Pandora's CEO Is Out, Charms Show Weakness, Midterm Targets Maintained; Shares Cheap
We are reducing our fair value estimate for Pandora to DKK 600 per share from DKK 710. Our adjustments reflect lower growth and operating margin for 2018 as well as our expectations for lower sustainable profitability.ÂDespite the anticipated CEO replacement, the board stuck to midterm targets for store expansion and takeovers, and we incorporated those in our forecasts. We adjusted our revenue growth expectations for four years after 2018 a little lower (to 7.5% versus 8%-9% previously) as a r...
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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