Pandora (Hold, TP: DKK325.00) - Set for a tough 2019 with cost focus
We expect Pandora’s Q4 results (due at 07:30 CET on 5 February) to be towards the low end of its guidance due to continued destocking of the wholesale channel and weak LFL growth. We are concerned 2019 is unlikely to mark a turning point in the negative revenue trend, but are slightly encouraged that margin pressure could ease somewhat. We reiterate our HOLD but have lowered our target price to DDK325 (375) on a mix of negative earnings revisions and market revaluation.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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