Equity Research
Sector update, 31 March, 2020 18:36 CET Hearing aids
COVID-19 crashes market growth: 2020e decline of 9-27% US market and COVID-19 impact in H2 are key swing factors
Demant has the most harmful exposure; down to SELL (Hold)
GN protected by GN Audio and limited retail exposure; BUY
Three scenarios, all negative Many hearing retail stores in Europe are either fully or partly closed. Senior citizens are being asked to stay home. The US (the largest hearing aid market, accounting for one third of its value) is 2-3 weeks behind Europe and is also closing down. A recent survey from US-based Hearing Review confirms a depressing trend. We have modelled three different scenarios looking at the impact of the COVID-19 outbreak on hearing aid market growth. We lean towards the most likely case being that we have a large negative effect in March-May 2020, improvements during the summer, and then a negative second wave (although smaller) in October-December 2020. We estimate this disruption will lead to a market decline of around 18%, and this is our main input for our revised estimates for GN and Demant. Underlying market fundamentals are, however, still robust and we expect market growth of ~8% in 2021 as the market catches up the backlog.
Demant downgraded to SELL as retail exposure slices earnings Hearing instruments account for 77% of Demant’s revenue and are currently seeing poor sales for the reasons outlined above. Only EPOS (CC&O franchise and ~8% of total sales) is expected to reach positive growth (~10% in 2020e). We thus cut 2020e sales by DKK 2.8bn and EBIT by close to DKK 1.9bn as Demant owns almost 3,000 retail stores, which we expect to be affected by closures. We do anticipate a rather swift return to a positive trend in 2021, but from a lower baseline. In total, we slice 2020e-21e EPS by 68% and 17% respectively. We lower our target price to DKK 140 (245) as a result of sector multiple contraction of 25% and our estimates cuts. We downgrade our recommendation to SELL (Hold). The next company-specific trigger will be the Q1 interim update on May 5, when we believe Demant may keep its outlook suspended.
GN Audio still expected to grow; minimal retail exposure is a plus GN Hearing (~50% of sales) is also facing the problem of negative organic growth (FY 2020e -17%), however we keep our GN Audio forecast and thus we only lower total sales by 10%. As GN has less than 200 retail stores, we think the net impact on earnings will be smaller than for Demant, and we lower 2020e and 2021e EPS by 29% and 13% respectively. GN, trading at a 2021e P/E of ~19x (on a par with Demant and below Sonova and Amplifon) and with its superior 2019-22e CAGR of 19%, is our favourite in the sector, and we view it as the company suffering the least from the COVID-19 crisis. We therefore reiterate BUY, but lower our target price to DKK 340 (425), reflecting lower sector multiples and trimmed earnings estimates.
Annette Lykke, +45 46791295, [email protected]
For full disclaimer and definitions, please refer to the end of this report. Sector update, March 31, 2020
Global hearing aid market under pressure from COVID-19
Current visibility on market growth for both H1 and H2 2020 is very low due to the uncertainty caused by the COVID-19 outbreak. We have modelled three different scenarios with various degrees of hearing aid clinic/shop closures, and varying amounts of traffic through those that do remain open. As a result of our modelling, we estimate that the global hearing aid market is at risk of decreasing by 9-27% for FY 2020e. No doubt that for Europe and the US, H1 2020 is already very negatively impacted by the full or partial closure of hearing aid clinics and advice for senior people to stay home to avoid COVID-19 infection. The swing factor in our model is mainly how H2 2020 will turn out. If we have a just as severe close down in H2 as in H1, we think there is a risk that the market could drop by as much as 27% for FY 2020e.
