Pandora (Buy, TP: DKK775.00) - New guidance de-risks 2023
The Q4 results were much better expected, exceeding the 2022 guidance. The guidance for 2023 was largely in line, de-risking 2023 (particularly the EBIT margin) but also seems conservative. Notably, current trading already is tracking in line with the high end of the 2023 guidance with no major impact from changes in consumer behaviour. Impressively the company decided to accelerate buybacks, which we take as a signal of strength and confidence. We reiterate our BUY and have raised our target price to DKK775 (750).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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