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1. Company Snapshot

1.a. Company Description

Pandora A/S designs, manufactures, and markets hand-finished and contemporary jewelry.The company offers charms, bracelets, rings, earrings, necklaces, and pendants.Its jewelry material includes silver, gold with gemstones, stones, cultured pearls, and glass.


The company sells its products through physical stores, online stores, and wholesale and third-party distribution in Denmark, the United States, China, the United Kingdom, Italy, Australia, France, Germany, and internationally.Pandora A/S was founded in 1982 and is headquartered in Copenhagen, Denmark.

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1.b. Last Insights on PNDORA

Pandora A/S faced negative drivers in recent months, primarily due to a cut in its full-year comparable sales growth forecast, citing weaker demand in Europe. The company's latest earnings revealed a slip in net income for the quarter. Organic growth was 6% in Q3 2025, driven by network expansion and strategic innovations, but LFL growth in Europe was -1%. Tariffs and commodity prices also posed headwinds. Additionally, the company's CEO, Alexander Lacik, announced his retirement in 2026, with Berta de Pablos-Barbier taking over as CEO.

1.c. Company Highlights

2. Pandora Delivers Resilient Q1 Performance Amidst Global Challenges

Pandora reported a strong Q1 2025, with like-for-like growth of 6% and organic growth of 7%, driven by the successful execution of its Phoenix strategy. The company's gross margins expanded by over 100 basis points, while EBIT margins saw a slight improvement. Earnings per share (EPS) rose nearly 20%, outperforming analyst estimates of 13.1 with actual EPS of 14. Despite external uncertainties, Pandora maintained its profitability and delivered high returns on capital. As CFO Anders Boyer-Søgaard noted, "Our business model remains simple, with solid top-line growth, high gross margins, and a focus on EBIT margin expansion."

Publication Date: May -08

📋 Highlights
  • Organic Growth and Strategic Execution: Pandora delivered 7% organic growth driven by the Phoenix strategy and strong product launches.
  • Resilience Amidst Uncertainty: Maintained profitability with a nearly 20% EPS growth despite external headwinds like FX volatility.
  • EBIT Margin Adjustment: EBIT margin guidance revised to 24% from 24.5% due to additional 40 basis points of FX headwind.
  • U.S. Market Outperformance: The U.S. market grew 11% like-for-like, outpacing other regions and contributing significantly to overall growth.
  • Mitigation Strategies: Implemented price increases averaging 4% and cost-saving initiatives to offset 250 basis points of commodity and FX headwinds.

Strategic Execution and Product Innovation

The company highlighted several strategic initiatives during the call, including the launch of the BE LOVE campaign, which features new brand ambassadors and a refreshed visual identity. Pandora's product pipeline remains robust, with upcoming launches of Mini Charms and Medallions, which are expected to complement its full jewelry brand mission. The new e-commerce platform, now fully rolled out globally, has shown encouraging results, enhancing both brand engagement and commercial metrics.

Market Performance and Network Expansion

Market performance varied across regions, with the U.S. delivering an impressive 11% like-for-like growth. Europe saw 4% growth, with strong contributions from Spain, while Italy and France faced challenges. China grew 11%, and Australia improved to 2% like-for-like growth. Pandora's network expansion remains a key driver, with plans to open 75-100 new stores in 2025, contributing 3% organic growth. The new store concept continues to perform well, with 477 locations now live.

Valuation Perspective

With a P/E ratio of 15.52 and a P/B ratio of 14.73, Pandora's valuation reflects the market's confidence in its ability to deliver consistent growth and profitability. The company's strong free cash flow yield of 9.22% and ROIC of 30.61% further underscore its attractive fundamentals. While the stock may seem expensive on an absolute basis, its high return on capital and strong brand positioning suggest that the current valuation is justified.

3. NewsRoom

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Trading in Pandora A/S shares by board members, executives and associated persons

Dec -03

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Pandora (CPSE:PNDORA) Valuation: Is the Recent Share Price Weakness an Opportunity?

Nov -25

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Treasury shares exceeding 5% of share capital

Nov -21

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Correction: Major shareholder announcement

Nov -19

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Major shareholder announcement

Nov -18

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European Value Stocks Trading At Estimated Discounts

Nov -13

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Pandora (CPSE:PNDORA): Assessing Valuation After Sales Forecast Cut and Strategic Shifts

Nov -06

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Pandora AS (PNDRY) Q3 2025 Earnings Call Highlights: Strong Organic Growth Amid External Challenges

Nov -05

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (8.44%)

6. Segments

Core

Expected Growth: 8%

Pandora A/S's 8% core growth is driven by increasing demand for affordable luxury jewelry, successful product launches, and expansion into new markets. Additionally, the company's focus on omnichannel retailing, strong brand recognition, and efficient supply chain management contribute to its growth momentum.

