Pandora (Buy, TP: DKK1400.00) - Likely strong start to the year

Driven by strong brand momentum, increased investments and phased network expansion, we expect Pandora to have seen a strong start to the year (Q1 results due at 07:30 CET on 2 May). We forecast c15% organic growth YOY for Q1 (consensus c12%) and, as flagged by the company, a subdued EBIT margin due to investments. We continue to regard the full-year guidance as conservative (as has tended to be the case) and believe it could be updated with the results. We reiterate our BUY and DKK1,400 target ...

Pandora (Buy, TP: DKK1400.00) - Beyond charming

Following a closer look, we continue to believe Pandora is positioned for strong growth. Short-term, we expect easier comparables and a market recovery; longer-term, its strategy to become known as a full jewellery company, rather than just its charms, should drive sustainably higher growth (the ‘new Pandora’). We reiterate our BUY and have raised our target price to DKK1,400 (1,150).

Pandora (Buy, TP: DKK1150.00) - Momentum remains strong

Having already pre-released headline numbers in early January and with 2024 guidance largely in line with our expectations, the detailed Q4 results were rather uneventful. However, the current trading comments suggest momentum remains strong and that the 2024 guidance could prove to be conservative, which typically has been the case. We reiterate our BUY and have raised our target price to DKK1,150 (1,115).

Pandora A/S: Update following rating affirmation

Our credit view of Pandora reflects its good geographical and channel mixes, in-house production and high margins, offset by its exposure to a fragmented industry with intense competition.

Moody's affirms Pandora's Baa2 ratings; outlook stable

Moody's Investors Service (Moody's) has today affirmed the Baa2 long term issuer ratings of Pandora A/S (Pandora or the company), the Danish-based jewellery retailer, the Baa2 rating of its €500 million senior unsecured notes due 2028 and the (P)Baa2 ratings of its senior unsecured MTN program. The ...

Pandora AS: 3 directors

A director at Pandora AS sold 4,000 shares at 881.480DKK and the significance rating of the trade was 62/100. 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 show...

Pandora (Buy, TP: DKK1000.00) - Growth acceleration shining through

Pandora’s Q3 top-line growth was once again much stronger than expected, with LFL growth accelerating to c9% from c2% in Q2. Current trading comments suggest the strong momentum has continued into the important Q4, which makes us confident that even the raised 2023 guidance is conservative. We reiterate our BUY and have increased our target price to DKK1,115 (1,000) on strong growth momentum, which we see continuing in 2024.

Pandora (Buy, TP: DKK1000.00) - ‘Bright’ growth momentum

We expect strong Q3 results, with LFL growth likely to have accelerated from Q2, and the trading comments to suggest this trend has continued into the important Q4, which offers even easier YOY comparables. We still believe a full-year guidance raise is likely and that focus will start to shift towards a robust 2024e. We reiterate our BUY and DKK1,000 target price.

Pandora (Buy, TP: DKK1000.00) - Sparkling future

Yesterday we attended Pandora’s CMD in London. The key message, in our view, was the aim to transform the perception of the company to being a full jewellery brand to accelerate growth. While some might call the new target ambitious, we believe it could be conservative considering Pandora’s recent track record, sizeable growth opportunities and not least if it is successful in changing brand perception. We reiterate our BUY and have raised our target price to DKK1,000 (925).

Pandora (Buy, TP: DKK925.00) - The next growth chapter

Pandora is due to host a CMD on 5 October, which we expect to be a positive catalyst. Management is likely to outline new 2026 financial targets and amplify strategies to underpin them. We believe the guidance could be for a 2023–2026 LCY CAGR of 6–8% and 2026 EBIT margin of at least 26–28%, above consensus. We reiterate our BUY and have raised our target price to DKK925 (815).

Northern Lights

Pandora (Buy, TP: DKK815.00) - Growth acceleration charms

Q2 top-line growth was much stronger than expected, accelerating QOQ, with even faster growth QTD. The improved US momentum was notable given recent peer reporting. While the 2023 top-line guidance was updated to reflect the better momentum, trading comments suggest that even this could be conservative. Focus now moves to the 5 October CMD, which could be another catalyst. We reiterate our BUY and DKK815 target price.

Northern Lights

Northern Lights

Pandora (Buy, TP: DKK815.00) - Q2e likely to outshine consensus

We expect solid Q2 results, with LFL sales growth likely to trend above the high end of the full-year guidance despite US concerns. We also believe the full-year guidance could be raised, as we still expect the company to weather the macro environment better than feared. We reiterate our BUY and DKK815 target price.

Pandora (Buy, TP: DKK815.00) - Promising start to the year

Pandora’s Q1 results showed a strong start to the year, with the trading in line with the high end of its updated guidance. However, the focus was on the cautious comments about US consumers, which we believe overshadowed just how much the macro environment would have to deteriorate to reach even the high end of the LFL sales growth guidance. We reiterate our BUY and DKK815 target price.

Moody's withdraws Pandora A/S' Other Short Term ratings

Moody's Investors Service ("Moody's") has today withdrawn the (P)P-2 other short-term ratings of Pandora A/S' EUR 1.5 billion senior unsecured euro medium term note (MTN) programme. All other ratings of Pandora A/S are unaffected by this rating action. RATINGS RATIONALE Moody's has decided to ...

Pandora (Buy, TP: DKK815.00) - Charmed

Charmed Following a closer look at Pandora’s growth drivers, we continue to believe its 2023 organic growth guidance looks conservative. While we calculate that worst-case a recession could hit global demand for jewellery by 3–5%, we see company-specific growth drivers worth 5–7%-points. Even in the event of a global recession in 2023 (as we expect), we still estimate Pandora could report c10% EPS growth, and high-teens longer-term. We reiterate our BUY and have raised our target price to DKK815...

Pandora A/S: New issuer - Baa2 rating with a stable outlook

Our credit view of Pandora reflects its high profitability, low leverage, good liquidity and recognised brand.

Moody's assigns Baa2 rating to Pandora's new senior unsecured notes

Moody's Investors Service (Moody's) has today assigned a Baa2 rating to the proposed €500 million senior unsecured notes due 2028 to be issued by Pandora A/S (Pandora or the company). Concurrently, Moody's assigned a provisional long term (P)Baa2 and short term (P)Prime-2 ratings to the company's €1...