olivLaw · European equity research
GN Store Nord A/S GN.CO
Denmark · Nasdaq Copenhagen · ISIN DK0010272632 · Vertical: Listed companies from Denmark
GN Store Nord A/S is a Danish maker of audio equipment for the office, gaming and hearing markets, active mainly through the Jabra and SteelSeries brands. In 2026 the company is selling its Hearing division to Amplifon and reorganising around the Enterprise and Gaming divisions, amid margin pressure and high debt.
At the close of 05 Nov 2026, GN Store Nord A/S (GN.CO) stock was 124.00 DKK (+11.61% on the day), with market capitalisation 18.1 bn DKK, P/E 27.7 on diluted EPS of 4.48 DKK over the last 12 months, beta 1.07, 52-week range 86.50–124.00 DKK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 73.0
- overbought (≥ 70)
- Bollinger (20, 2)
- 100.99 – 117.81
- above the upper band · %B 1.37 · band width 15.4%
- SMA 50 / 200
- 104.36 / 98.40
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 2.52 / 1.97
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +14.9% | +0.4% | +14.5 pp | — |
| 3 months | +26.8% | −3.3% | +30.1 pp | — |
| 6 months | +28.2% | +4.0% | +24.2 pp | — |
| Year to date | +16.2% | +8.1% | +8.1 pp | — |
| 1 year | +15.0% | +10.7% | +4.3 pp | −7.7% |
| 3 years | +2.4% | +50.1% | −47.7 pp | +3.3% |
| 5 years | −69.0% | +43.6% | −112.7 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 100 percentile of its own 1-quarter history (min 23.8, median 23.8, max 23.8; quarters with earnings only).
Fiscal years
| Fiscal year | 2025 |
|---|---|
| Revenue | 9.6 bn |
| Revenue YoY | unavailable |
| Net income | 653.0 m |
| Net income YoY | unavailable |
| Diluted EPS | 4.48 |
| Diluted EPS YoY | unavailable |
| net % | 6.8% |
| Free cash flow | 2.5 bn |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 1.1 bn DKK
- Financial debt
- 10.4 bn DKK
- Net debt
- 9.3 bn DKK
- Equity
- 10.9 bn DKK
- Total assets
- 29.2 bn DKK
- Debt / equity
- 0.95x
- Current ratio
- 1.18x
- ROE
- unavailable
- ROA
- 2.2%
- FCF margin
- 26.2%
Financial statements (source on every figure)
Revenue and net income (DKK)
Income statement · DKK
| Line | 2025 | Source (latest year) |
|---|---|---|
| Revenue | 9.6 bn | esef· 12 May 2026verified |
| Cost of revenue | 4.8 bn | esef· 12 May 2026verified |
| Gross profit | 4.8 bn | esef· 12 May 2026verified |
| Operating income | 423.0 m | esef· 12 May 2026verified |
| Interest expense | 835.0 m | esef· 12 May 2026verified |
| Pre-tax income | -193.0 m | esef· 12 May 2026verified |
| Income tax | -43.0 m | esef· 12 May 2026verified |
| Net income | 653.0 m | esef· 12 May 2026verified |
| Diluted EPS | 4.48 | esef· 12 May 2026verified |
Balance sheet · DKK
| Line | 2025 | Source (latest year) |
|---|---|---|
| Cash | 1.1 bn | esef· 12 May 2026verified |
| Inventories | 2.3 bn | esef· 12 May 2026verified |
| Current assets | 8.6 bn | esef· 12 May 2026verified |
| Property, plant & equipment, net | 1.1 bn | esef· 12 May 2026verified |
| Total assets | 29.2 bn | esef· 12 May 2026verified |
| Short-term debt | 1.8 bn | esef· 12 May 2026verified |
| Long-term debt | 8.6 bn | esef· 12 May 2026verified |
| Current liabilities | 7.3 bn | esef· 12 May 2026verified |
| Equity | 10.9 bn | esef· 12 May 2026verified |
| Shares outstanding at year end | 145.8 m | esef· 02 Sept 2026derived |
Cash flow · DKK
| Line | 2025 | Source (latest year) |
|---|---|---|
| Operating cash flow | 2.7 bn | esef· 12 May 2026verified |
| Capex | 168.0 m | esef· 12 May 2026verified |
| Free cash flow | 2.5 bn ≈ | esef· 12 May 2026derived |
| Investing cash flow | -1.6 bn | esef· 12 May 2026verified |
| Financing cash flow | -886.0 m | esef· 12 May 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 52.1% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 18.1 bn DKK
Key indicators
Coverage and freshness
Score by group
52% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 52.1% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 1.8% | 28 (vs peers) | 20% |
| Net margin · Quality | 6.8% | 68 (vs peers) | 12% |
| FCF conversion · Quality | 384.1% | 100 (on a fixed band) | 12% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 0.5x | 0 (on a fixed band) | 12% |
| Current ratio · Balance sheet | 0.9x | 12 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | 27.7x | 32 (vs peers) | 20% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 13.9% | 100 (on a fixed band) | 16% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet5/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality59/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation62/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
GN STORE NORD A/S (GN.CO). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 9.6 bn DKK in 2025; net margin 6.8%; ROE 6.3%.