Table 1: Three scenarios and 2020e hearing market growth (units) We see potential for Scenario Market growth negative growth in 2020e the global hearing A Severe close down spring 2020 and moderate close down winter 2020 -18% aid market of 9-27% B Severe close down spring 2020 and severe close down winter 2020 as well -27% C Severe close down spring 2020 and normal business winter 2020 -9% for FY 2020e Source: Handelsbanken Capital Markets
Hearing aid market and COVID-19 impact We expect market growth to face a material negative impact as a result of the global COVID-19 health crisis. Senior citizens (the average first-time user of a hearing aid is ~72 years old) are part of the high-risk group for COVID-19 and are advised to stay at home to protect their health. In some markets, hearing aid clinics/shops are partly or completely closed. In a simplified illustration, the situation (which greatly varies from region to region) can be divided into four different phases:
Phase one: high caution regions; no complete lock down (shops, restaurants and schools partly open), social distance recommended, e.g. markets such as Sweden, Australia and New Zealand where audiology shops are still open (or have the option to be open). In these markets there is a moderate negative impact.
Phase two: partly shut down, but still possible to have hearing aids adjusted and, in some regions, new fittings can be performed. A country in this mode is, for example, Germany, although guidance and government actions change quickly.
Phase three: complete shutdown mode (no audiology shops opened), including countries like Italy, Spain, Denmark, France and others. This mean that the selling/fitting of new hearing aids is close to zero.
Phase four: the recovery phase, coming from low activity and gradually ramping up. This is currently the situation in China. According to Demant and GN, there is some free capacity in the systems, thus when recovery takes place activities can be higher than index 100 and it should be possible to capture some of the backlog from the spring, although not all of it. In conclusion, we have created three scenarios and believe that the overall FY 2020e hearing aid market growth (in value) will most like be in the range -9% to -27%. It is important to stress that the COVID-19 situation is very fluid and overall visibility remains rather low.
Scenario A: Most likely and our base case In scenario A (2020e market growth of -18%) we assume a second transmission wave late in 2020, most likely from October (based on current information and given that there is currently no vaccine). We assume store/clinic close downs will be less
2 Sector update, March 31, 2020
dramatic than in spring 2020, but still material. When we dare to add less dramatic close downs for H2 2020, it is based on the assumption that part of various countries’ populations are immunised (by transmission) and that governments have gained experience from the first COVID-19 peak, now know what works best, and therefore can hopefully be more effective in their actions.
Figure 1: Scenario A, market growth (most likely)
Global hearing aid market, scenario A (FY2020 growth -18%) USDm Scenario A: some 600 20% negative impact in 10% 10% 500 H2 2020… 0% -10% 400 -20% …we add negative 300 -30% market growth of -40% around 18% to our 200 -50% forecasts for GN and 100 -60% Demant, impacting -70% 0 -80% hearing aid sales Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec growth 2019 2020e 2021e Growth M-o-M 2020e
Source: Handelsbanken Capital Markets
Scenario B: Bearish case In our most bearish scenario (B) we assume the close down for hearing aid clinics will be almost as severe as it is currently. We also assume there is no vaccine available, governments continue to tell senior people to stay home and that several shops are either completely or partly closed during October to December 2020. Clearly in this scenario we will also see a negative effect in 2021, although we expect part of this to be compensated for during the remainder of 2021, as the fundamental clinical need for hearing aids is unchanged (see discussion page 11).
Figure 2: Scenario B, market growth (bearish)
Global hearing aid market, scenario B (FY2020 growth -27%) USDm 600 20% Scenario B: COVID-19 10% 10% transmission wave and 500 0% general close down 400 -10% will be just as severe in -20% 300 -30% H2 as in H1… -40% 200 -50% …FY 2020e market 100 -60% growth could be as -70% low as -27% 0 -80% Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2019 2020e 2021e Growth M-o-M 2020e
Source: Handelsbanken Capital Markets
Scenario C: Optimistic case Our third and more optimistic scenario C assumes that the impact from the second COVID-19 transmission wave in autumn/winter 2020 will be fairly small as we assume a vaccine will be in place. In this scenario we see an annual decrease in market growth of 9%, which could be even lower if the backlog of patients, who had postponed having a new hearing aid fitted, reschedule during H2 2020. However,
3 Sector update, March 31, 2020
we currently think transparency on if/when and for whom a vaccine will be ready is very low and we do not dare to use this scenario as a base case.
