Although Pandora's Path to Recovery Remains Thorny, Market Pessimism Creates Opportunity
Pandora's shares have lost their shine, declining 70% since their peak in mid-2016 versus only a 5% drop for the Stoxx 600, incorporating mounting investor concerns about the strength of the company's brand, plausibility of its expansion strategy, and sustainability of its core charm category's appeal. And while we don't award Pandora a moat and contend that the company is facing challenges of waning demand for its core charm bracelet category (75% of total sales), we believe the market is under...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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