Weekly structural research · CPH · Healthcare

DEMANT Stage Analysis

Demant A/S

Week ending 9 Oct 2026Close DKK 341.20Tenure EstablishedBenchmark ^OMXC25

Screen this regime Supporting research Report data ↗

Executive diagnosis

What the Activity Line geometry says now

Structure, not prediction

Upward Expansion · Established expansion

The weekly architecture is expanding upward.

Trend and Activity show sustained positive alignment with constructive price acceptance. Directional energy remains positive; cooling within this regime can indicate that it is maturing.

The Trend gate is up within the current regime.
Fast Activity versus Slow Activity: improving.
Activity structure: wide and expanding.

Direction 96−100 bearish to +100 bullish

Energy 95/100directional strength

Maturity 58/100lifecycle context

Confidence 77/100evidence agreement

Trend gate Upstructural direction

Activity structure Wideexpanding separation

Price acceptance +100.0%position within the Activity structure

Fair Value context +28.0%DKK 266.57 · improving

Trend Architecture map · Historical context

Weekly close, Activity, Trend and Fair Value

Follow price and Trend first, then add Activity Lines to inspect the structure. Subtle bands show the regime recognized at each completed observation; the dashed line marks current Fair Value, not a historical forecast.

CloseTrendCurrent Fair Value

Background stage key

BalanceDirection is contained.
Rotation UpStructure is turning higher.
Upward ExpansionUptrend is established.
DecelerationUptrend is losing energy.
Rotation DownStructure is turning lower.
Downward ExpansionDowntrend is established.