No unusual negative A final comment on our market forecast is that the negative ASP effect will not be ASP effect included higher than the usual 100-200bp. We have thus assumed that none of the major companies (five in total) are trying to price themselves into higher market shares to compensate for the lack of market growth.
Figure 3: Scenario C, market growth (optimistic)
Global hearing aid market, scenario C (FY2020 growth -9%) USDm 600 20% 10% 10% 500 0% 400 -10% Scenario C: the -20% scenario we all hope 300 -30% -40% for, but which is less 200 -50% probable 100 -60% -70% 0 -80% Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2019 2020e 2021e Growth M-o-M 2020e
Source: Handelsbanken Capital Markets
Figure 4: Global market share, hearing aids (value)
9% 26%
17%
24% 24%
Sonova Demant Widex-Sivantos GN Starkey
Source: Handelsbanken Capital Markets
A recent survey from The US could be a major swing factor Hearing Review in The US is fairly difficulty to categorise into one phase of the COVID-19 situation due the US indicates to large geographic variations and the different state policies, e.g. in some states a rather negative patients are told to stay home (i.e. New York) and others are less affected. Also, the trend of clinics general public understanding and potential fears have an impact as well, thus even temporarily closing though some states allow shops to remain open, the amount of users coming into shops/clinics faces a drastic reduction.
By March 18, 2020, the CDC had warned people aged 60+ not to engage in non- essential medical care. To put this into context, the average age of a first-time hearing aid user is just under age 70 (according to Hearing Review).
As a consequence of the COVID-19 pandemic, the US organisation Hearing Review has recently conducted an informal online survey (starting March 19 and concluding
4 Sector update, March 31, 2020
March 24). The number of respondents was slightly above 200, and the majority (69.5%) were private practice settings. The conclusion was clear: activity is slowing dramatically. As much as 38% of respondents said they were no longer seeing patients, 33% were working less hours and only 28% had no changes to their schedules.
According to the According to the survey, 35% of patients have cancelled scheduled appointments, survey, 35% of and 34% of clinics have decided to cancel appointments. The authors of the study patients have expect clinic-based cancellations to continue as more states enforce measures to cancelled scheduled fight the COVID-19 outbreak. Moreover, the survey also looked into how long appointments… appointments were delayed for and found that 23% were delayed by one month or more, 23% were rescheduled after around 2-3 weeks and 15% after 3-4 weeks. …and 34% of clinics These were the results by the end of the survey, however Hearing Review stated have cancelled that the trend of clinics closing accelerated during the course of the survey fieldwork appointments (from Wednesday afternoon, March 19, and concluding Tuesday evening, March 24). Figure 5: Hearing care clinics adjusting the workday/week
Permanently close practice 1.9%
23% of survey Close practice for 3+ weeks 22.7% respondents expect Close practice for 1-2 weeks 17.6% to close their practice for 3 week or more, Close only satelite/secondary officies 5.6% and 42% are scaling back opening hours; Scale back hours/days of operation 41.7% we think this number is likely to increase Retain usual office hours 20.8%
0.0% 5.0% 10.0%15.0%20.0%25.0%30.0%35.0%40.0%45.0%
Source: Hearing Review coronavirus impact survey results (March 19-24, 2020)
Figure 6: Hearing care clinics adjusting the workday/week, start vs. end of survey
Source: Hearing Review coronavirus impact survey results (March 19-24, 2020)
Finally, Costco (representing ~15%) of the market has now closed for fitting new hearing aids, whereas it is still possible to have service adjustments for existing hearing aids.
All told, the US market outcome plays a significant role, as US is the largest commercial market, representing one third of the global hearing market (in value) and approximately one quarter in units.
