Pandora (Buy, TP: DKK825.00) - US and China unlikely to shine
Largely in line with consensus, we expect Pandora to report a strong Q2 excluding the US and China, albeit with the EBIT margin under pressure YOY owing to last year’s one-offs. Despite the likely strong H1, we believe Pandora will maintain its 2022 guidance given the uncertainty around consumer spending. Therefore, we have cut our target price to DKK825 (940), but still find the valuation attractive. We reiterate our BUY.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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