The estimated value range is 41.28–65.83 DKK per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 58.59 DKK, the price of 124.00 DKK leaves a potential of -52.7% (value / price − 1) and a margin of safety of -111.6% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 52.1% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 384.1%
- FCF yield: 13.9%
What contradicts it
- ROIC: 1.8%
- Interest coverage: 0.5x
- Current ratio: 0.9x
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Denmark · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| DEMANT.CODemant A | 79.7 bn | 51.6 | 15.0% | 6.7% | +2.5% | +72% / +30% |
| PNDORA.COPandora A | 68.8 bn | 13.2 | 133.4% | 16.1% | unavailable | +16% / −3% |
| NEWCAP.CONewcap Holding A | 65.3 bn | 13,125.0 | 29.1% | 41.6% | −99.9% | +121% / +62% |
| ISS.COIss A | 50.8 bn | 19.8 | 27.7% | 3.1% | +1.1% | +43% / +158% |
| BAVA.COBavarian Nordic A | 19.2 bn | 13.9 | 10.9% | 22.0% | unavailable | +33% / +47% |
| GN.COGn Store Nord A | 18.1 bn | 27.7 | 6.3% | 6.8% | unavailable | +20% / −23% |
| NETC.CONetcompany Group A | 16.8 bn | 66.2 | 7.2% | 3.3% | unavailable | +11% / +64% |
| BIOMAR.COBiomar Group A | 12.1 bn | 16.9 | 28.3% | 4.3% | −0.5% | unavailable / unavailable |
| JDAN.COJeudan A | 11.1 bn | 11.1 | 7.7% | 57.1% | unavailable | +2% / −7% |
| DFDS.CODfds A | 8.7 bn | — | -0.2% | -0.1% | +1.9% | +73% / −25% |
| GUBRA.COGubra A | 4.8 bn | 2.9 | 149.6% | 64.1% | +892.2% | −40% / +157% |
| MATAS.COMatas A | 3.1 bn | 12.9 | 6.6% | 2.8% | +4.7% | −31% / −21% |
| CBRAIN.COCbrain A | 2.4 bn | 54.7 | 13.8% | 17.2% | −6.2% | −21% / −52% |
| BO.COBang & Olufsen A | 1.7 bn | — | -10.0% | -4.3% | −3.3% | −24% / +12% |
| COLUM.COColumbus A | 1.2 bn | 84.0 | 2.0% | 0.9% | unavailable | −5% / +30% |
| NNIT.CONnit A | 1.0 bn | — | -3.0% | -1.3% | −3.4% | −16% / −54% |
| NORTHM.CONorth Media A | 873.1 m | 13.2 | 5.5% | 5.1% | −0.4% | +11% / −16% |
| FFARMS.COFirstfarms A | 789.8 m | — | -2.3% | -5.4% | −16.5% | −9% / −1% |
| HUSCO.COHusCompagniet A | 507.2 m | — | -1.3% | -0.9% | +28.7% | −41% / −46% |
| BIOPOR.COBioporto A | 456.2 m | — | -117.6% | -203.8% | +11.2% | −8% / −53% |
| GABR.COGabriel Holding A | 429.4 m | 57.5 | 2.8% | 1.4% | +6.7% | −10% / −29% |
| GREENM.COGreenMobility A | 392.5 m | 11.9 | 74.3% | 21.5% | +20.0% | −19% / +91% |
| EGNETY.COEgnsinvest Ejendomme Tyskland A | 320.0 m | 13.0 | 4.0% | 40.9% | −2.6% | −21% / +11% |
| PFINV.COPapirfabrikken Invest A | 300.9 m | 13.5 | 5.4% | 29.7% | +0.9% | −3% / +36% |
| CEMAT.COCemat A | 213.9 m | 3.5 | 28.7% | 37.5% | +318.0% | −9% / +3% |
1- and 3-year price returns: for GN.CO from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
GN Store Nord A/S is a Danish maker of audio equipment for the office, gaming and hearing markets, active mainly through the Jabra and SteelSeries brands. In 2026 the company is selling its Hearing division to Amplifon and reorganising around the Enterprise and Gaming divisions, amid margin pressure and high debt 1.