View chart values · 156 observations

Week	Close	Trend	Relative Strength	Volume	Regime	Direction	Energy
2026-10-09	341.20	258.99	40.84	1395947	Upward Expansion	96	95
2026-10-02	314.00	253.89	31.03	1717941	Upward Expansion	84	77
2026-09-25	307.20	249.67	27.68	1008415	Upward Expansion	81	71
2026-09-18	301.00	245.99	23.37	1227718	Upward Expansion	78	68
2026-09-11	294.40	242.03	21.32	1158673	Upward Expansion	71	65
2026-09-04	291.80	238.09	17.42	246552	Upward Expansion	71	67
2026-08-28	285.40	234.61	14.22	257497	Upward Expansion	65	74
2026-08-21	287.00	232.44	15.90	223463	Upward Expansion	66	77
2026-08-14	297.40	230.54	20.60	300764	Upward Expansion	88	87
2026-08-07	282.20	228.39	17.85	190405	Upward Expansion	75	86
2026-07-31	281.00	226.46	17.66	568166	Upward Expansion	74	79
2026-07-24	273.60	224.21	15.25	497301	Upward Expansion	66	85
2026-07-17	277.80	222.22	12.54	328664	Upward Expansion	75	88
2026-07-10	272.20	220.00	11.89	295150	Upward Expansion	72	82
2026-07-03	281.80	218.19	14.23	245718	Upward Expansion	88	88
2026-06-26	266.00	216.01	13.42	232765	Upward Expansion	81	80
2026-06-19	247.80	214.45	9.01	680853	Upward Expansion	67	81
2026-06-12	251.20	213.35	8.64	218863	Upward Expansion	71	85
2026-06-05	252.20	212.22	9.77	1051611	Upward Expansion	76	87
2026-05-29	250.20	211.17	7.05	2660367	Rotation Up	79	86
2026-05-22	247.20	210.01	5.62	2252691	Rotation Up	54	71
2026-05-15	235.80	209.59	1.65	1341141	Rotation Up	38	58
2026-05-08	233.00	209.64	1.49	3084843	Balance	39	40
2026-05-01	209.00	209.47	-9.54	1555238	Balance	-7	19
2026-04-24	205.20	210.13	-10.52	2045860	Balance	-22	22
2026-04-17	222.60	210.81	-6.22	2507177	Deceleration	-6	13
2026-04-10	198.30	211.33	-15.20	1981326	Deceleration	-41	27
2026-04-03	195.60	213.02	-14.54	1666505	Downward Expansion	-45	34
2026-03-27	186.10	214.79	-15.47	1368331	Downward Expansion	-59	45
2026-03-20	181.50	216.72	-17.16	2916279	Downward Expansion	-67	50
2026-03-13	188.10	219.23	-16.81	1750942	Downward Expansion	-61	52
2026-03-06	187.50	221.18	-18.63	2439297	Downward Expansion	-64	79
2026-02-27	196.80	223.47	-16.80	3841885	Downward Expansion	-64	81
2026-02-20	182.10	225.07	-26.88	2979301	Downward Expansion	-76	87
2026-02-13	176.20	228.33	-29.42	2396137	Downward Expansion	-86	84
2026-02-06	187.40	231.52	-27.09	5957590	Downward Expansion	-75	40
2026-01-30	220.40	234.06	-17.26	1556641	Balance	-16	19
2026-01-23	230.00	235.59	-14.84	1693800	Downward Expansion	-9	15
2026-01-16	233.00	236.73	-15.25	2236175	Downward Expansion	-22	15
2026-01-09	224.20	237.79	-17.44	1933850	Downward Expansion	-46	33
2026-01-02	213.40	239.70	-18.50	492089	Downward Expansion	-60	46
2025-12-26	214.00	241.65	-18.26	323474	Downward Expansion	-61	46
2025-12-19	211.20	243.09	-18.86	1775373	Downward Expansion	-67	48
2025-12-12	217.80	244.69	-17.03	1066218	Downward Expansion	-60	46
2025-12-05	216.40	246.31	-15.98	1426932	Downward Expansion	-64	57
2025-11-28	219.20	247.42	-14.10	1920187	Downward Expansion	-62	62
2025-11-21	214.80	248.39	-13.55	1263096	Downward Expansion	-69	75
2025-11-14	217.40	249.01	-13.86	1254592	Downward Expansion	-69	68
2025-11-07	220.80	249.21	-10.77	2141841	Downward Expansion	-66	51
