Report
Jesper Ingildsen
EUR 95.40 For Business Accounts Only

Pandora (Buy, TP: DKK1550.00) - Better than recognised

Q4 LFL growth was c6%, in line with consensus, but slightly below buy-side expectations, we believe. Weak France performance was a drag (but appears isolated), while US LFL acceleration and strong current trading were more significant. 2025 LCY guidance was slightly soft, due to lower network expansion assumptions, while we believe the LFL assumptions are too conservative. Margin concerns amid higher silver prices were also well addressed. Reiterate our BUY and DKK1,550 target price.
Underlying
Pandora A/S

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.

Provider
DnB Markets
DnB Markets

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.

 

Analysts
Jesper Ingildsen

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