Q1 a nice dunk, outlook a wild shot

Pandora (Buy, TP: DKK1400.00) - Still shining, but potential pressure

We expect Pandora to report a solid start to the year, with 6.4% LFL growth (consensus 5.6%) in Q1e, but believe focus is more likely to be on the implications (direct and indirect) of tariffs and higher silver prices. However, we believe these concerns are more than priced in after recent share-price weakness. We reiterate our BUY, but have lowered our target price to DKK1,400 (1,550).

Everyone's in on the PW pre-party

The Pandora Jewellery Box - March 2025

All you need to know about margin pressures

BerGenBio (No_rec, TP: NOK) - Decision to end BGBC016 trial – recommen...

BerGenBio announced yesterday that it has decided to discontinue its 1L STK11m NSCLC trial due to the weak preliminary results. We already believed the value of the data would be limited, but this is a significant setback for the company. BerGenBio said that it is entering a new phase, in which strategic alternatives will be explored. As a result of the trial discontinuation, the company’s financial situation, and limited available information on the potential alternatives being explored, we hav...

BerGenBio (Sell, TP: NOK5.00) - Decision to end BGBC016 trial

BerGenBio announced tonight that it has decided to discontinue its 1L STK11m NSCLC trial due to preliminary results not being strong enough. We already believed the value of the data would be limited, and this is a significant setback for the company. The company said that it is now entering a new phase in which strategic alternatives will be explored.

The Pandora Jewellery Box - February 2025

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...

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.

Keep calm and buy a charm

A very charming quarter and a solid outlook

Tracker suggests ~10% price hikes

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).

The Pandora Jewellery Box - January 2025

Set to keep its shine in ‘25

The Pandora Jewellery Box - December 2024

Unsung segment as growth driver no. 1

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).