2025-10-31	215.40	249.27	-13.25	1829795	Downward Expansion	-78	62
2025-10-24	234.40	249.31	-6.71	1581732	Downward Expansion	-58	43
2025-10-17	237.40	249.51	-5.32	1326927	Rotation Down	-60	62
2025-10-10	227.80	249.97	-9.25	930361	Rotation Down	-41	62
2025-10-03	228.80	250.69	-8.50	1376190	Rotation Down	-43	59
2025-09-26	225.80	251.51	-6.21	1283912	Rotation Down	-49	55
2025-09-19	238.00	252.61	-3.32	1142311	Balance	-31	40
2025-09-12	249.00	253.54	1.78	837604	Balance	-16	29
2025-09-05	248.80	253.99	1.39	1084704	Balance	-19	31
2025-08-29	244.00	254.53	-0.49	1985915	Balance	-22	30
2025-08-22	256.80	256.06	1.84	1289913	Balance	-10	20
2025-08-15	246.60	257.03	1.54	1540687	Balance	-17	17
2025-08-08	256.20	258.48	4.59	919909	Balance	-0	5
2025-08-01	244.80	259.51	2.28	1233442	Balance	-9	7
2025-07-25	279.80	260.10	7.03	510659	Balance	36	30
2025-07-18	272.00	259.65	7.72	555306	Balance	19	16
2025-07-11	263.60	259.36	4.89	586180	Balance	12	12
2025-07-04	266.40	259.59	6.42	873298	Rotation Up	16	21
2025-06-27	264.20	259.81	5.80	1045644	Rotation Up	19	31
2025-06-20	264.60	259.97	4.67	2078739	Rotation Up	20	36
2025-06-13	281.60	260.03	6.90	1805471	Rotation Up	35	45
2025-06-06	272.00	259.47	3.42	1150558	Downward Expansion	28	32
2025-05-30	257.00	259.14	0.29	809205	Downward Expansion	-6	21
2025-05-23	259.40	259.26	1.46	1214604	Downward Expansion	-14	25
2025-05-16	266.20	259.61	3.89	1035610	Downward Expansion	-12	20
2025-05-09	249.80	259.70	1.15	1952136	Downward Expansion	-42	26
2025-05-02	248.20	260.18	-1.13	1197704	Downward Expansion	-60	45
2025-04-25	233.40	260.63	-0.91	852098	Downward Expansion	-66	76
2025-04-18	223.60	261.73	-4.09	915517	Downward Expansion	-72	85
2025-04-11	222.40	263.21	-1.08	1709583	Downward Expansion	-79	85
2025-04-04	216.80	265.29	-4.12	1572837	Downward Expansion	-91	87
2025-03-28	240.40	267.41	-5.53	1040286	Downward Expansion	-77	75
2025-03-21	251.20	268.92	-4.39	909325	Downward Expansion	-67	69
2025-03-14	249.20	269.83	-6.48	1208132	Downward Expansion	-72	69
2025-03-07	253.40	270.49	-7.62	1444378	Balance	-58	49
2025-02-28	258.80	270.82	-8.16	1542743	Balance	-25	31
2025-02-21	266.00	270.93	-4.97	1279494	Balance	-2	13
2025-02-14	262.40	270.61	-4.71	1576794	Upward Expansion	17	9
2025-02-07	265.00	270.18	-4.44	2318049	Upward Expansion	40	46
2025-01-31	290.00	271.44	5.04	1220880	Rotation Up	66	73
2025-01-24	286.00	271.69	3.80	1198313	Rotation Up	32	54
2025-01-17	290.00	272.21	6.72	1337167	Balance	31	42
2025-01-10	287.00	272.72	3.41	1154762	Balance	7	7
2025-01-03	262.60	274.03	-6.91	549300	Balance	-51	27
2024-12-27	266.20	276.41	-5.32	217331	Balance	-33	14
2024-12-20	263.40	278.51	-3.42	1537359	Balance	-36	17
2024-12-13	270.40	280.68	-6.08	1301081	Balance	-27	15
2024-12-06	273.00	282.83	-6.54	1234599	Downward Expansion	-30	14
2024-11-29	269.20	284.41	-7.90	1866741	Downward Expansion	-38	24
2024-11-22	266.20	286.27	-8.67	1690767	Downward Expansion	-51	34
2024-11-15	264.80	288.28	-8.12	1463472	Downward Expansion	-53	36
2024-11-08	262.20	289.97	-11.14	1793041	Downward Expansion	-59	39
2024-11-01	260.60	291.87	-14.32	1682883	Downward Expansion	-64	43
2024-10-25	269.80	293.87	-11.99	1317986	Downward Expansion	-57	46
