Pandora's Price Cuts in China as Expected, Offset by Tariff Reduction; Shares Cheap
We are maintaining our fair value for Pandora after the company announced 15% price reductions for its products in China (the region contributes 7% of sales). The announcement wasn't unexpected and is reasonable in our view, given the problems the company is having in the region with grey-market sales and the fact that Chinese retail prices are around 30% higher than in Europe and 60% higher than in Australia. Given that the average discount for goods sold in online grey markets is around 25%, a...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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