# GN Store Nord (GN.CO)

Canonical: https://gigainvestors.com/s/GN.CO

Analysis as of: 2026-10-16T07:40:15.915Z. Financial observations: FY2000–FY2025.

Listing currency: DKK. Reporting currency: DKK.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: DKK 105.95 per share; close as of 2026-10-15.

Estimated value: low DKK 51.15 per share, central DKK 57.69 per share, high DKK 66.39 per share. Buy at or below the central value DKK 57.69 per share. Valuation as of 2026-10-16T07:40:15.915Z; scenarios are not confidence intervals.

Expected annual return: 6.6% at the stated quote. About 6.6% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; DK 10-year bond 3.2% + 4 points).

## Checklist

### understandable: pass

- 3 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 0

- Operating margin variation: 0.34×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.17×

- FY2017: 0.16×

- FY2018: 0.17×

- FY2019: 0.16×

- FY2020: 0.12×

- FY2021: 0.15×

- FY2022: 0.06×

- FY2023: 0.05×

- FY2024: 0.10×

- FY2025: 0.11×

### moat: fail

- ROIC worst years below threshold (more than 1 bad year allowed)

- Recent gross margin fell 6.5pp below the typical margin (limit 4pp)

- ROIC, median of available years: 24.9%

- ROIC, second-lowest year: 8.3%

- Typical minus recent gross margin: 6.5 pp

- Typical gross margin (annual median): 54.7%

- Recent gross margin (lower of latest and 3-year median): 48.2%

- Years with nonpositive capital: 0

- Capital spending / revenue: 7.9%

- ROIC including acquisitions, ten-year median: 10.9%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 24.2%

- FY2017: 30.3%

- FY2018: 34.1%

- FY2019: 28.4%

- FY2020: 25.6%

- FY2021: 30.3%

- FY2022: 8.3%

- FY2023: 6.9%

- FY2024: 14.5%

- FY2025: 14.4%

### economics: pass

- Owner earnings / net income, 5-yr: 1.10×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: DKK 4.5B

- Net income, five-year total: DKK 4.1B

- Return on incremental invested capital: 16.0%

- Working capital / revenue, annual change: 1.1 pp

- Working capital / revenue, change between three-year averages: 6.8 pp

- Working capital / revenue, final three-year average: 33.4%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.81×

- FY2022: 0.85×

- FY2023: 0.66×

- FY2024: 0.88×

- FY2025: 2.52×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 30.3% vs 14.4%

- Per-share earnings: 7.00 to 4.48 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- acquired goodwill and intangibles (proxy) exceeds half of ten-year net income with low and deteriorating ROIC

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.6%

- Ordinary dilution, 5-year annual growth: 2.5%

- Market cap gain: DKK -6.1B

- Cumulative retained earnings: DKK 7.4B

- Diluted shares, 10-year annual growth: -0.6%

- Diluted shares, 5-year annual growth: 2.5%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -5.4%

- Per-share value change: DKK -2.51

- Per-share value, starting three-year median: DKK 7.00

- Per-share value, ending three-year median: DKK 4.48

- Buybacks concentrated in cheaper years (correlation): 0.94

- Average buyback yield: 3.5%

- Buyback history: 6 years

- Debt-funded buybacks: No

- Acquisition spending: DKK 13B

- Cumulative net income, 10 years: DKK 10B

- ROIC, first three-year median: 30.3%

- ROIC, last three-year median: 14.4%

Chart: Earnings per share; fiscal year observations.