5 Sector update, March 31, 2020
A preliminary data point is the monthly VA data. We did not see any negative impact in overall units growth in February 2020, where growth was +2.0% (month on month). We do, however, see some negative effect for the second half of March 2020, as VA rules suggest postponements of appointments. Thus, we expect to see some negative effect on market growth in March 2020, most likely released at the end of the second week of April 2020.
Table 2: VA data as of February 2020 VA market share (in value incl. accessories) Feb 19 Mar 19 Apr 19 May 19 Jun 19 Jul 19 Aug 19 Sep 19 Oct 19 Nov 19 Dec 19 Jan 20 Feb 20 y-o-y m-o-m W. Demant 18.1% 17.1% 16.4% 18.2% 18.2% 17.3% 16.7% 16.2% 16.3% 15.4% 15.0% 14.9% 14.8% -3.3% -0.1% GN ReSound 26.5% 28.4% 30.3% 20.6% 20.5% 18.8% 18.6% 18.2% 18.1% 19.3% 17.5% 17.3% 16.7% -9.8% -0.5% Sonova 27.9% 27.2% 26.7% 38.1% 39.5% 42.2% 43.6% 44.6% 45.4% 52.0% 54.5% 54.4% 54.5% 26.6% 0.1% Siemens 11.8% 11.3% 11.0% 8.6% 8.4% 7.9% 7.8% 7.8% 7.7% 2.6% 2.5% 2.5% 2.6% -9.1% 0.1% Starkey 15.8% 15.9% 15.5% 14.4% 13.4% 13.9% 13.3% 13.1% 12.6% 10.8% 10.6% 10.9% 11.4% -4.4% 0.5% Widex 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Mkt grow th (units) YoY 1.5% 0.2% 1.9% 5.5% -0.3% 8.0% -3.7% 6.0% 4.2% -0.8% -3.2% -0.8% 2.5%
Source: VA
Figure 7: VA data, monthly sold units Figure 8: VA monthly unit growth
VA total (units) Mkt growth (units) YoY
120,000 10.0% 8.0% 8.0% 100,000 6.0% 6.0% 5.4% 5.5% 80,000 4.0% 4.2% 2.0% 2.5% 60,000 1.5% 1.9% 0.0% 0.2% -0.3% -0.8% -0.8% 40,000 -1.4% -2.0% -1.5% -3.2% 20,000 -4.0% -3.7% -6.0% 0 Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb 01/01/2018 01/06/2018 01/11/2018 01/04/2019 01/09/2019 01/02/2020 18 18 19 19 19 19 19 19 19 19 19 19 19 19 20 20
Source: VA Source: VA
6 Sector update, March 31, 2020
Demant suffering from large exposure to hearing aids
The COVID-19 outbreak is causing hearing aid shops and clinics around the world to close either fully or partially, and Demant has the largest exposure to this negative trend: 1) hearing instruments are Demant’s biggest divisions and the majority of the rest of the business is also negatively impacted, 2) Demant has a material cost base from its large retail operations (2,000-3,000 shops). In total, we trim 2020e EPS for Demant by 68%, lower our target price to DKK 140 (245) and downgrade our recommendation to SELL (Hold). Looking at GN, GN Hearing is just as negatively exposed to lower sales as all other hearing aid companies, however we still expect GN Audio (50% of total sales) to realise positive growth (both within CC&O and consumer). Moreover, GN only has a limited number of retail stores (less than 200) and therefore is less exposed to fixed costs in this respect. In total, we reduce our estimates for GN by 28% and lower our target price to DKK 340 (425), but we reiterate our BUY recommendation. GN is trading at a 2021e P/E of ~19 and we forecast an EPS (adjusted) CAGR for 2019-22 of 19% compared to 14% for Demant (trading at a 2021e P/E of ~19).
