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    Martin Brenoe

    Research Analyst at Nordea

    Martin Brenøe is an Equity Analyst at Nordea Markets, specializing in coverage of listed Danish medical and healthcare companies such as Embla Medical, Coloplast, and Demant. He provides fundamental equity research and consensus estimates for these firms, though current performance data show a 0% published success rate and an average return of -35.7% over the past year on TipRanks, with his most profitable rating at a break-even. Brenøe has been with Nordea Markets for multiple years, appearing in analyst directories dating back at least to 2023, and is regularly cited alongside other senior sector specialists; information on previous employers is not available. His professional credentials and securities licenses are not explicitly listed, but his longstanding position at a major Nordic investment bank reflects established expertise in Nordic equity research.

    Martin Brenoe's questions to GNNDY leadership

    Martin Brenoe's questions to GNNDY leadership • Q2 2024

    Question

    Asked for clarification on Enterprise segment growth drivers (headsets vs. video), the path to achieving the full-year EBITDA margin guidance, and the basis for confidence in an end-of-year Enterprise recovery.

    Answer

    The Enterprise headset market is flat, but the overall segment is pulled down by the Speak category. The company is confident in achieving its full-year margin target due to H2-weighted sales and increasing synergies. The Q3 Enterprise market is not expected to show growth, with the recovery still anticipated towards the end of the year.

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    Martin Brenoe's questions to GNNDY leadership • Q3 2023

    Question

    Questioned the timing of synergy costs and benefits, seeking clarification on the net impact of the DKK 300 million one-off cost and DKK 400 million synergy. He also asked about the plan to cover the DKK 500 million residual funding need, particularly regarding the potential for more divestments.

    Answer

    The DKK 400 million synergy in 2024 is a net impact on top of the 2023 adjusted cost base (which excludes the DKK 300 million one-off). The DKK 500 million residual funding can be covered by operating cash flow, further non-core asset disposals (if the price is right), or the undrawn RCF, providing a clear and flexible capital plan.

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