The Pandora Jewellery Box - November 2024

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).

Growth story looking even more charming

Another very solid quarter

Time to prove growth is sticky - up to BUY

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.

Feedback from expert speaker event

Pandora A/S: Annual Update

Our credit view of Pandora reflects its good geographical and channel mixes, including its well-suited online capabilities, offset by the fragmented industry with intense competition.

Moody's Ratings announces completion of a periodic review of ratings o...

Moody's Ratings (Moody's) has completed a periodic review of the ratings of Pandora A/S and other ratings that are associated with this issuer. The review was conducted through a rating committee held on 26 August 2024 in which we reassessed the appropriateness of the ratings in the context of the ...

BerGenBio (Sell, TP: NOK5.00) - Q2 report

BerGenBio said that its BGBC016 trial is progressing as planned, with all sites in the phase IIa part activated. It expects a phase IIa interim analysis at end-2024. We reiterate our SELL and NOK5 target price.

Q2 highly supportive for fundamentals, but...

Pandora (Buy, TP: DKK1400.00) - Still shining, despite headwinds

With c8% LFL growth YOY, the Q2 top line was largely in line, but profitability beat forecasts helped by record-high gross margins. Despite tough comparables, current trading was said to be up mid-single digit LFL, reflecting the strength of ‘new’ Pandora. The raised 2024 guidance was a positive and possibly still conservative, particularly given the Essence launch. Encouragingly, Pandora reconfirmed its 2026 margin target despite higher silver prices. We reiterate our BUY and DKK1,400 target pr...

Another excellent quarter in a tough market

Organic growth unlikely to save margins in Q2

Q2e: 8.5% LFL and 12.5% organic growth, EBIT margin down 0.7pp. We will focus on growth in FWM, consumer outlook, and marketing. Some downside risk to cons. from weakish consumer trends: HOLD

Pandora (Buy, TP: DKK1400.00) - Trading and commodity in focus

We forecast another solid quarter, but expect the focus to be on the current trading comments, given the tough H2e comparables. We also look for an update on commodity mitigation efforts. If the commentary is strong, easing investor commodity headwind concerns, the Q2 results could be a share price catalyst. We see a continued buying opportunity on the recent share price weakness, and reiterate our BUY and DKK1,400 target price.

Pandora (Buy, TP: DKK1400.00) - Craftmanship at scale

Pandora hosted an investor and analyst trip to Thailand on 11–12 June specifically to see its production setup. We left impressed by its craftmanship at scale, while we believe ongoing efforts to improve efficiency should support continued gross-margin gains, despite pressure short- to medium term from higher silver prices. We reiterate our BUY and DKK1,400 target price.

BerGenBio (Sell, TP: NOK0.05) - Q1 report

While the Q1 report contained no large surprises, the company announced earlier this week a clinical collaboration with UT Health San Antonio and Sobi to evaluate bemcentinib in combination with Sobi’s pacritinib in patients with advanced lung adenocarcinoma. We reiterate our SELL and NOK0.05 target price on our concerns about the company’s ability to generate sufficient investor interest during its financial runway and ahead of the next need for financing.

Moody's Ratings assigns Baa2 rating to Pandora's new senior unsecured ...

Moody's Ratings (Moody's) today assigned a Baa2 rating to Pandora A/S' (Pandora or the company) proposed €500 million senior unsecured notes due 2030. The outlook is stable. The new euro-denominated fixed rate benchmark notes will be issued under Pandora's Euro Medium Term Notes programme. Pandora...

Pandora A/S: Second Party Opinion – Sustainability-Linked Finance Fram...

We have assigned an SQS2 to Pandora A/S' sustainability-linked finance framework, which is aligned with relevant principles and demonstrates a high contribution to sustainability.

Pandora AS: 1 director

A director at Pandora AS sold 5,000 shares at 1,138.250DKK and the significance rating of the trade was 73/100. 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...