Financials Pandora LIQUIDNET SYSTEMS

Equities

PNDORA

DK0060252690

Apparel & Accessories

Real-time Estimate Cboe Europe Other stock markets 06:43:21 2024-07-11 am EDT			5-day change	1st Jan Change
1,025 ^DKK	0.00%		0.00%	0.00%

Jun. 11	Transcript : Pandora A/S - Analyst/Investor Day
May. 24	Pandora Prices EUR500 Million Sustainability-linked Notes Due 2030	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	26,955	67,867	78,157	43,696	76,748	82,216	-	-
Enterprise Value (EV) ¹	35,932	71,018	81,039	50,490	86,518	92,967	94,439	95,172
P/E ratio	9.63 x	34.2 x	19.6 x	9.09 x	16.9 x	15.8 x	13.6 x	11.8 x
Yield	6.21%	1.32%	1.96%	3.28%	1.71%	1.93%	2.25%	2.71%
Capitalization / Revenue	1.23 x	3.57 x	3.34 x	1.65 x	2.73 x	2.63 x	2.42 x	2.23 x
EV / Revenue	1.64 x	3.74 x	3.46 x	1.91 x	3.08 x	2.97 x	2.78 x	2.58 x
EV / EBITDA	5.84 x	11.5 x	10.3 x	5.79 x	9.49 x	9.12 x	8.53 x	7.71 x
EV / FCF	5.78 x	13 x	14.4 x	15.6 x	14.7 x	18.4 x	16.7 x	14.4 x
FCF Yield	17.3%	7.7%	6.96%	6.42%	6.81%	5.44%	6%	6.96%
Price to Book	5.13 x	9.19 x	11.2 x	6.09 x	-	13.8 x	10.8 x	7.76 x
Nbr of stocks (in thousands)	93,011	99,658	95,851	89,522	82,242	80,683	-	-
Reference price ²	289.8	681.0	815.4	488.1	933.2	1,019	1,019	1,019
Announcement Date	2/4/20	2/4/21	2/9/22	2/8/23	1/7/24	-	-	-

¹DKK in Million²DKK

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	21,868	19,009	23,394	26,463	28,100	31,292	34,008	36,944
EBITDA ¹	6,148	6,196	7,838	8,716	9,118	10,197	11,067	12,347
EBIT ¹	5,854	3,881	5,839	6,743	7,000	7,856	8,585	9,615
Operating Margin	26.77%	20.42%	24.96%	25.48%	24.91%	25.1%	25.24%	26.03%
Earnings before Tax (EBT) ¹	3,829	2,494	5,378	6,533	6,234	6,975	7,788	8,986
Net income ¹	2,945	1,938	4,160	5,029	4,740	5,281	5,891	6,735
Net margin	13.47%	10.2%	17.78%	19%	16.87%	16.88%	17.32%	18.23%
EPS ²	30.10	19.90	41.70	53.70	55.10	64.66	74.68	86.06
Free Cash Flow ¹	6,213	5,471	5,643	3,243	5,896	5,062	5,667	6,621
FCF margin	28.41%	28.78%	24.12%	12.25%	20.98%	16.18%	16.66%	17.92%
FCF Conversion (EBITDA)	101.06%	88.3%	72%	37.21%	64.66%	49.64%	51.2%	53.63%
FCF Conversion (Net income)	210.97%	282.3%	135.65%	64.49%	124.39%	95.85%	96.19%	98.31%
Dividend per Share ²	18.00	9.000	16.00	16.00	16.00	19.69	22.93	27.65
Announcement Date	2/4/20	2/4/21	2/9/22	2/8/23	1/7/24	-	-	-

