reports
- ABGSC Consumer Goods Research
- Benjamin Wahlstedt
- Mikkel Kousgaard Rasmussen
- ABGSC Consumer Goods Research
- Benjamin Wahlstedt
- Mikkel Kousgaard Rasmussen
- ABGSC Consumer Goods Research
- Benjamin Wahlstedt
- Mikkel Kousgaard Rasmussen
Pandora AS: 2 directors
A director at Pandora AS bought 300 shares at 1,360.378DKK and the significance rating of the trade was 64/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly sh...
- Jesper Ingildsen
Pandora (Buy, TP: DKK1550.00) - Better than recognised
Q4 LFL growth was c6%, in line with consensus, but slightly below buy-side expectations, we believe. Weak France performance was a drag (but appears isolated), while US LFL acceleration and strong current trading were more significant. 2025 LCY guidance was slightly soft, due to lower network expansion assumptions, while we believe the LFL assumptions are too conservative. Margin concerns amid higher silver prices were also well addressed. Reiterate our BUY and DKK1,550 target price.
- ABGSC Consumer Goods Research
- Benjamin Wahlstedt
- Mikkel Kousgaard Rasmussen
- ABGSC Consumer Goods Research
- Benjamin Wahlstedt
- Mikkel Kousgaard Rasmussen
- ABGSC Consumer Goods Research
- Benjamin Wahlstedt
- Mikkel Kousgaard Rasmussen
- Jesper Ingildsen
Pandora (Buy, TP: DKK1550.00) - Bright outlook for growth
Despite no Q4 pre-release, we expect Pandora to report a strong Q4 and likely issue a conservative, but solid, guidance for 2025. Focus should again be on 2025–2026 profitability in the context of commodity/FX headwinds and cost mitigation efforts. More important, in our view, is the growth case, which we believe still offers upside potential. We reiterate our BUY and have raised our target price to DKK1,550 (1,350).
- ABGSC Consumer Goods Research
- Benjamin Wahlstedt
- Mikkel Kousgaard Rasmussen
- ABGSC Consumer Goods Research
- Benjamin Wahlstedt
- Mikkel Kousgaard Rasmussen
- ABGSC Consumer Goods Research
- Benjamin Wahlstedt
- Mikkel Kousgaard Rasmussen
- ABGSC Consumer Goods Research
- Benjamin Wahlstedt
- Mikkel Kousgaard Rasmussen
- ABGSC Consumer Goods Research
- Benjamin Wahlstedt
- Mikkel Kousgaard Rasmussen
- Jesper Ingildsen
Pandora (Buy, TP: DKK1350.00) - Silver overshadows solid quarter
The Q3 results were largely as expected, and solid given the macro backdrop and tough comparables. We still see some upside risk to the narrowed 2024 top-line guidance. Focus though was mostly on efforts to mitigate higher silver prices, which to an extent are only likely to be evident with the Q4 results, and we believe could also surprise positively. We reiterate our BUY, but have lowered our target price to DKK1,350 (1,400).
- ABGSC Consumer Goods Research
- Benjamin Wahlstedt
- Mikkel Kousgaard Rasmussen
- ABGSC Consumer Goods Research
- Benjamin Wahlstedt
- Mikkel Kousgaard Rasmussen
- ABGSC Consumer Goods Research
- Benjamin Wahlstedt
- Mikkel Kousgaard Rasmussen
- Jesper Ingildsen
Pandora (Buy, TP: DKK1400.00) - Solid Q3e on tough comparables
We expect another solid quarter, especially given the tough comparables. We see potential for the 2024 top-line guidance to be raised, and expect another update on commodity mitigation efforts to be well received following the recent spike in silver prices. We reiterate our BUY and DKK1,400 target price.
- ABGSC Consumer Goods Research
- Benjamin Wahlstedt
- Mikkel Kousgaard Rasmussen
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