Pandora (Buy, TP: DKK815.00) - Charmed
Charmed Following a closer look at Pandora’s growth drivers, we continue to believe its 2023 organic growth guidance looks conservative. While we calculate that worst-case a recession could hit global demand for jewellery by 3–5%, we see company-specific growth drivers worth 5–7%-points. Even in the event of a global recession in 2023 (as we expect), we still estimate Pandora could report c10% EPS growth, and high-teens longer-term. We reiterate our BUY and have raised our target price to DKK815 (775).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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