Pandora A/S

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.
  • TickerPNDORA
  • ISINDK0060252690
  • ExchangeNasdaq Nordic Copenhagen
  • SectorPersonal Goods
  • CountryDenmark

Analysts

Ole Martin Westgaard

Pandora (Hold, TP: DKK325.00) - Passion needed

Pandora delivered a better than expected Q4 result amid lower costs, adding confidence in the near-term cost initiatives needed to protect near-term cash flow given the weak sales trend. We reiterate our HOLD recommendation and DKK325 target price despite significant negative estimate revisions primarily due to restructuring charges. At our target price, Pandora is trading at a 2019e P/E of 11.5x, which we consider fair in the absence of a clear turning point in the weak sales trend.

Jelena Sokolova

Morningstar | Charms and Collectibility, Stock Buybacks, Promotion Reductions, Cost-Cutting in Focus for Pandora

We maintain our DKK 580 fair value estimate for Pandora shares as the company reported slightly better-than-expected full-year results and provided more clarity on its restructuring program. The problems with the brand that interim management sees are blurred brand message (high awareness but declining appeal), subpar new product launch execution with lack of sufficient marketing support, differing priorities at the local level, and continuous promotions that are weakening brand equity. The plan to tackle these issues will involve developing a new brand and visual identity by the end of 2019....

Jelena Sokolova

Charms and Collectibility, Stock Buybacks, Promotion Reductions, Cost-Cutting in Focus for Pandora

We maintain our DKK 580 fair value estimate for Pandora shares as the company reported slightly better-than-expected full-year results and provided more clarity on its restructuring program. The problems with the brand that interim management sees are blurred brand message (high awareness but declining appeal), subpar new product launch execution with lack of sufficient marketing support, differing priorities at the local level, and continuous promotions that are weakening brand equity. The plan...

Ole Martin Westgaard

Pandora (Hold, TP: DKK325.00) - Q4 above, 2019e hit by restructuring

We believe this was a slightly negative report for Pandora as slightly better than expected Q4 results are offset by weak 2019 guidance, badly hit by restructuring charges. We expect consensus 2019 EBIT to be down ~20% including restructuring and to be more or less unchanged excluding it. We believe a negative share price reaction is warranted.

Jelena Sokolova

Although Pandora's Path to Recovery Remains Thorny, Market Pessimism Creates Opportunity

Pandora's shares have lost their shine, declining 70% since their peak in mid-2016 versus only a 5% drop for the Stoxx 600, incorporating mounting investor concerns about the strength of the company's brand, plausibility of its expansion strategy, and sustainability of its core charm category's appeal. And while we don't award Pandora a moat and contend that the company is facing challenges of waning demand for its core charm bracelet category (75% of total sales), we believe the market is under...

1 director bought

A director at Pandora AS bought 12,950 shares at 379.766DKK and the significance rating of the trade was 100/100. 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 showing Close periods where trading activity is restricted under listing rules. The names of board...

Christer Magnergård ...
  • Martin Arnell
  • Mattias Holmberg
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Olof Larshammar
  • Rune Majlund Dahl

Northern Lights

Alexander Aukner ...
  • Joachim Gunell
  • Nicolay Dyvik
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Patrik Ling
  • Rune Majlund Dahl
  • Simen Mortensen

Northern Lights

Alexander Aukner ...
  • Håkon Astrup
  • Karl-Johan Bonnevier
  • Niclas Gehin
  • Ole Martin Westgaard
  • Ole-Andreas Krohn

Northern Lights

Nicolay Dyvik ...
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Rune Majlund Dahl

Northern Lights

Jon Masdal ...
  • Ole Martin Westgaard
  • Ole-Andreas Krohn

Northern Lights

PANDORA A/S sees an upgrade to Slightly Positive due to a better fundamental star rating

The general evaluation of PANDORA A/S (DK), a company active in the Clothing & Accessories industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 3 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date February 5, 2019, the closing price was DKK 335.60 and its potential was estimated at DKK 374.02.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Expert Corporate Governance Service (ECGS)

Pandora - March, 13 2019

In general, Pandora is in compliance with the Danish regulations relating to the organisation and procedures of the Annual General Meeting. Under ITEM 5.1, it is proposed to re-appoint Mr. Peder Tuborgh as Chairman of the board of directors. Although Mr. Tuborgh is considered independent, ECGS has concerns over his aggregate time commitments. Mr. Tuborgh is serving as CEO of Arla Foods amba (substantial non-listed company) and Chairman of the board of directors of Pandora A/S (listed), which exceeds ECGS' guidelines. ECGS furthermore notes that Mr. Tuborgh is currently chairing the Company's ...

Pandora – Proxinvest Corporate Governance Rating ® : B

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

Louis AZAIS

Short term view - PANDORA A/S : The support has been breached.

The previous low has been broken, the bearish trend is confirmed. The next target is at dk 396.50. The invalidation level is above dk 520.40.Arguments :- The support has been breached.- The target is close.

Louis AZAIS

Analyse court terme - PANDORA A/S : Le support est enfoncé.

Le précédent creux vient d'être enfoncé, ceci confirme la tendance baissière. Le prochain objectif est à 396,50 dk. Le niveau d'invalidation est au-dessus de 520,40 dk.Arguments :- Le support est enfoncé.- L'objectif est proche.

Louis AZAIS

Short term view - PANDORA A/S : The major support has been breached.

The previous low has been broken, the bearish trend is confirmed. The next target is at dk 449.30. The invalidation level is above dk 706.40.Arguments :- The major support has been breached.- The target is close.- Prices are breaking below the moving average, it is a sign of weakness.

Louis AZAIS

Analyse court terme - PANDORA A/S : Le support majeur est enfoncé.

Le précédent creux vient d'être enfoncé, ceci confirme la tendance baissière. Le prochain objectif est à 449,30 dk. Le niveau d'invalidation est au-dessus de 706,40 dk.Arguments :- Le support majeur est enfoncé.- L'objectif est proche.- Les prix enfoncent la moyenne mobile, c'est un signal de faiblesse.

Valérie GASTALDY

Medium term view - PANDORA A/S : The moving average is capping prices.

The trend has been momentarily interrupted by a correction. Prices just hit the resistance, it is probably resuming. The next target is at dk 377.00. The invalidation level is above dk 704.60.Arguments :- The major resistance has been reached, it causes the fall.- The moving average is capping prices.- The reaction on the support is weak, we anticipate its break soon.

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