Launching Coverage of Pandora With No-Moat Rating; Shares Trade at a Small Discount to DKK 710 FVE
We initiate coverage of Pandora with a no-moat rating and a fair value estimate of DKK 710 per share, implying adjusted 2018 P/E of 13 and enterprise value/EBITDA of 10. We see shares trading at a 10%-15% discount to our fair value estimate. We would recommend a slightly higher margin of safety for building a position in the name, given its high uncertainty.We see Pandora benefiting from high brand awareness and its global leadership position in the charm bracelet category, as well as a manufac...
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.
We have operations in 27 countries.
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