Figure 9: Hearing aid share price performance
Share price
350.00 GN faced a relatively 300.00 steep correction in connection with 250.00 COVID-19… 200.00 150.00 …but we view this 100.00 as unfair 50.00 - 02/01/2018 02/06/2018 02/11/2018 02/04/2019 02/09/2019 02/02/2020
GN Store Nord William Demant Sonova Holding Amplifon
Source: FactSet
Overall, the valuation of most medtech companies, with a few exceptions (companies addressing specific COVID-19 needs within the hospital sector, or companies not affected such as Ambu and Getinge), have faced a negative adjustment of multiples. Until mid-February 2020, the sector faced a rally and multiples jumped 25-30% against valuation in October-November 2019. That positive expansion has neutralised and, reflecting earnings adjustments, 2020e P/E is now ~31x (~35x mid-February 2020) and 2021e P/E is now ~24x (~26x mid- February 2020).
GN is clearly the most attractive hearing aid share, in our view, given that its growth is more robust against the COVID-19 negative impact:
GN has smaller exposure to the retail segment in terms of cost base (compared to Sonova, Demant and Amplifon), as the company owns very few shops and is therefore not damaged by a high cost base when shops are either closed or have reduced opening hours. GN has less than 200 retail stores globally compared to e.g. Demant with 2,000-3,000 shops, Amplifon with ~4000 (corporate-owned shops) and Sonova with 3,500 shops.
GN Audio is less exposed to the negative effects from COVID-19, as the sales do not require a physical presence.
GN Audio may see some positive impact from companies buying headsets for employees forced to work from home due to social distancing and government recommendations.
7 Sector update, March 31, 2020
Consumers are still spending money on headsets (online) and GN are still seeing decent demand (not quantified though).
The increased use of virtual meetings and conference calls caused by the global travel bans could give a positive effect in the COVID-19 aftermath of more demand, i.e. Jabra Panacast (longer positive).
On the negative side is the general economic recession and FTEs being reduced across different industries, potentially resulting in companies spending less on headsets.
In comparison, Demant’s EPOS division is fairly small (and has had some supply chain restraints), hearing implants are regarded as an elective surgery and have been postponed in several regions. Diagnostics also face a temporary impacts on growth, as hospitals and clinics are taking measure to fight COVID-19 risks.
Sonova is also not counterbalanced by a division with more robust growth and Amplifon (only retail) faces a rather tricky situation.
Table 3: Hearing retail stores Company Corporate Comments owned stores Amplifon ~4,000 Amplifon as w ell have shops in shops and franchise stores thus point of sales in total are above 4,000 Sonova ~3,500 - Demant ~2,000-3,000 We belive the the amount are closer to the 3,000 range GN less than 200 -
Source: GN, Demant, Sonova, Amplifon and Handelsbanken Capital Markets
In other words, GN’s top-line growth may well face a reduction in growth for 2020e (we estimate organic sales growth of ~1%, which is a combination of negative organic growth of -17% for GN Hearing and positive growth for ~14% for GN Audio). We forecast an EBIT margin cut of 500bp to 15.2% for 2020 for GN Hearing. In total, we lower 2020e and 2021e EPS by 29% and 13% respectively.
For Demant, we forecast negative sales growth of 14% and a severe cut to EBIT of almost DKK 1.9bn, resulting in a revised 2020 EBIT forecast of DKK 1,080m. In total, we cut 2020e and 2021e EPS by 68% and 17% respectively.
