out of the 18 analysts covering the stock, 11 rate it "strong buy"/"buy", six "hold", one "strong sell" - LSEG data

($1 = 0.8700 euros)

 (Reporting by Vera Dvorakova)

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