- FY2016: DKK 7.00

- FY2017: DKK 8.57

- FY2018: DKK 9.29

- FY2019: DKK 11.15

- FY2020: DKK 9.72

- FY2021: DKK 13.66

- FY2022: DKK 3.99

- FY2023: DKK 1.64

- FY2024: DKK 6.78

- FY2025: DKK 4.48

### accounting: pass

- Sloan accruals: -7.0%

- Receivables to sales index (DSRI): 0.99×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: -1.5%

- Earnings backed by cash: Yes

- Operating cash / earnings: 4.13×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.56×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -6.0%

- FY2017: -6.0%

- FY2018: -6.4%

- FY2019: -4.5%

- FY2020: -11.7%

- FY2021: -1.5%

- FY2022: -0.4%

- FY2023: -7.9%

- FY2024: -5.7%

- FY2025: -7.0%

## Holders

## Price story

Down 74% since Dec 2021 · sales -6.1%

Story as of 2026-10-16T10:00:11.336Z; price observation 2026-10-15.

Price needs cash profits to grow 8.9% a year for ten years

### Sales · FY2024–2025

sales -6.1%; source https://filings.xbrl.org/5493008U3H3W0NKPFL10/2026-06-30/ESEF/DK/0/GNStoreNord-2026-06-30-1-en/reports/GNStoreNord-2026-06-30-1-en.xhtml; observed 2026-09-02.

- FY2016: DKK 8.7B 

- FY2017: DKK 9.6B 

- FY2018: DKK 11B 

- FY2019: DKK 13B 

- FY2020: DKK 13B 

- FY2021: DKK 16B 

- FY2022: DKK 19B 

- FY2023: DKK 18B 

- FY2024: DKK 18B 

- FY2025: DKK 17B 

### Gross margin · FY2025

gross margin 48.2%; source https://filings.xbrl.org/5493008U3H3W0NKPFL10/2026-06-30/ESEF/DK/0/GNStoreNord-2026-06-30-1-en/reports/GNStoreNord-2026-06-30-1-en.xhtml; observed 2026-09-02.

- FY2016: 62.4% 

- FY2017: 62.7% 

- FY2018: 62.0% 

- FY2019: 60.3% 

- FY2020: 54.3% 

- FY2021: 55.0% 

- FY2022: 48.9% 

- FY2023: 49.9% 

- FY2024: 53.2% 

- FY2025: 48.2% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in medical devices; annual sales are DKK 16.9 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2025: revenue 16880000000; grossProfit 8136000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); GN.CO: GN Store Nord A/S provides hearing, audio, video, and gaming solutions in Denmark, Europe, North America, and internationally. The company operates through Hearing, Enterprise, and Gaming segments. The Hearing segment produces and sells hearing instruments and products. The Enterprise segment supplies audio and video devices for professional use. The Gaming segment produces gaming devices and peripherals. It offers its products under the ReSound, Beltone, Interton, Danavox, Jabra Enhance, Jabra, BlueParrott, FalCom, SteelSeries, and KontrolFreek brands. GN Store Nord A/S was founded in 1869 and is based in Ballerup, Denmark.

### Why customers stay

Margins ranged from 48.2% to 53.2% during 2023–25; it earns 24.9% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2023: grossProfit / revenue = 49.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2024: grossProfit / revenue = 53.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2025: grossProfit / revenue = 48.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); 10-year return on capital observations [[2016,0.24181529045201972],[2017,0.302757117600439],[2018,0.34137772825588253],[2019,0.2843414613805287],[2020,0.255599343974274],[2021,0.3032605261539701],[2022,0.0832436731219828],[2023,0.06897833852066927],[2024,0.145119228235118],[2025,0.14398813221811502]]; median 0.24870731721314684. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 9 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2016: growth capex 14606313.41602683; upkeep 708393686.5839732; owner earnings 907606313.4160268. Growth capex / owner earnings = 0.016093225884526892.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2017: growth capex 52000000; upkeep 628000000; owner earnings 1183000000. Growth capex / owner earnings = 0.04395604395604396.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2018: growth capex 44000000; upkeep 680000000; owner earnings 1241000000. Growth capex / owner earnings = 0.035455278001611606.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2019: growth capex 0; upkeep 947000000; owner earnings 1377200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2020: growth capex 56358913.61253345; upkeep 1036641086.3874665; owner earnings 1157358913.6125336. Growth capex / owner earnings = 0.04869614166327799.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2021: growth capex 160837445.3662567; upkeep 1363162554.6337433; owner earnings 1428237445.3662567. Growth capex / owner earnings = 0.1126125392441392.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2022: growth capex 134000000; upkeep 1534000000; owner earnings 436800000. Growth capex / owner earnings = 0.3067765567765568.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2023: growth capex 0; upkeep 1432000000; owner earnings 150400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2024: growth capex 0; upkeep 1404000000; owner earnings 873600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2025: growth capex 0; upkeep 168000000; owner earnings 1648200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); Dividend observations: [[2016,149000000],[2017,161000000],[2018,169000000],[2019,178000000],[2020,187000000],[2021,188000000],[2022,198000000],[2023,32000000],[2024,0],[2025,85000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 0% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); GN.CO SharesStats.PercentInsiders = 0 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 8.9% yearly over ten years; actual growth was 8.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); Ten-year compound average after fade. Initial solved rate 0.11529304381001826. Price 105.95; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 5.189594251089976 → FY2025 11.319067636270738. Closing-price date 2026-10-15.

