Demant A/S (DEMANT) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Demant A/S stock DKK 161, price DKK 377, that is 57.3% below the price, quality 59 out of 100. Rating: strongly overvalued. Calculated from audited financials with 22 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 7, 2026.
How to read this chart
60‑month range kr 173.10 – kr 389.30 · fair‑value band kr 120.37 – kr 230.90 · the kr 377.20 price screens above the kr 161.17 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 7, 2026.
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Demant A/S operates as a hearing healthcare company in Europe, North America, Asia, Pacific region, and internationally.
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It engages in the development, manufacture, and wholesale of hearing aids; owning and operating hearing care clinics; and offers hearing and balance assessment solutions used by audiologists, ENT doctors, and balance clinics.
The company was formerly known as William Demant Holding A/S and changed its name to Demant A/S in March 2019. Demant A/S was founded in 1904 and is headquartered in Smørum, Denmark.
Stock analysis
Demant A/S (DEMANT) currently trades at kr 377.20, while our model-based Fair Value estimate is kr 161.17, 57% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of kr 259.40 per share, and 0 of the 22 models we run sit above the kr 377.20 price.
Bear case: the Earnings-Based group reads lowest at kr 87.91, and 22 of the 22 models stay below the price. Data coverage for this calculation is medium.
Scenario range: kr 120.37 (bear) to kr 230.90 (bull), the price of kr 377.20 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 59/100 (solid quality), in the Healthcare sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Demant A/S reported revenue of 23.1B DKK in FY2025 versus 18.4B DKK in FY2021, a compound +5.8%/yr. Reported net income was 1.5B DKK in FY2025, compounding −11.5%/yr from FY2021.
Key figures
Market cap 78.8B DKK (≈ $11.8B) Large · P/E ratio 32.9 · P/S ratio 2.20 · EPS (TTM) kr 11.48 · Net margin 6.7% · Return on equity 23.3% · Return on assets (EBIT) 12.6% (5-year average) · Operating margin 16.5%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 59 out of 100 (low confidence).
What moves the price
The share trades at its 52-week high and 114% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Healthcare peers we cover trades at −15% fair-value upside, at −57%, DEMANT screens richer than that median.
Fair Value models
Bearkr 120.37Fair Value kr 161.17Bullkr 230.90
Price kr 377.20 · Downside -57.3%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (kr 9.84 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.85/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+2.9%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+5.4%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+9.8%
Start year 2020 (pandemic). Over 10 years: +8.0% a year
Revenue growth 23 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+8.0%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+4.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year+4.0%
Dividend (yield on the price)0.0%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.4.0% vs 3.2%, steady
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.11% → 18%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes about as much growth as the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+12.3%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+8.0%
Yearly sales growth analysts expect, extended to five years.
After inflation (Denmark: IMF forecast 2.1% a year to 2030, 2.0% from 2016 to 2025) that is about +10.0% a year for the price and +5.8% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (84 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Positive
Recent news coverage is more positive than average.
AI conclusion: The business shows moderate moat signals primarily from gross margins, while elevated leverage stands out as its main weakness amid thin data in other areas.
Main risk: Over-the-counter and direct-to-consumer hearing aids from consumer electronics firms such as Bose or low-cost Chinese manufacturers could take price-sensitive customers or force Demant to lower prices on its premium devices.
Bull case: Demant could leverage its Dual AI platforms and clinical expertise to differentiate further in complex hearing needs while expanding into hybrid solutions that integrate with consumer wearables.
Bear case: If cheaper over-the-counter and wearable alternatives gain traction, Demant could lose share in the broader hearing solutions market and face sustained pressure on volumes and margins in its core premium segment.
Demant raised its 2026 outlook after Q3 organic growth hit 11 percent, powered by the Oticon Reveal launch in hearing aids. Our models see the shares as overvalued. Will the new product's momentum keep driving above-market expansion, or will competition in premium hearing devices limit the gains?
