Demant A/S (WILYY)
適正価値ファンダメンタル
48
株価
$945.00
時価総額
$37.43B
パート1 · 企業の価値
概要
Demant is a Danish hearing healthcare group that designs and manufactures hearing aids sold under brands including Oticon and Bernafon, and runs a network of owned and franchised clinics where audiologists test patients' hearing and fit them with a device. A smaller unit sells diagnostic equipment, such as audiometers and balance-testing systems, to clinics and hospitals. It sold a separate communications business, which made headsets and speakerphones, and has treated it as a discontinued operation since 2024.
収益の仕組み
Most revenue comes from selling hearing aids, physical devices fitted to a patient's ear that are typically replaced every several years, plus recurring sales of batteries, accessories, repairs and clinical services around them. A smaller stream comes from selling diagnostic equipment to clinics and hospitals. Because hearing loss is a chronic, progressive condition, each patient tends to return to buy a replacement device or accessories over time, and purchases are often reimbursed or subsidized by public healthcare systems in Demant's main markets.
需要を左右する要因
ディフェンシブHearing loss is mainly a consequence of aging, so the number of people who need a hearing aid grows steadily with an older population and is not closely tied to how the economy is doing in a given year. Purchases can still be postponed for a few months by a household under financial strain, but the underlying medical need does not disappear the way demand for a discretionary product would in a downturn.
強気材料
Buyers argue that an aging population in Demant's main markets keeps the number of potential hearing aid users growing for decades to come, and that 2025's revenue growth shows the underlying demand for its devices and clinics remaining solid.
弱気材料
Sellers worry that 2025's profit fell even as revenue grew, forcing the company into a cost-cutting programme, and that pricing and reimbursement pressure in a market with several well-capitalized rivals could keep squeezing margins even if the number of patients keeps rising.
Written by the editors, published on 2026年8月18日
Direct competitors
Who this company fights with for the same customers
No editorial profile for this company yet
No competitor list for this company yet.
貸借対照表と流動性
売上高
$3.74B
直近の公表四半期までの12か月 — 1株当たり指標からの推計
純利益
$245M
直近の公表四半期までの12か月 — 1株当たり指標からの推計
フリーキャッシュフロー
-
自己資本合計
$24.56B
負債合計
$426M
流動比率
1.63
利払い倍率
-
負債/EBITDA
2.60
一株当たり利益（EPS）
売上高と純利益
フリーキャッシュフロー
収益内訳
財務推移表
利益率の推移
負債の推移
負債の重さ
成長率グリッド
成長率 — 売上高
適正価値の推定
適正価値
$877.74
現在株価
$945.00
安全マージン
-7.7%
適正価値レンジ
$570.53 - $1184.95
使用した評価手法間のばらつきであり、統計的に較正された信頼区間ではありません。
推定方法
バリュエーション指標
P/E レシオ
123.23
ROE
2.7%
P/B レシオ
17.52
P/FCF
-
粗利益率
76.3%
ROIC
0.5%
収益性レーダー
価値創造（経済的モート）
ROIC
0.5%
WACC
8.1%
ROIC − WACC
-7.6 pp
ROICが資本コストを下回っています。投資した1ドルごとに企業は価値を破壊しています。
ファンダメンタル分析基準
合格（10）
- Price CAGR 14.61%
- Gross Margin 76.3%
- Debt/Equity ratio
- Operating Margin 15.8%
- Current Ratio
- Debt/EBITDA
- ROE 15.3%
- Revenue Growth 5Y 9.7%
- Analyst Consensus 50% Buy
- Net Margin Trend 53.0% vs 43.8%
不合格（8）
- ROIC 0.5%
- P/B Ratio 17.52
- Price below Graham Number
- DCF valuation (Unknown)
- Earnings Surprise avg -7.5%
- PEG Ratio 4.21
- Earnings Quality (OCF/NI) 0.29
- Piotroski F-Score 1/9
データなし（9）
- EPS data insufficient
- P/FCF NaN
- Dividend Payout NaN%
- Positive Free Cash Flow
- CapEx intensity
- Interest Coverage
- Return on Tangible Assets
- Low reliance on intangibles
- Share Dilution (missing shares data)
Piotroski F-スコア
重大な財務上の懸念
利益の質
低品質：会計処理を調査してください
株式希薄化
株式を買い戻している。株主に友好的
機関投資家の保有
この企業について機関投資家の報告はありません。
ガバナンス
経営陣
| 氏名 | 役職 | 年齢 |
|---|---|---|
| Mr. Thomas Wilhelmsen | Group Chief Executive Officer | 51 |
| Mr. Christian Berg | Group Chief Financial Officer | 56 |
| Mr. Bjorge Grimholt | Executive Vice President of Maritime Services | - |
| Ms. Benedicte Teigen Gude | Chief of Staff | - |
| Mr. Geir Flaesen | Executive Vice President of New Energy | - |
| Mr. Carl Schou | President & CEO of Wilhelmsen Ship Management (WSM) | - |
| Mr. John Egil Stangeland | Chief Executive Officer of NorSea Group | - |
| Mr. Age Sturtzel Holm | Vice President of Investor Relations & Corporate Support | - |
| Ms. Anna Kverneland | Vice President of Investor Relations | - |
監査リスク
2
取締役会リスク
4
報酬リスク
6
株主権利リスク
9
パート2 · 株価と買い時
この部分は企業に価値があるかを判断するものではありません。ファンダメンタルズに納得したうえで、いつ買うかを選ぶためのものです。内容：テクニカル分析、ポテンシャル、過去のドローダウン、ガンマエクスポージャー。
Latest News
Recent headlines for WILYY, sourced from Markets Gazette.