## Monthly share-price history (DKK per share)

- 2016-10: DKK 137.40 per share

- 2016-11: DKK 137.00 per share

- 2016-12: DKK 146.30 per share

- 2017-01: DKK 153.70 per share

- 2017-02: DKK 159.90 per share

- 2017-03: DKK 162.90 per share

- 2017-04: DKK 177.60 per share

- 2017-05: DKK 202.00 per share

- 2017-06: DKK 190.10 per share

- 2017-07: DKK 191.20 per share

- 2017-08: DKK 207.20 per share

- 2017-09: DKK 215.80 per share

- 2017-10: DKK 211.30 per share

- 2017-11: DKK 196.80 per share

- 2017-12: DKK 200.50 per share

- 2018-01: DKK 202.20 per share

- 2018-02: DKK 211.50 per share

- 2018-03: DKK 213.40 per share

- 2018-04: DKK 217.40 per share

- 2018-05: DKK 243.10 per share

- 2018-06: DKK 290.80 per share

- 2018-07: DKK 304.00 per share

- 2018-08: DKK 333.10 per share

- 2018-09: DKK 312.90 per share

- 2018-10: DKK 279.70 per share

- 2018-11: DKK 230.30 per share

- 2018-12: DKK 243.30 per share

- 2019-01: DKK 280.80 per share

- 2019-02: DKK 316.10 per share

- 2019-03: DKK 309.00 per share

- 2019-04: DKK 340.70 per share

- 2019-05: DKK 314.80 per share

- 2019-06: DKK 306.30 per share

- 2019-07: DKK 321.10 per share

- 2019-08: DKK 284.00 per share

- 2019-09: DKK 278.10 per share

- 2019-10: DKK 294.40 per share

- 2019-11: DKK 319.50 per share

- 2019-12: DKK 313.30 per share

- 2020-01: DKK 334.90 per share

- 2020-02: DKK 375.00 per share

- 2020-03: DKK 303.80 per share

- 2020-04: DKK 311.30 per share

- 2020-05: DKK 361.70 per share

- 2020-06: DKK 353.40 per share

- 2020-07: DKK 385.50 per share

- 2020-08: DKK 451.90 per share

- 2020-09: DKK 480.80 per share

- 2020-10: DKK 459.70 per share

- 2020-11: DKK 508.00 per share

- 2020-12: DKK 487.20 per share

- 2021-01: DKK 470.00 per share

- 2021-02: DKK 518.00 per share

- 2021-03: DKK 499.40 per share

- 2021-04: DKK 558.40 per share

- 2021-05: DKK 517.00 per share

- 2021-06: DKK 547.80 per share

- 2021-07: DKK 549.60 per share

- 2021-08: DKK 473.90 per share

- 2021-09: DKK 445.10 per share

- 2021-10: DKK 390.50 per share

- 2021-11: DKK 377.00 per share

- 2021-12: DKK 411.30 per share

- 2022-01: DKK 397.60 per share

- 2022-02: DKK 350.50 per share

- 2022-03: DKK 332.70 per share

- 2022-04: DKK 268.80 per share

- 2022-05: DKK 273.50 per share

- 2022-06: DKK 248.70 per share

- 2022-07: DKK 252.50 per share

- 2022-08: DKK 210.30 per share

- 2022-09: DKK 134.10 per share

- 2022-10: DKK 160.20 per share

- 2022-11: DKK 168.90 per share

- 2022-12: DKK 159.75 per share

- 2023-01: DKK 167.80 per share

- 2023-02: DKK 152.40 per share

- 2023-03: DKK 153.90 per share

- 2023-04: DKK 180.00 per share