Fuel with More

Expected Growth: 10%

Pandora A/S's Fuel with More segment growth is driven by increasing demand for affordable and sustainable fuel options, government incentives for eco-friendly practices, and strategic partnerships with fuel retailers. Additionally, the company's focus on digitalization and customer experience enhancements contribute to its 10% growth rate.

7. Detailed Products

Jewelry

Pandora A/S offers a wide range of jewelry products, including charms, bracelets, rings, earrings, and necklaces, made from high-quality materials such as sterling silver, gold, and rose gold.

Charms

Pandora's charms are small, intricately designed pieces that can be attached to bracelets, necklaces, or earrings, featuring various themes, symbols, and characters.

Bracelets

Pandora offers a variety of bracelets, including charm bracelets, bangles, and cuff bracelets, in different materials and styles.

Rings

Pandora's ring collection includes stacking rings, solitaire rings, and statement rings, featuring gemstones, pearls, and other decorative elements.

Earrings

Pandora's earring collection includes studs, drops, and dangles, featuring gemstones, pearls, and other decorative elements.

Necklaces

Pandora's necklace collection includes pendants, chains, and charms, featuring gemstones, pearls, and other decorative elements.

Watches

Pandora's watch collection includes stylish and functional timepieces, featuring leather straps, metal bands, and decorative elements.

8. Pandora A/S's Porter Forces

Forces Ranking

Threat Of Substitutes

Pandora A/S faces moderate threat from substitutes, as consumers have limited alternatives for jewelry and accessories. However, the rise of fast fashion and affordable luxury brands poses a moderate threat to Pandora's market share.

Bargaining Power Of Customers

Pandora A/S faces high bargaining power from customers, as they have numerous options for jewelry and accessories. Additionally, the rise of e-commerce has increased price transparency, making customers more price-sensitive.

Bargaining Power Of Suppliers

Pandora A/S has a relatively low bargaining power from suppliers, as it has a diversified supplier base and is not heavily dependent on a single supplier. This reduces the risk of supply chain disruptions.

Threat Of New Entrants

Pandora A/S faces a low threat from new entrants, as the jewelry industry has high barriers to entry, including significant capital requirements and established distribution networks.

Intensity Of Rivalry

Pandora A/S operates in a highly competitive industry, with numerous players vying for market share. The company faces intense rivalry from established brands and new entrants, which can lead to pricing pressures and reduced market share.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 67.59%
Debt Cost 7.58%
Equity Weight 32.41%
Equity Cost 12.16%
WACC 9.07%
Leverage 208.53%

11. Quality Control: Pandora A/S passed 5 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
NEXT

A-Score: 5.6/10

Value: 1.8

Growth: 5.7

Quality: 6.7

Yield: 4.4

Momentum: 7.0

Volatility: 8.0

1-Year Total Return ->

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Stock-Card
Pandora

A-Score: 4.9/10

Value: 4.9

Growth: 7.4

Quality: 7.1

Yield: 4.4

Momentum: 2.5

Volatility: 3.3

1-Year Total Return ->

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Stock-Card
Redrow

A-Score: 4.9/10

Value: 6.7

Growth: 3.8

Quality: 7.4

Yield: 4.4

Momentum: 4.0

Volatility: 3.0

1-Year Total Return ->

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Stock-Card
Swatch

A-Score: 4.1/10

Value: 5.5

Growth: 1.7

Quality: 4.6

Yield: 5.0

Momentum: 2.5

Volatility: 5.3

1-Year Total Return ->

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Burberry

A-Score: 3.8/10

Value: 4.0

Growth: 1.9

Quality: 2.2

Yield: 3.8

Momentum: 9.5

Volatility: 1.7

1-Year Total Return ->

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Brunello Cucinelli

A-Score: 3.8/10

Value: 1.1

Growth: 7.8

Quality: 5.0

Yield: 1.2

Momentum: 4.0

Volatility: 3.7

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

740.0$

Current Price

740$

Potential

-0.00%

Expected Cash-Flows