PANDORA A/S |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 1,170 DKK | +0.47% |
|
+3.36% | +25.32% |
| May. 02 | Global markets live: Etsy, Qualcomm, Carvana, Rio Tinto, Apple... |  |
| May. 02 | Pandora: solid first quarter, 2024 forecasts raised | CF |
Valuation
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 26,955 | 67,867 | 78,157 | 43,696 | 76,748 | 94,806 | - | - |
| Enterprise Value (EV) 1 | 35,932 | 71,018 | 81,039 | 50,490 | 86,518 | 106,186 | 107,053 | 107,664 |
| P/E ratio | 9.63 x | 34.2 x | 19.6 x | 9.09 x | 16.9 x | 18.1 x | 15.7 x | 13.8 x |
| Yield | 6.21% | 1.32% | 1.96% | 3.28% | 1.71% | 1.67% | 1.97% | 2.38% |
| Capitalization / Revenue | 1.23 x | 3.57 x | 3.34 x | 1.65 x | 2.73 x | 3.03 x | 2.8 x | 2.58 x |
| EV / Revenue | 1.64 x | 3.74 x | 3.46 x | 1.91 x | 3.08 x | 3.4 x | 3.16 x | 2.93 x |
| EV / EBITDA | 5.84 x | 11.5 x | 10.3 x | 5.79 x | 9.49 x | 10.4 x | 9.62 x | 8.68 x |
| EV / FCF | 5.78 x | 13 x | 14.4 x | 15.6 x | 14.7 x | 21 x | 18.6 x | 16.1 x |
| FCF Yield | 17.3% | 7.7% | 6.96% | 6.42% | 6.81% | 4.76% | 5.39% | 6.21% |
| Price to Book | 5.13 x | 9.19 x | 11.2 x | 6.09 x | - | 16.7 x | 12.3 x | 8.67 x |
| Nbr of stocks (in thousands) | 93,011 | 99,658 | 95,851 | 89,522 | 82,242 | 81,066 | - | - |
| Reference price 2 | 289.8 | 681.0 | 815.4 | 488.1 | 933.2 | 1,170 | 1,170 | 1,170 |
| 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 | 31,254 | 33,916 | 36,769 |
| EBITDA 1 | 6,148 | 6,196 | 7,838 | 8,716 | 9,118 | 10,218 | 11,132 | 12,403 |
| EBIT 1 | 5,854 | 3,881 | 5,839 | 6,743 | 7,000 | 7,866 | 8,654 | 9,670 |
| Operating Margin | 26.77% | 20.42% | 24.96% | 25.48% | 24.91% | 25.17% | 25.52% | 26.3% |
| Earnings before Tax (EBT) 1 | 3,829 | 2,494 | 5,378 | 6,533 | 6,234 | 6,952 | 7,811 | 8,995 |
| Net income 1 | 2,945 | 1,938 | 4,160 | 5,029 | 4,740 | 5,283 | 5,906 | 6,748 |
| Net margin | 13.47% | 10.2% | 17.78% | 19% | 16.87% | 16.9% | 17.41% | 18.35% |
| EPS 2 | 30.10 | 19.90 | 41.70 | 53.70 | 55.10 | 64.58 | 74.29 | 84.79 |
| Free Cash Flow 1 | 6,213 | 5,471 | 5,643 | 3,243 | 5,896 | 5,057 | 5,771 | 6,690 |
| FCF margin | 28.41% | 28.78% | 24.12% | 12.25% | 20.98% | 16.18% | 17.01% | 18.19% |
| FCF Conversion (EBITDA) | 101.06% | 88.3% | 72% | 37.21% | 64.66% | 49.49% | 51.84% | 53.94% |
| FCF Conversion (Net income) | 210.97% | 282.3% | 135.65% | 64.49% | 124.39% | 95.72% | 97.71% | 99.14% |
| Dividend per Share 2 | 18.00 | 9.000 | 16.00 | 16.00 | 16.00 | 19.58 | 23.04 | 27.78 |
| 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 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 | 6,680 | 6,017 | 11,491 |
| 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 | 1,980 | 1,621 | 4,475 |
| 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 | 1,475 | 1,096 | 3,722 |
| 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% | 22.08% | 18.21% | 32.39% |
| 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 | 1,074 | 777.2 | 3,684 |
| Net income 1 | - | 1,904 | 2,539 | 995 | 934 | 734 | 2,365 | 3,099 | 889 | 778 | 1,667 | 543 | 2,530 | 965 | 875 | 597 | 2,801 |
| 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% | 13.1% | 9.92% | 24.38% |
| 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 | 10.90 | 7.510 | 35.60 |
| 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 | 11,380 | 12,247 | 12,858 |
| Net Cash position 1 | - | - | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 1.46 x | 0.5086 x | 0.3677 x | 0.7795 x | 1.072 x | 1.114 x | 1.1 x | 1.037 x |
| Free Cash Flow 1 | 6,213 | 5,471 | 5,643 | 3,243 | 5,896 | 5,057 | 5,771 | 6,690 |
| ROE (net income / shareholders' equity) | 50.5% | 30.7% | 57.8% | 71% | 75.7% | 98.4% | 94.8% | 84.9% |
| ROA (Net income/ Total Assets) | 14.4% | 9.33% | 21.6% | 24.8% | 20.7% | 21.8% | 21.8% | 22.6% |
| Assets 1 | 20,407 | 20,777 | 19,263 | 20,277 | 22,906 | 24,282 | 27,044 | 29,798 |
| Book Value Per Share 2 | 56.50 | 74.10 | 73.10 | 80.20 | - | 70.00 | 95.10 | 135.0 |
| Cash Flow per Share 2 | 69.20 | 61.30 | 62.50 | 47.30 | 85.80 | 83.80 | 92.40 | 110.0 |
| Capex 1 | 812 | 504 | 585 | 1,191 | 1,488 | 1,978 | 2,130 | 2,262 |
| Capex / Sales | 3.71% | 2.65% | 2.5% | 4.5% | 5.3% | 6.33% | 6.28% | 6.15% |
| 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
Trading Rating
Investor Rating
ESG Refinitiv
A-
Sell
Buy
Mean consensus
OUTPERFORM
Number of Analysts
15
Last Close Price
1,170
DKK
Average target price
1,200
DKK
Spread / Average Target
+2.61%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| +25.32% | 13.81B | |
| +25.05% | 93.72B | |
| -8.57% | 35.82B | |
| -3.10% | 13.93B | |
| +10.55% | 4.16B | |
| +14.29% | 2.62B | |
| +11.33% | 2.54B | |
| +0.81% | 1.62B | |
| -15.87% | 1.37B | |
| -17.27% | 1.07B |
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