Financials Pandora A/S BOERSE MUENCHEN

Equities

3P7

DK0060252690

Apparel & Accessories

Market Closed - BOERSE MUENCHEN Other stock markets 20:43:14 21/06/2024 BST			5-day change	1st Jan Change
142.8 ^EUR	-0.83%		+1.03%	+14.02%

05-24	Pandora Prices EUR500 Million Sustainability-linked Notes Due 2030	MT
05-02	Global markets live: Etsy, Qualcomm, Carvana, Rio Tinto, Apple...

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	26,955	67,867	78,157	43,696	76,748	86,114	-	-
Enterprise Value (EV) ¹	35,932	71,018	81,039	50,490	86,518	97,250	98,235	98,938
P/E ratio	9.63 x	34.2 x	19.6 x	9.09 x	16.9 x	16.4 x	14.3 x	12.5 x
Yield	6.21%	1.32%	1.96%	3.28%	1.71%	1.84%	2.17%	2.61%
Capitalization / Revenue	1.23 x	3.57 x	3.34 x	1.65 x	2.73 x	2.75 x	2.53 x	2.33 x
EV / Revenue	1.64 x	3.74 x	3.46 x	1.91 x	3.08 x	3.1 x	2.89 x	2.68 x
EV / EBITDA	5.84 x	11.5 x	10.3 x	5.79 x	9.49 x	9.52 x	8.83 x	7.97 x
EV / FCF	5.78 x	13 x	14.4 x	15.6 x	14.7 x	19.3 x	17.1 x	14.9 x
FCF Yield	17.3%	7.7%	6.96%	6.42%	6.81%	5.19%	5.84%	6.73%
Price to Book	5.13 x	9.19 x	11.2 x	6.09 x	-	15 x	11.3 x	8.14 x
Nbr of stocks (in thousands)	93,011	99,658	95,851	89,522	82,242	80,896	-	-
Reference price ²	289.8	681.0	815.4	488.1	933.2	1,064	1,064	1,064
Announcement Date	04/02/20	04/02/21	09/02/22	08/02/23	07/01/24	-	-	-

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	31,329	34,034	36,905
EBITDA ¹	6,148	6,196	7,838	8,716	9,118	10,220	11,127	12,410
EBIT ¹	5,854	3,881	5,839	6,743	7,000	7,864	8,641	9,659
Operating Margin	26.77%	20.42%	24.96%	25.48%	24.91%	25.1%	25.39%	26.17%
Earnings before Tax (EBT) ¹	3,829	2,494	5,378	6,533	6,234	6,984	7,809	9,014
Net income ¹	2,945	1,938	4,160	5,029	4,740	5,279	5,904	6,745
Net margin	13.47%	10.2%	17.78%	19%	16.87%	16.85%	17.35%	18.28%
EPS ²	30.10	19.90	41.70	53.70	55.10	64.90	74.60	85.10
Free Cash Flow ¹	6,213	5,471	5,643	3,243	5,896	5,049	5,742	6,658
FCF margin	28.41%	28.78%	24.12%	12.25%	20.98%	16.11%	16.87%	18.04%
FCF Conversion (EBITDA)	101.06%	88.3%	72%	37.21%	64.66%	49.4%	51.6%	53.65%
FCF Conversion (Net income)	210.97%	282.3%	135.65%	64.49%	124.39%	95.64%	97.25%	98.72%
Dividend per Share ²	18.00	9.000	16.00	16.00	16.00	19.63	23.05	27.81
Announcement Date	04/02/20	04/02/21	09/02/22	08/02/23	07/01/24	-	-	-

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	6,687	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	1,980	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	1,392	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%	20.81%	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	1,074	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%	13.09%	9.9%	24.2%
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	10.92	7.770	34.90
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	16.00
Announcement Date	17/08/20	09/02/22	09/02/22	04/05/22	16/08/22	08/11/22	08/02/23	08/02/23	03/05/23	15/08/23	15/08/23	08/11/23	07/01/24	02/05/24	-	-	-

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	11,135	12,121	12,824
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.46 x	0.5086 x	0.3677 x	0.7795 x	1.072 x	1.09 x	1.089 x	1.033 x
Free Cash Flow ¹	6,213	5,471	5,643	3,243	5,896	5,049	5,742	6,658
ROE (net income / shareholders' equity)	50.5%	30.7%	57.8%	71%	75.7%	98.4%	94.8%	85%
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	24,265	27,036	29,783
Book Value Per Share ²	56.50	74.10	73.10	80.20	-	71.20	94.30	131.0
Cash Flow per Share ²	69.20	61.30	62.50	47.30	85.80	83.00	92.50	109.0
Capex ¹	812	504	585	1,191	1,488	1,981	2,135	2,272
Capex / Sales	3.71%	2.65%	2.5%	4.5%	5.3%	6.32%	6.27%	6.16%
Announcement Date	04/02/20	04/02/21	09/02/22	08/02/23	07/01/24	-	-	-

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 A/S

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

1,064 DKK

Average target price

1,208 DKK

Spread / Average Target

+13.45%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Jewelry

	1st Jan change	Capi.
COMPAGNIE FINANCIERE RICHEMONT	+20.04%	91.72B
TITAN COMPANY LIMITED	-7.55%	36.1B
CHOW TAI FOOK JEWELLERY GROUP LIMITED	-24.96%	11.16B
LAO FENG XIANG CO., LTD.	-13.19%	3.37B
CHINA NATIONAL GOLD GROUP GOLD JEWELLERY CO.,LTD.	0.00%	2.28B
CHOW TAI SENG JEWELLERY CO., LTD.	-9.62%	2.05B
BEIJING CAISHIKOU DEPARTMENT STORE CO.,LTD.	-14.84%	1.36B
DR CORPORATION LIMITED	-33.88%	1.07B
RAJESH EXPORTS LIMITED	-21.24%	1.02B

Jewelry