Pandora AS

PNDORA: XCSE (DNK)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	DKK 5,771.00	Ykhmk	Schglwjw

Pandora: Sets Ambitious Targets at Investor Day; Aims to Be a Full Jewelry Brand; Shares Attractive

Jelena Sokolova

Oct 6, 2023

We increase our fair value estimate for narrow-moat Pandora to DKK 980 from DKK 930 after attending the company's capital markets day to reflect slightly higher network expansion and revenue growth potential. With our projections for 5% revenue growth and a 26% operating margin by 2026, we are still below management’s outlook for 8%-10% revenue growth and a margin of 26%-27%. Despite shares rallying 115% over the past year, we believe they still offer value, trading in 4-star territory. There could be further upside if management delivers on EPS growth guidance of mid- to high teens.

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