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Medical Devices · 318 stocks
Beats the industry median on 8/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score59 · Above median
Fair Value upside−57.3% · Below median
Profitability
Return on equity (12 months)23.3% · Top 25%
Return on assets4.0% · Above median
Net margin (12 months)6.6% · Above median
Operating margin (12 months)16.5% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)14.8% · Above median
Balance sheet
Debt / equity1.67× · Highest 25%
Valuation Multiplesvs Medical Devices median · lower = cheaper
P/E (12 months)32.9× · Pricier than median
P/B8.00× · book value is mostly goodwill ⓘGoodwill and other intangible assets are larger than the equity. The book value mainly reflects prices paid for past acquisitions, so we do not rank this P/B against the peer group.
P/S (12 months)3.20× · Pricier than median
Price / free cash flow (fiscal year)23.9× · Cheaper than median
EV/EBITDA18.9× · Pricier than median
PEG1.37× · Cheaper than median
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 6
FUTURE (revenue growth)74· sector 36
PAST (return on equity)93· sector 17
HEALTH (low debt)17· sector 98
DIVIDEND (yield)0· sector 34
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Demant A/S Fair Value". https://www.fairvalue-calculator.com/stock/DEMANT
Frequently asked questions
Is Demant A/S (DEMANT) overvalued or undervalued?
As of Nov 7, 2026, our model estimates a fair value of kr 161.17 versus a price of kr 377.20, about 57% lower (overvalued).
What is the fair value of DEMANT?
Our model-based fair value for Demant A/S is kr 161.17 (as of Nov 7, 2026), built from audited fundamentals. The current price: kr 377.20.
What is the quality score of DEMANT?
Demant A/S has a Quality Score of 59/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Demant A/S (DEMANT)?
Our model-based price target is the fair value of kr 161.17 (as of Nov 7, 2026) from 22 valuation models. Cautious scenario kr 120.37, optimistic scenario kr 230.90. It is a calculation from audited fundamentals, not an analyst target.
What is the Demant A/S stock forecast for 2026?
Our models put fair value at kr 161.17, about 57% lower versus a price of kr 377.20 (overvalued). Cautious scenario kr 120.37, optimistic scenario kr 230.90. The calculation is refreshed regularly with new filings.
What is the revenue of Demant A/S (DEMANT)?
Demant A/S reported trailing-twelve-month revenue of about 24.6B DKK (latest available figure, as of Nov 7, 2026).
What growth is priced into Demant A/S (DEMANT)?
For today's price to be fair in a discounted-cash-flow model, Demant A/S would have to grow free cash flow by +12.3 % per year for five years (discount rate 8.3 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +9.8 % per year. As of Nov 7, 2026.
What discount rate (WACC) does the fair value of DEMANT use?
Our models discount Demant A/S at 8.3 %: a base by market capitalisation (large), damped by beta 0.70, country premium for Denmark. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Demant A/S that is +12.3 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (8.3 %) and the same formula as our fair value.
How much growth has Demant A/S (DEMANT) delivered so far?
Over the past 5 years revenue at Demant A/S grew +9.8 % a year. The price currently implies free-cash-flow growth of +12.3 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Demant A/S (DEMANT) growing?
The median revenue growth in the sector is +6.2 % a year. That is the yardstick for the growth priced into Demant A/S (+12.3 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Demant A/S (DEMANT)?
The free-cash-flow yield on the price is 4.19 %: that much free cash flow Demant A/S produces per unit of market value. When it exceeds the discount rate of our models (8.3 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Demant A/S (DEMANT)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Demant A/S it is kr 161.17 per share (as of Nov 7, 2026), against a price of kr 377.20. It is the blended result of 22 valuation models in 6 families (DCF Models, Earnings-Based, Multiples, Growth DCF, Economic Profit, Growth Earnings).
Is Demant A/S stock overvalued or undervalued in 2026?
As of Nov 7, 2026, DEMANT trades above its calculated fair value: price kr 377.20, fair value kr 161.17, a gap of about −57% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of DEMANT?