2024-10-18	269.00	296.31	-13.27	1251079	Downward Expansion	-60	57
2024-10-11	264.20	298.83	-15.37	1209861	Downward Expansion	-61	48
2024-10-04	261.60	301.62	-15.31	1713394	Downward Expansion	-66	46
2024-09-27	266.60	304.96	-15.98	2989709	Downward Expansion	-63	39
2024-09-20	268.00	307.85	-17.00	2119838	Downward Expansion	-49	29
2024-09-13	284.80	311.21	-14.44	1840809	Downward Expansion	-36	26
2024-09-06	280.40	313.92	-12.54	1380447	Downward Expansion	-41	30
2024-08-30	285.60	316.56	-12.69	1730448	Downward Expansion	-47	40
2024-08-23	278.40	317.65	-14.35	1644145	Downward Expansion	-62	57
2024-08-16	269.00	318.90	-17.55	1411303	Downward Expansion	-66	81
2024-08-09	263.40	320.10	-18.24	1189313	Downward Expansion	-68	88
2024-08-02	262.00	321.80	-18.92	2661489	Downward Expansion	-74	90
2024-07-26	256.60	322.84	-21.45	1159392	Downward Expansion	-87	94
2024-07-19	249.40	324.16	-22.84	3461765	Downward Expansion	-95	92
2024-07-12	302.80	325.63	-9.23	776267	Rotation Down	-63	74
2024-07-05	297.60	325.61	-9.87	755945	Rotation Down	-45	63
2024-06-28	301.40	325.46	-7.56	1107205	Deceleration	-41	47
2024-06-21	305.40	324.83	-7.25	1579616	Deceleration	-36	25
2024-06-14	326.40	323.93	-0.70	1003953	Deceleration	23	13
2024-06-07	334.00	322.22	-0.66	903945	Deceleration	31	20
2024-05-31	329.00	319.82	-0.39	1872826	Deceleration	25	15
2024-05-24	328.60	318.04	0.17	1765284	Deceleration	22	12
2024-05-17	335.00	315.83	1.76	1695237	Deceleration	21	12
2024-05-10	320.40	313.44	0.15	1042301	Deceleration	-0	15
2024-05-03	324.80	311.97	4.08	1470578	Deceleration	4	19
2024-04-26	326.60	310.63	3.98	1128333	Deceleration	4	23
2024-04-19	315.60	309.50	1.53	876511	Deceleration	6	23
2024-04-12	319.00	308.63	1.67	1123307	Deceleration	20	26
2024-04-05	320.80	308.41	1.64	1104555	Deceleration	33	26
2024-03-29	343.00	307.40	7.82	639853	Upward Expansion	47	41
2024-03-22	344.40	305.47	8.35	1208909	Upward Expansion	61	53
2024-03-15	347.90	303.71	11.44	1733031	Upward Expansion	65	63
2024-03-08	361.80	301.30	14.63	1717034	Upward Expansion	68	85
2024-03-01	353.30	298.19	14.96	1857770	Upward Expansion	68	88
2024-02-23	369.00	295.22	22.79	1185630	Upward Expansion	87	95
2024-02-16	366.00	291.92	22.28	1550626	Upward Expansion	93	97
2024-02-09	359.60	288.68	22.34	2401361	Upward Expansion	94	93
2024-02-02	318.40	285.47	10.97	895291	Upward Expansion	73	74
2024-01-26	315.80	283.91	11.84	1601685	Upward Expansion	72	64
2024-01-19	304.90	283.00	10.13	988354	Upward Expansion	62	55
2024-01-12	314.50	282.18	10.85	1317370	Upward Expansion	76	61
2024-01-05	293.30	281.19	5.61	577394	Upward Expansion	58	56
2023-12-29	296.00	280.83	8.79	1676494	Upward Expansion	61	61
2023-12-22	293.50	279.96	9.61	1638461	Upward Expansion	57	56
2023-12-15	302.30	279.26	16.26	2213126	Balance	66	48
2023-12-08	293.20	278.53	15.40	1619361	Balance	29	22
2023-12-01	282.30	278.07	12.32	2454715	Balance	12	6
2023-11-24	278.40	278.41	12.64	1348922	Balance	-44	21
2023-11-17	275.30	278.78	12.14	949161	Balance	-52	33
2023-11-10	261.90	279.11	11.54	2527879	Balance	-61	48
2023-11-03	275.50	279.31	18.52	1059123	Balance	-25	28
2023-10-27	262.40	278.37	16.57	976838	Balance	-27	29
2023-10-20	263.30	277.63	16.28	1133700	Balance	-14	17