SWOT
Strengths
Weaknesses
Opportunities
Risks
- Dependence on completing the Hearing salehigh
If the transaction with Amplifon is delayed or not completed, the debt reduction plan could be affected.
- Pressure on EMEA revenuehigh
Difficult market conditions and channel inventory reductions could continue to weigh on Enterprise revenue.
- Margins under pressuremedium
One-off costs and launch investments could keep margins low in the short term.
- Level of indebtednessmedium
High adjusted leverage limits financial flexibility until the transaction is completed.
- Trade tariffslow
US tariff policy can affect costs and margins, and refunds are not fully assured.
Investment thesis
What would need to be true (bull case)
- If the Evolve3 and Nova Pro Omni launches keep their momentum, the company could regain growth in the second half of the year.
- Completing the Hearing sale could reduce debt and simplify the company's structure.
- Structural savings could support margins from 2027 if delivered as planned.
What would break the thesis
- If EMEA does not recover, Enterprise revenue could remain under pressure for longer.
- Adjusted margins have declined, and additional investment could limit the return to profitability in the short term.
- Debt remains high until the transaction is completed, which could restrict the company's options.
What to watch
- Completion of the Hearing division sale to Amplifon2026
- Development of organic growth in the Enterprise division, especially in EMEAQ3 2026
- Level of adjusted leverage and net debt after completion of the transaction2026
- Delivery of the structural cost savings2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
GN Store Nord operates two continuing divisions: Enterprise, which sells headsets and conference solutions for the office, and Gaming, which includes the SteelSeries brand. In the second quarter of fiscal 2026, Enterprise generated revenue of DKK 1,558 million and Gaming DKK 613 million 1. The Hearing division has been classified as discontinued operations, as the company announced its sale to Amplifon, with completion expected by the end of 2026 1.
The company reported an adj. EBITA margin of 5.1% in Q2 2026, compared with 7.1% in the same period a year earlier, a decline influenced by one-off costs linked to the transaction 1. The group expects structural savings of around DKK 200 million on a run-rate basis from 2027 1.
The capital structure remains stretched: net interest-bearing debt fell to DKK 9,566 million, while adjusted leverage reached 4.4x, compared with 4.0x in Q2 2025 1. The company expects the DKK 12.6 billion cash proceeds from the Hearing sale to change this level materially at closing 1.
Market context
The office equipment market remains difficult in EMEA, while North America and APAC grew solidly, according to the company's report 1. For the Gaming division, the company assumes modest market growth in 2026, with important game launches towards year-end but a slower recovery than previously assumed 1.
The 2026 guidance assumes Enterprise returns to positive organic growth in the second half of the year and that Gaming could deliver double-digit growth in the same period, if these assumptions hold 1. The recovery still depends on macroeconomic conditions and consumer behaviour 1.
Trends
- Evolve3 and Nova Pro Omni launchestailwind
Recent launches supported sell-out growth and share gains in the premium segment, which could support revenue in the second half of the year 1.
- Pressure from EMEA market conditionsheadwind
Conditions in Europe, the Middle East and Africa remain challenging, and channel inventory reductions have weighed on reported revenue in recent quarters 1.
- US tariffs and refundsmixed
The company has applied for refunds of US IEEPA tariffs and expects refunds that could support margins in the second half of 2026 1. Tariff costs had previously pressured gross margins 1.
- Restructuring and cost reductionmixed
The cost programme could improve profitability from 2027, but it involves significant one-off restructuring and transition costs 1.
Competitive position
GN faces competition from makers of office headsets and conference systems, as well as from brands specialised in gaming peripherals. The source document does not name competitors, so the analysis is limited to the company's position in its segments.
The company's competitive position rests on innovation and strong brands; Gaming gained share in headsets, while Enterprise lost ground in EMEA 1. Competitive pressure could rise if demand stays weak in key regions 1.
- Office headset makers
Direct competition in the Enterprise segment, not named in the source.
- Gaming headset makers
Competition in the Gaming segment, where the company has gained share.
- Video conference system makers
Competition for video bar and meeting room solutions.
- Gaming peripherals makers
Competition for keyboards and mice, categories with mixed results in the quarter.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202602 Sept 2026
- Annual report 202612 May 2026
Sources
- [1] Annual report, fiscal year ended 2026-06-30 (ESEF) · SEC / GN Store Nord A/S · 30 Jun 2026
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.