Pandora (Buy, TP: DKK1400.00) - Still shining, despite headwinds
With c8% LFL growth YOY, the Q2 top line was largely in line, but profitability beat forecasts helped by record-high gross margins. Despite tough comparables, current trading was said to be up mid-single digit LFL, reflecting the strength of ‘new’ Pandora. The raised 2024 guidance was a positive and possibly still conservative, particularly given the Essence launch. Encouragingly, Pandora reconfirmed its 2026 margin target despite higher silver prices. We reiterate our BUY and DKK1,400 target price.Pandora designs, manufactures and markets jewelry made from genuine metals. Co. designs, produces and sells charms, bracelets, rings, necklaces, pendants and earrings. Co.'s products are made from gold, silver, gemstones, cultured pearls and stones and other jewelry materials. Co.'s jewelry is sold in more than 90 countries on six continents through approximately 9,900 points of sale, including more than 1,400 concept stores. Co.'s products are sold globally through such points of sale as concept stores, silver stores, gold stores, shop-in-shops and white stores.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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