Price vs TrendAbove+31.7%

Trend directionRising+14.4%

Price vs current Fair ValuePremium+28.0%

Fair Value directionClosing upward+25.5%

Relative Strength vs benchmarkLeading+40.8%

Relative strength directionImproving+28.9%

Price momentumPositive+72.1%

Volume balanceDemand-led8.32×

Beyond the current label

Is the structure strengthening or losing force?

Direction and energy measure different things

Direction shows the upward or downward lean. Energy shows the force behind the structural move: high energy can accompany a strong decline as well as an advance.

Direction

96 / ±100

+24.9 points since 2026-09-11

Energy

95 /100

+30.0 points since 2026-09-11

Recent change compares the latest reading with four observations earlier. Missing readings remain unavailable. Use the chart values above to inspect individual observations.

DEMANT Directional State ↗ DEMANT Momentum Intelligence ↗

Comparative structural evidence

Why this architecture regime won

Every regime is evaluated

Balance1

Rotation Up88

Upward Expansion99

Deceleration40

Rotation Down10

Downward Expansion21

The winning regime is the state most consistent with the complete SM evidence set. Direction, energy, maturity and confidence describe different aspects of the current structure, while contradictory evidence remains visible rather than being averaged into false certainty.

Time spent in each state

The context behind today’s regime

2023-10-20 to 2026-10-09 · 156 classified observations out of 156 shown.

Balance 21%Rotation Up 6%Upward Expansion 23%Deceleration 10%Rotation Down 4%Downward Expansion 37%

Recent Trend Architecture ledger

Regime	Recognized	Last observation	Tenure	Move inside regime
Upward Expansion	2026-06-05	2026-10-09	Established	+35.3%
Rotation Up	2026-05-15	2026-05-29	New	+6.1%
Balance	2026-04-24	2026-05-08	New	+13.5%
Deceleration	2026-04-10	2026-04-17	New	+12.3%
Downward Expansion	2026-02-06	2026-04-03	Developing	+4.4%
Balance	2026-01-30	2026-01-30	New	+0.0%
Downward Expansion	2025-10-24	2026-01-23	Established	-1.9%
Rotation Down	2025-09-26	2025-10-17	New	+5.1%
Balance	2025-07-11	2025-09-19	Developing	-9.7%
Rotation Up	2025-06-13	2025-07-04	New	-5.4%
Downward Expansion	2025-03-14	2025-06-06	Established	+9.1%
Balance	2025-02-21	2025-03-07	New	-4.7%
Upward Expansion	2025-02-07	2025-02-14	New	-1.0%
Rotation Up	2025-01-24	2025-01-31	New	+1.4%

Classic Stage Analysis comparison

Stage 1 · Basing19

Stage 2 · Advancing100

Stage 3 · Distribution51

Stage 4 · Declining0

Legacy result: Stage 2 · Stage 2C · Late advance. It remains visible while the experimental architecture is validated rather than being silently discarded.

Leadership versus ^OMXC25

Is relative performance confirming the geometry?

Confirmation, not classification

Relative Strength

The security is compared with its market benchmark on the SM scale. Above zero indicates relative leadership; direction shows whether that leadership is improving or weakening.

Confirmation evidence

Leading benchmark

Architecture confirmation: 100/100
Current Relative Strength: 40.84
Relative Strength direction: Improving
Price momentum: +72.1%
Excess performance vs benchmark: +68.1%
Healthcare regime cohort: 71th percentile7 in cohort

Test DEMANT trend persistence

Participation and structure

Is demand confirming the architecture?

Volume cannot overrule geometry

Relative volume1.92×

Latest completed volume relative to typical participation.

Up/down volume8.32×

Participation balance between advancing and declining observations.

Accumulation / distribution5 / 0

Recent participation evidence classified by demand and supply.

Activity alignment+100.0%

Current positive alignment across Activity and Trend.

Fast/slow rotationImproving

Current relationship between Fast Activity and Slow Activity.

Structure stability+0.0%

Whether recent Activity evidence is stable or remains in balance.

Weekly volume with architecture context

Bars show completed weekly volume; the dashed line provides typical-volume context. Both measures use the same scale.