No. The price is what the market pays today (kr 377.20); the fair value is what the company's own numbers justify (kr 161.17). For Demant A/S the two are kr 216.03 per share apart. That gap is exactly why we show both numbers side by side.
How much is Demant A/S worth?
The market values Demant A/S at about 78.8B DKK (market capitalisation, as of Nov 7, 2026). Per share that is kr 377.20; our models calculate a fair value of kr 161.17 per share.
What do the bullish and bearish scenarios say about DEMANT?
Our models span a range for Demant A/S: cautious scenario kr 120.37, base kr 161.17, optimistic kr 230.90 per share (as of Nov 7, 2026, price kr 377.20). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of DEMANT?
Demant A/S trades at a price-to-earnings ratio of 32.9 (as of Nov 7, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of kr 161.17 is built from several models across several years. Median P/E at fiscal year-end, 10 fiscal years (2016 to 2025), reported earnings: 27.4. Other multiples: PEG 1.4, P/B 8.0, P/S 3.2, EV/EBITDA 18.9.
What is the PEG ratio of DEMANT?
The PEG ratio of Demant A/S is 1.37 (P/E divided by earnings growth, as of Nov 7, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Demant A/S (DEMANT)?
Balance-sheet figures for Demant A/S (as of Nov 7, 2026): return on equity 23.3%, debt of 1.67 per unit of equity. They feed the Quality Score of 59/100, which measures business quality independently of the share price.
How far is DEMANT from its 52-week high?
Demant A/S trades at kr 377.20, at its 52-week high of kr 377.20 and 114% above the low of kr 176.20 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of kr 161.17 is for.
Which stocks are comparable to Demant A/S?
From the same area (Healthcare) we also value Abbott Laboratories,, Medtronic plc, Stryker Corporation, Boston Scientific Corporation, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Demant A/S stock attractive at the current price?
The data as of Nov 7, 2026: price kr 377.20, calculated fair value kr 161.17 (−57%), Quality Score 59/100, from 22 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of DEMANT calculated?
We run Demant A/S through 22 models from 6 families: DCF Models, Earnings-Based, Multiples, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of kr 161.17 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.3% above its aggregate fair value. Demant A/S itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Demant A/S (DEMANT)?
The closing price on Nov 6, 2026 was kr 377.20. Our model-based fair value is kr 161.17, about 57% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Demant A/S right now?
The price sits above even our optimistic bull case (kr 230.90). The favourable scenario is already priced in. Solid but not exceptional quality (59/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range (kr 120.37 to kr 230.90) leaves room in how you read the outcome.
Where does the earnings growth of Demant A/S (DEMANT) come from?
Earnings per share at Demant A/S grew +6.0 % a year from 2014 to 2025. Broken into its drivers: revenue per share +11.4 %, EBIT margin +1.0 %, tax rate −1.3 %, residual (interest, one-offs) −4.5 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Demant A/S
How large is the market capitalisation of Demant A/S (DEMANT)?
The market capitalisation of Demant A/S is 78.8B DKK (≈ $11.8B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Demant A/S (DEMANT)?
The price-to-sales ratio of Demant A/S is 2.20 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Demant A/S (DEMANT)?
Earnings per share at Demant A/S are kr 11.48 (price ÷ EPS = P/E 32.9). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Demant A/S (DEMANT)?
The net margin of Demant A/S is 6.7% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Demant A/S (DEMANT)?
The return on equity (ROE) of Demant A/S is 23.3% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Demant A/S (DEMANT)?
On an EBIT basis the return on assets of Demant A/S is 12.6% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Demant A/S (DEMANT)?
The operating margin of Demant A/S is 16.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Demant A/S (DEMANT)?
Revenue at Demant A/S is growing +14.8% versus a year earlier (3y avg +5.4%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Demant A/S (DEMANT)?
Earnings per share at Demant A/S are growing +6.4% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Demant A/S (DEMANT) carry?
The net debt of Demant A/S is 22.2B DKK (fiscal year 2025, ≈ 6.7 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Some data
Nov 7, 2026