Pandora (Hold, TP: DKK270.00) - Set for a tough 2020
Our Q4 EBIT forecast is at the low end of the guidance (results due at 07:30 CET on 4 February), reflecting soft LFL growth, low promotional activity, and mixed feedback on its brand relaunch, partly offset by strong gross margins in the quarter. Despite an increasingly attractive valuation, we believe investors will remain lukewarm given the weak sales trend and our view of further negative consensus revisions going into 2020. We reiterate our HOLD and DKK270 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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