GN Store Nord: Moat Downgraded to None After We Take a Fresh Look; Shares Undervalued

GN Store Nord is a Danish manufacturer focused on hearing aids, enterprise headsets, communication systems, and gaming accessories. Its hearing business operates under the well-known ReSound brand, while the Enterprise and Gaming divisions are marketed under the Jabra and SteelSeries brands. We see meaningful synergies across these product groups, enabling GN to leverage R&D capabilities across segments. In 2025, GN divested its Consumer Audio business, including the Jabra Elite wireless earbuds line, as the market had become highly competitive and risk-intensive due to dominant players such as Apple. Capital was subsequently reallocated to its three remaining core businesses.