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Demant A/S (WILYY)

合理估值
IndustrialsMarine ShippingNorway

基本面

48

价格

$943.00

市值

$37.43B

第一部分 · 这家公司值多少

概览

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.

盈利方式

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.

需求驱动因素

防御型

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.

看多理由

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.

看空理由

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.

资产负债表与流动性

营收

$3.74B

截至最近已公布季度的最近12个月 — 根据每股指标估算

净利润

$245M

截至最近已公布季度的最近12个月 — 根据每股指标估算

自由现金流

-

股东权益合计

$24.56B

负债合计

$426M

流动比率

1.63

利息覆盖率

-

债务/EBITDA

2.60

每股收益

营收与净利润

自由现金流

收入构成

历史财务表

利润率变化

债务变化

债务负担有多重

增长一览表

增长 — 营业收入

公允价值估算

周期性合理估值

公允价值

$876.99

当前价格

$943.00

安全边际

-7.5%

公允价值区间

$570.05 - $1183.94

所用估值方法之间的离散区间,并非经过统计校准的置信区间。

估算方法

分析师目标价:$820.25
现金流折现法(DCF):不适用于此类公司
市盈率法(P/E):$2444.08
格雷厄姆成长公式:不适用于此类公司
盈利能力价值(EPV):$178.57
合理市净率(P/B):不适用于此类公司
股息折现模型(戈登模型):不适用于此类公司
P/FFO(运营资金):不适用于此类公司
周期中段收益:数据不足,无法计算
市销率法(P/S):不适用于此类公司
分析师共识:买入 (13B / 12H / 1S)
最近财报超预期:+15.25%

估值指标

市盈率(P/E)

123.88

ROE

2.7%

市净率(P/B)

17.61

P/FCF

-

毛利率

76.3%

ROIC

0.5%

盈利能力雷达图

价值创造(经济护城河)

ROIC

0.5%

WACC

8.1%

ROIC − WACC

-7.6 pp

ROIC 低于资本成本:公司每投入一美元都在毁灭价值。

基本面分析标准

通过(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%

未通过(8)

  • ROIC 0.5%
  • P/B Ratio 17.61
  • 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

不可用(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-评分

1/9

存在严重财务隐患

score
criteria

盈利质量

0.29

低质量:需深入审查会计处理

股权稀释

-

正在回购股份,对股东友好

机构持股

该公司暂无机构申报数据。

公司治理

管理团队

姓名职位年龄
Mr. Thomas WilhelmsenGroup Chief Executive Officer51
Mr. Christian BergGroup Chief Financial Officer56
Mr. Bjorge GrimholtExecutive Vice President of Maritime Services-
Ms. Benedicte Teigen GudeChief of Staff-
Mr. Geir FlaesenExecutive Vice President of New Energy-
Mr. Carl SchouPresident & CEO of Wilhelmsen Ship Management (WSM)-
Mr. John Egil StangelandChief Executive Officer of NorSea Group-
Mr. Age Sturtzel HolmVice President of Investor Relations & Corporate Support-
Ms. Anna KvernelandVice President of Investor Relations-

审计风险

2

董事会风险

4

薪酬风险

6

股东权利风险

9

第二部分 · 价格与买入时机

这一部分不判断公司是否值得拥有:它帮助你在基本面说服你之后,选择何时买入。包含:技术分析、潜力、历史回撤、Gamma 敞口。

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