Pandora AS
PNDORA: XCSE (DNK)
Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
---|---|---|---|
DKK 3,334.00 | Myzvsc | Rkpbljzsg |
Pandora Shows Good Results in 2021; Cooling Demand in U.S. Presents a Risk but Shares Attractive
We maintain our fair value estimate of DKK 920 per share for no-moat Pandora as the company delivered solid full-year results but forecast more modest growth in 2022 (based on assumptions for a reversal in exceptionally strong jewellery demand in the United States). We view shares as attractive at current levels, trading at about 25% discount to our fair value estimate at forward P/E multiple of 14 times.