Pandora’s 1Q Affected by Deceleration in China as Retail Costs Weigh; Shares Moderately Cheap
We maintain our no-moat rating for Pandora as it reported first-quarter results below our full-year expectations. The firm maintained full-year guidance for 7%-10% revenue growth at constant currencies and EBITDA margin of 35%. We expect increased product newness to support improved sales trends over the rest of the year but expect to lower our 2018 revenue forecast towards the lower end of management guidance (from 9.6% previously). This will not have a material impact on our fair value estimat...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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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