GN Store Nord A/S

“GN Store Nord is executing a forced sale of its best asset (Hearing/ReSound) to repair a balance sheet broken by the ill-timed SteelSeries acquisition; the residual Jabra and SteelSeries businesses are cyclical, subscale hardware operations with thin moats, below-WACC returns, and no credible reinvestment path — the Amplifon deal resolves leverage but does not create a good business, and at ~6-7x implied EV/EBITA the rump offers roughly fair value at best, yielding an expected annualised return inadequate for the risk of permanent impairment if enterprise UC commoditises or gaming peripherals face further structural pressure.”