Figure 10: GN staff cost structure Figure 11: Demant staff cost structure
Staff costs Staff costs 0% accounted for 44% 10% 13% accounted for 28% 15% 15% of total Demant of total sales (GN sales in 2019 Group) in 2019 11% 17%
53% 66%
Production Development Selling and distribution Management and admin Financial Production R&D Distribution Admin
Source: GN Source: Demant
8 Sector update, March 31, 2020
Busy newsflow ahead In respect to newsflow, during March 2020, we have seen suspension of Demant’s FY 2020 outlook, Sonova has downgraded its FY 2019/20 guidance, and GN has flagged flattish Q1 2020 sales progress. Ahead of us is the following:
VA data, released during the second week of every month, will fairly likely be negative for March, April and May
Current GN guidance excludes any COVID-19 impact. We would be surprised if the GN Hearing outlook for organic sales growth of at least 6% was not reduced or suspended in connection with the Q1 2020 report (April 29) due to COVID-19. However, we think this is baked-in to expectations. Moreover, we see a decent chance that GN Audio guidance will remain unchanged at growth of at least 14%.
Amplifon is likely to communicate a negative COVID-19 impact on FY earnings when the Q1 report is released (Apr 29) following the massive close down of shops in Europe and now also in the US.
Interim update from Demant (no financial figures released, May 5) will contain a COVID-19 update, but we cannot be sure that management thinks visibility is strong enough to provide new guidance.
H2 2019/20 results from Sonova (May 29). Last week, Sonova lowered its organic sales growth guidance from 9-11% to 8% as a result of lower sales in March 2020. The key element of the release will be the outlook and comments for FY 2020/21 taking COVID-19 into consideration.
Figure 12: Medtech P/E multiple and EPS growth 50.0 45.0 P/E 20e (adj) COLO 40.0 35.0 STMN 30.0 Average AMP 25.0 GN EL SOON 20.0 DEMANT GETI ARJO SN 15.0 SYK EKTA 10.0 FRE 5.0 EPS CARG 2019-2021e (adj) 0.0 0% 5% 10% 15% 20% 25%
Source: FactSet
9 Sector update, March 31, 2020
Figure 13: Next 12-month P/E from 2011 (consensus) 50
45 Considering the 40 more attractive 35 growth prospects for 30 GN compared to 25 peers, we continue to see upside 20 15
10
5
0
Max Min Median Now
Source: Factset
Figure 14: Premium/discount to European health care since 2011
200%
150%
100%
50%
0%
-50%
Max Min Median Now
Source: FactSet
10 Sector update, March 31, 2020
Underlying market fundamentals remain strong
Market fundamentals are remain strong, and once COVID-19 is behind us we expect the market to return to solid structural growth of an average of 3-4% (in value). Moreover, we believe that many retailers (corporate and independent) have some excess capacity and that the clinical need for hearing aids is unchanged, so we do not exclude some element of catch-up in the market for the first year or so after the outbreak is over. Timing of any recovery clearly relates to the how severe the COVID-19 impact will be, but H2 2021 could potentially be rather decent.
Underlying Underlying fundamentals for the global hearing market are strong and performance fundamentals for the for the first two months of 2020 was rather decent and unaffected by the COVID-19 global hearing situation in China (from a commercial perspective, China is a relatively small market market are strong with low ASP and a little more than 1 million units sold each year – the total market is around 16 million units).
The overall rate of penetration for hearing instrument use in developed countries is around 20% (source: Sonova) and it is estimated that 70% of people with severe-to- profound hearing loss have hearing aids, only 10% of those with mild-to-moderate hearing loss use hearing instruments.
Figure 15: Hearing aid penetration rate depending on hearing loss
Fundamentals for using hearing aids are unchanged…
…approximately 20% of people with hearing loss use a hearing aid…
…the more severe loss, the higher penetration
Source: Sonova
Within the last few years, the baby boomer generation have reached the first-time user average age (~72 years) and market growth has been rather decent at around 6% (units) compared to a normal range of 3-5%.
Market growth in the US (~25% of the global market in units and a higher share in value due to a high ASP) reached 6.5% in 2019. Growth was driven by the public segment (~22% in units) Veterans Affairs, but also commercial (low ASP) growth has been stimulated by e.g. Costco (~15% of the US market).
