PNDORA Pandora A/S

Pandora Annual Report 2019

Pandora Annual Report 2019

Please find the Annual Report for 2019 enclosed.

Attachment

EN
04/02/2020

Underlying

To request access to management, click here to engage with our
partner Phoenix-IR's CorporateAccessNetwork.com

Reports on Pandora A/S

ABGSC Consumer Goods Research ... (+3)
  • ABGSC Consumer Goods Research
  • Benjamin Wahlstedt
  • Mikkel Kousgaard Rasmussen
ABGSC Consumer Goods Research ... (+3)
  • ABGSC Consumer Goods Research
  • Benjamin Wahlstedt
  • Mikkel Kousgaard Rasmussen
ABGSC Consumer Goods Research ... (+3)
  • ABGSC Consumer Goods Research
  • Benjamin Wahlstedt
  • Mikkel Kousgaard Rasmussen
ABGSC Consumer Goods Research ... (+3)
  • ABGSC Consumer Goods Research
  • Benjamin Wahlstedt
  • Mikkel Kousgaard Rasmussen
Jesper Ingildsen
  • Jesper Ingildsen

Pandora (Buy, TP: DKK1400.00) - Still shining, but potential pressure

We expect Pandora to report a solid start to the year, with 6.4% LFL growth (consensus 5.6%) in Q1e, but believe focus is more likely to be on the implications (direct and indirect) of tariffs and higher silver prices. However, we believe these concerns are more than priced in after recent share-price weakness. We reiterate our BUY, but have lowered our target price to DKK1,400 (1,550).

ResearchPool Subscriptions

Get the most out of your insights

Get in touch