Quick re-stack from the GN Store Nord Q3-25 review. The below comment captured the setup really well.

The market still seems to be treating GN as a leveraged consumer headset story, while a big part of the value is in the Medtech side. The proprietary DNN work in ReSound looks like a real moat, and it is increasingly showing up in performance. At the same time, the valuation still looks disconnected versus e.g. Demant, even though GN is growing meaningfully faster. If cash generation and FCF conversion stay strong, the balance sheet should keep improving quarter by quarter.

Rerating likely needs a few more quarters of steady deleveraging and execution, but that is also why it can make sense to start building a position now rather than waiting for the market to fully bless it. If you like the fundamentals, you can scale in while the multiple is still depressed and let the next year or so of progress do the work - better entry before that story becomes consensus.