11 Sector update, March 31, 2020
FigureUS hearing 16: aids, US hunitearing growth aid market growth (units)
30.0% 25.0% 20.0% 15.0% 10.0% 8.5% 8.7% 7.2% 6.5% 5.0% 4.8% 4.8% 5.3% 2.3% 2.8% 3.0% 3.1% 3.4% 0.0% -0.7% -5.0% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2017 2019
Private VA Total
Source: Source: HIA statistics
12 Sector update, March 31, 2020
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13 Sector update, March 31, 2020
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14 Sector update, March 31, 2020
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15 Sector update, March 31, 2020
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Company-specific disclosures This report has not been given to the subject company, or any other external party, prior to publication to approve the accuracy of the facts presented.
For company-specific disclosure texts, please consult the Handelsbanken Capital Markets website: https://www.researchonline.se/desc/disclosure.
To find out when a recommendation on a specific company was first published, please consult the Handelsbanken Capital Markets website https://www.researchonline.se/company.
GN Store Nord On 2019-03-08 the recommendation Accumulate, which was set on 2019-02-15 at the share price of DKK 306, was changed to the current recommendation Buy at a share price of DKK 324.
Demant On 2020-04-01 the recommendation Hold, which was set on 2019-08-13 at the share price of DKK 195, was changed to the current recommendation Sell at a share price of DKK 150.6.
16 Equity Research
Head of Research Healthcare Industrials Marcela Klang +46 8 701 5118 Medtech Capital Goods Annette Lykke +45 46 79 1295 Hampus Engellau +46 8 701 3576 Erik Elander +46 8 701 3141 Consumer Discretionary & Staples Pharmaceuticals Marcela Klang +46 8 701 5118 Consumer Goods Peter Sehested +45 46 79 1618 Marcela Klang +46 8 701 5118 Daniel Lindkvist +46 8 701 2819 Karri Rinta +46 8 701 3636 Telecom & IT Timo Heinonen +358 10 444 2483 Nicklas Skogman +46 8 701 3128 Telecom Operators Mika Karppinen +358 10 444 2752 Kjetil Lye +47 22 39 7299 Kristoffer Carleskär +46 8 701 5334 Construction Annette Lykke +45 46 79 1295 Telecom Equipment Johan Edberg +46 8 701 4351 Mika Karppinen +358 10 444 2752 Daniel Djurberg +46 8 701 5575 Marcela Klang +46 8 701 5118 Media IT Commercial Services Fredrik Olsson +46 8 701 33 39 Daniel Djurberg +46 8 701 5575 Carina Elmgren +46 8 701 2977 Energy Erik Elander +46 8 701 3141 Transportation Oil and Gas Small Caps Frans Høyer +45 46 79 1246 Anne Gjøen +47 22 39 7022 Marcela Klang +46 8 701 5118 Materials Erik Elander +46 8 701 3141 Steel and Metal Oil Services Daniel Lindkvist +46 8 701 2819 Anne Gjøen +47 22 39 7022 Anne Gjøen +47 22 39 7022 Fredrik Olsson +46 8 701 33 39 Paper
Markku Järvinen +358 40 531 5836 Utilities Branch Network Chemicals Karri Rinta +46 8 701 3636 Sweden Carina Elmgren +46 8 701 2977 Anne Gjøen +47 22 39 7022 Peter Engstedt +46 8 701 3104 Kristoffer Eriksson +46 8 701 1804 Financials Lars Westberg +46 8 701 4113 Banking Strategy Thomas Eskildsen +45 46 79 1587 Denmark Marcela Klang +46 8 701 5118 Maths Liljedahl +47 8 701 1392 Jon Abakka +45 46 79 1621 Michelle Nørgaard +45 46 79 1504 Insurance Sustainability and ESG Kimmo Rämä +358 10 444 2454 Josefin Johansson +46 8 701 2853 Investment Companies Fredrik Olsson +46 8 701 33 39
Real Estate Johan Edberg +46 8 701 4351 David Flemmich +46 8 701 1354
Equity Sales
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