Pandora (Hold, TP: DKK320.00) - Weak revenue trend to continue
We expect Pandora to report soft Q1 results (due on 7 May at 07:30 CET) with double-digit negative LFL sales growth reflecting soft underlying demand across all key markets, less promotional activity and continued destocking in the wholesale channel. Although we are slightly above consensus on EBIT, most likely due to our lower estimate for restructuring costs, we believe investors are likely to remain lukewarm in light of the weak sales trend. We reiterate our HOLD, but have lowered our target price to DKK320 (325) on the back of minor negative estimate revisions.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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