- 2023-05: DKK 172.20 per share

- 2023-06: DKK 170.20 per share

- 2023-07: DKK 181.15 per share

- 2023-08: DKK 141.40 per share

- 2023-09: DKK 127.75 per share

- 2023-10: DKK 117.30 per share

- 2023-11: DKK 161.10 per share

- 2023-12: DKK 171.80 per share

- 2024-01: DKK 163.60 per share

- 2024-02: DKK 161.15 per share

- 2024-03: DKK 182.60 per share

- 2024-04: DKK 190.60 per share

- 2024-05: DKK 217.20 per share

- 2024-06: DKK 194.10 per share

- 2024-07: DKK 180.65 per share

- 2024-08: DKK 153.70 per share

- 2024-09: DKK 149.75 per share

- 2024-10: DKK 133.35 per share

- 2024-11: DKK 135.00 per share

- 2024-12: DKK 133.75 per share

- 2025-01: DKK 148.20 per share

- 2025-02: DKK 127.50 per share

- 2025-03: DKK 107.05 per share

- 2025-04: DKK 98.58 per share

- 2025-05: DKK 96.18 per share

- 2025-06: DKK 97.50 per share

- 2025-07: DKK 93.74 per share

- 2025-08: DKK 115.60 per share

- 2025-09: DKK 107.40 per share

- 2025-10: DKK 113.45 per share

- 2025-11: DKK 103.55 per share

- 2025-12: DKK 106.75 per share

- 2026-01: DKK 111.05 per share

- 2026-02: DKK 93.64 per share

- 2026-03: DKK 100.85 per share

- 2026-04: DKK 95.74 per share

- 2026-05: DKK 98.26 per share

- 2026-06: DKK 87.26 per share

- 2026-07: DKK 97.70 per share

- 2026-08: DKK 96.66 per share

- 2026-09: DKK 110.75 per share

- 2026-10: DKK 107.40 per share

## Annual estimated value (DKK per share)

- FY2016: low DKK 58.98 per share, central DKK 67.11 per share, high DKK 77.93 per share

- FY2017: low DKK 79.55 per share, central DKK 95.83 per share, high DKK 111.26 per share

- FY2018: low DKK 103.18 per share, central DKK 128.71 per share, high DKK 149.72 per share

- FY2019: low DKK 154.90 per share, central DKK 216.42 per share, high DKK 252.25 per share

- FY2020: low DKK 135.79 per share, central DKK 153.03 per share, high DKK 175.97 per share

- FY2021: low DKK 224.95 per share, central DKK 296.38 per share, high DKK 339.85 per share

- FY2022: low DKK 167.05 per share, central DKK 213.52 per share, high DKK 248.76 per share

- FY2023: low DKK 135.57 per share, central DKK 152.48 per share, high DKK 174.99 per share

- FY2024: low DKK 76.71 per share, central DKK 95.87 per share, high DKK 111.24 per share

- FY2025: low DKK 66.91 per share, central DKK 75.40 per share, high DKK 86.70 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:45:57.054Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/5493008U3H3W0NKPFL10/2026-06-30/ESEF/DK/0/GNStoreNord-2026-06-30-1-en/reports/GNStoreNord-2026-06-30-1-en.xhtml); period 2026-06-30, filed 2026-09-02.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.