Pandora Is In the Early Stages of Turnaround Plan As Quarterly Numbers Remain Weak; FVE Remains
We are maintaining our DKK 560fair value estimate and no-moat rating for Pandora as the company reported weak first-quarter
results but confirmed full-year guidance. Shares remain cheap.
Revenue in the quarter declined by 8% in local currencies and 10% in like-for-like sales (we forecast a 4.7% revenue decline in local currency
for the full year), with particularly rapid declines in Europe. The U.S.
market saw better sales trends, while China was
the only expanding major market, with organic gr...
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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