Pandora (Buy, TP: DKK940.00) - Strong Q1, conservative guidance
Driven by strong execution and operating leverage, Pandora reported a much stronger than expected Q1 with c21% organic revenue growth and 45% EBIT growth. However, due to greater uncertainty (including consumer confidence), Pandora raised only the lower end of its top-line guidance; nevertheless, considering the strong start to the year and still-healthy consumer demand, we still find the guidance too conservative. We reiterate our BUY and DKK940 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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