¹DKK in Million²DKK

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2021 Q4	2021 S2	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4
Net sales ¹	7,048	9,011	-	5,689	5,655	5,263	9,856	15,119	5,850	5,894	11,745	5,572	10,800	6,834	6,669	13,348	6,032	11,573
EBITDA ¹	1,724	3,267	4,660	1,771	1,737	1,496	3,711	5,207	1,753	1,690	3,444	1,447	4,228	2,067	1,774	3,628	1,562	4,435
EBIT ¹	671	2,678	-	1,310	1,249	978	3,206	4,184	1,256	1,188	2,445	920	3,700	1,507	1,328	2,756	1,031	3,907
Operating Margin	9.52%	29.72%	-	23.03%	22.09%	18.58%	32.53%	27.67%	21.47%	20.16%	20.82%	16.51%	34.26%	22.05%	19.92%	20.65%	17.09%	33.76%
Earnings before Tax (EBT) ¹	-	2,467	3,287	1,300	1,221	960	3,051	4,011	1,162	1,017	2,180	709	3,345	1,278	1,036	-	-	-
Net income ¹	-	1,904	2,539	995	934	734	2,365	3,099	889	778	1,667	543	2,530	965	816.4	-	595.8	2,810
Net margin	-	21.13%	-	17.49%	16.52%	13.95%	24%	20.5%	15.2%	13.2%	14.19%	9.75%	23.43%	14.12%	12.24%	-	9.88%	24.28%
EPS ²	-	19.10	25.50	10.40	9.800	7.800	25.20	-	10.00	8.800	18.90	6.300	29.60	11.80	10.06	-	7.197	35.72
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	16.00
Announcement Date	8/17/20	2/9/22	2/9/22	5/4/22	8/16/22	11/8/22	2/8/23	2/8/23	5/3/23	8/15/23	8/15/23	11/8/23	1/7/24	5/2/24	-	-	-	-

¹DKK in Million²DKK

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	8,977	3,151	2,882	6,794	9,770	10,751	12,223	12,956
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.46 x	0.5086 x	0.3677 x	0.7795 x	1.072 x	1.054 x	1.104 x	1.049 x
Free Cash Flow ¹	6,213	5,471	5,643	3,243	5,896	5,062	5,667	6,621
ROE (net income / shareholders' equity)	50.5%	30.7%	57.8%	71%	75.7%	96.6%	95%	85.2%
ROA (Net income/ Total Assets)	14.4%	9.33%	21.6%	24.8%	20.7%	21.8%	21.8%	22.7%
Assets ¹	20,407	20,777	19,263	20,277	22,906	24,274	27,007	29,718
Book Value Per Share ²	56.50	74.10	73.10	80.20	-	73.60	94.30	131.0
Cash Flow per Share ²	69.20	61.30	62.50	47.30	85.80	83.90	93.20	111.0
Capex ¹	812	504	585	1,191	1,488	2,008	2,138	2,278
Capex / Sales	3.71%	2.65%	2.5%	4.5%	5.3%	6.42%	6.29%	6.17%
Announcement Date	2/4/20	2/4/21	2/9/22	2/8/23	1/7/24	-	-	-

¹DKK in Million²DKK

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Pandora

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

1,019 DKK

Average target price

1,202 DKK

Spread / Average Target

+17.95%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Jewelry

	1st Jan change	Capi.
COMPAGNIE FINANCIERE RICHEMONT	+22.07%	91.48B
TITAN COMPANY LIMITED	-11.61%	34.28B
CHOW TAI FOOK JEWELLERY GROUP LIMITED	-27.88%	10.46B
LAO FENG XIANG CO., LTD.	-19.39%	3.16B
CHINA NATIONAL GOLD GROUP GOLD JEWELLERY CO.,LTD.	-5.47%	2.15B
CHOW TAI SENG JEWELLERY CO., LTD.	-15.55%	1.91B
LAOPU GOLD CO., LTD.	0.00%	1.8B
BEIJING CAISHIKOU DEPARTMENT STORE CO.,LTD.	-18.27%	1.3B
RAJESH EXPORTS LIMITED	-14.13%	1.12B

Jewelry