Pandora (Sell, TP: DKK500.00) - Better than feared
Pandora just released a trading update for February 2021, revealing better sales than consensus expected so far in Q1, with organic growth of 4% YOY, despite 25–30% of its stores being closed in the period, suggesting strong online sales QTD. That said, we note that the number of temporarily closed stores remains high at around 25%. We expect positive consensus 2021e EBIT revisions of c2–4% on the back of the update, and believe a positive share price reaction is warranted.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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