Explore DEMANT Volume & Price ↗

Decision architecture

References that would change the structural read

Evidence levels, not orders

Fast Activity DKK 318.67rising

Slow Activity DKK 280.85rising

Trend Reference DKK 258.99+31.7% close margin

Current Fair Value DKK 266.57+28.0% close margin

Structural low DKK 192.60shock / repair context

What changes the read?

Sustained fan recompression, a fast-line rollover or repeated closes inside/below the fan move the read toward Deceleration or Rotation Down.

Range context +3.7%

Annualized volatility +30.8%

From structural high -1.4%

From structural low +95.0%

Point-in-time evidence

What followed this architecture in this market?

Descriptive history, never a forecast

Historical comparisons use only the structural read that would have been available at each completed observation. Independent observations are used where possible, with benchmark comparison beginning after each recognized state.

Outcome horizon	Samples	Median move	Positive periods	Directional follow-through	Median excess vs ^OMXC25	Regime survived	Read
Near term	17	-0.3%-8.3% to +20.5%	+47.1%	+47.1%	+0.9%	+64.7%	Usable descriptive sample
Intermediate	8	+1.3%-12.6% to +20.1%	+62.5%	+62.5%	+3.5%	+62.5%	Usable descriptive sample
Extended	5	-2.2%-22.3% to +21.8%	+40.0%	+40.0%	+3.0%	+40.0%	Usable descriptive sample
Full cycle	3	-18.1%-29.9% to +42.8%	+33.3%	+33.3%	-5.2%	+33.3%	Too little matched history

Evidence framework

What the analysis measures and where its limits lie

Trend Architecture

Trend Architecture brings Price, Fast Activity, Slow Activity and Trend into one structural read. It identifies balance, rotation, expansion, deceleration and contraction while requiring persistent evidence for confirmed regime changes.

Evidence roles

Trend, Activity, relative strength, volume and Fair Value each have a defined role in the SM evidence framework. No single reading is treated as sufficient on its own, and conflicting evidence remains visible.

Fair Value and RS

Current Fair Value provides a long-term price anchor and shows whether price is trading above, below or repairing toward that reference. Relative Strength compares the security with its benchmark and shows whether leadership is improving or weakening.

Known limitations

Weekly structure recognizes conditions after they develop. Event gaps can bypass smooth transitions, sideways markets can rotate repeatedly, and historical samples for a particular regime can be thin.

Independent market research for education. Not investment advice, a recommendation, a forecast, a target, or an execution instruction. Historical regime behaviour does not establish what happens next.

DEMANT Stage Analysis

What the Activity Line geometry says now

The weekly architecture is expanding upward.

Weekly close, Activity, Trend and Fair Value

Is the structure strengthening or losing force?

Direction

Energy

Why this architecture regime won

The context behind today’s regime

Is relative performance confirming the geometry?

Relative Strength

Leading benchmark

Is demand confirming the architecture?

Weekly volume with architecture context

References that would change the structural read

What followed this architecture in this market?

What the analysis measures and where its limits lie

Trend Architecture

Evidence roles

Fair Value and RS

Known limitations

Send a message

Evidence context

What the Activity Line geometry says now

The weekly architecture is expanding upward.

Weekly close, Activity, Trend and Fair Value

Is the structure strengthening or losing force?

Direction

Energy

Why this architecture regime won

The context behind today’s regime

Is relative performance confirming the geometry?

Relative Strength ?

Leading benchmark

Is demand confirming the architecture?

Weekly volume with architecture context

References that would change the structural read

What followed this architecture in this market?

Test the structure from another angle

Trend Persistence ↗

Directional State ↗

Momentum Intelligence ↗

Volume & Price ↗

Similar Charts ↗

RMI Reversal Map ↗

What the analysis measures and where its limits lie

Trend Architecture

Evidence roles

Fair Value and RS

Known limitations

Relative Strength

Trend Persistence

Directional State

Momentum Intelligence

Volume & Price

Similar Charts

RMI Reversal Map