Pandora (CPSE:PNDORA) - Share price, News & Analysis

PNDORA fundamental analysis
Snowflake Score
Valuation	4/6
Future Growth	2/6
Past Performance	5/6
Financial Health	2/6
Dividends	4/6

PNDORA Stock Overview

Pandora A/S designs, manufactures, and markets hand-finished and contemporary jewelry worldwide.

Rewards

Trading at 64.4% below our estimate of its fair value

Earnings are forecast to grow 8.05% per year

Earnings grew by 74.8% over the past year

Risk Analysis

Has a high level of debt

Unstable dividend track record

Pandora Competitors

Apple

NasdaqGS:AAPL

US$2.3t

Meta Platforms

NasdaqGS:FB

US$518.6b

LVMH Moët Hennessy - Louis Vuitton Société Européenne

ENXTPA:MC

€287.6b

Hermès International Société en commandite par actions

ENXTPA:RMS

€109.4b

Price History & Performance

Summary of all time highs, changes and price drops for Pandora
Historical stock prices
Current Share Price	kr.505.60
52 Week High	kr.950.00
52 Week Low	kr.486.80
Beta	1.41
1 Month Change	-17.31%
3 Month Change	-26.43%
1 Year Change	-38.80%
3 Year Change	103.62%
5 Year Change	-19.30%
Change since IPO	92.24%

Recent News & Updates

May 23

At kr.511, Is Pandora A/S (CPH:PNDORA) Worth Looking At Closely?

While Pandora A/S ( CPH:PNDORA ) might not be the most widely known stock at the moment, it saw significant share price...

Mar 27

Pandora (CPH:PNDORA) Could Easily Take On More Debt

Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of...

Shareholder Returns

	PNDORA	DK Luxury	DK Market
7D	-1.1%	-4.3%	0.2%
1Y	-38.8%	-17.9%	1.0%

Return vs Industry: PNDORA underperformed the Danish Luxury industry which returned -17.9% over the past year.

Return vs Market: PNDORA underperformed the Danish Market which returned 1% over the past year.

Price Volatility

Is PNDORA's price volatile compared to industry and market?
PNDORA volatility
PNDORA Average Weekly Movement	6.8%
Luxury Industry Average Movement	6.9%
Market Average Movement	6.3%
10% most volatile stocks in DK Market	10.7%
10% least volatile stocks in DK Market	3.8%

Stable Share Price: PNDORA is not significantly more volatile than the rest of Danish stocks over the past 3 months, typically moving +/- 7% a week.

Volatility Over Time: PNDORA's weekly volatility (7%) has been stable over the past year.

About the Company

Founded	Employees	CEO	Website
1982	27,000	Alexander Lacik	https://www.pandoragroup.com

Pandora A/S designs, manufactures, and markets hand-finished and contemporary jewelry worldwide. The company’s jewelry material includes silver and gold; gold and rose gold plated; man-made stones, natural stones, synthetic stones, pearls, and diamonds; as well as enamel, glass, leather, and textile products. Its products primarily include charms, bracelets, rings, earrings, necklaces, and pendants.

Pandora Fundamentals Summary

How do Pandora's earnings and revenue compare to its market cap?
PNDORA fundamental statistics
Market Cap	kr.47.34b
Earnings (TTM)	kr.4.53b
Revenue (TTM)	kr.24.58b

10.5x

P/E Ratio

1.9x

P/S Ratio

Is PNDORA overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report
PNDORA income statement (TTM)
Revenue	kr.24.58b
Cost of Revenue	kr.5.89b
Gross Profit	kr.18.69b
Other Expenses	kr.14.17b
Earnings	kr.4.53b

Last Reported Earnings

Mar 31, 2022

Next Earnings Date

Aug 16, 2022

Earnings per share (EPS)	48.35
Gross Margin	76.04%
Net Profit Margin	18.42%
Debt/Equity Ratio	94.1%

How did PNDORA perform over the long term?

See historical performance and comparison

Dividends

3.2%

Current Dividend Yield

34%

Payout Ratio

Valuation

Is Pandora undervalued compared to its fair value and its price relative to the market?

Valuation Score

4/6

Valuation Score 4/6

Below Fair Value
Significantly Below Fair Value
PE vs Industry
PE vs Market
PEG Ratio
PB vs Industry

>50%

Undervalued compared to fair value

Share Price vs. Fair Value

Below Fair Value: PNDORA (DKK505.6) is trading below our estimate of fair value (DKK1421.25)

Significantly Below Fair Value: PNDORA is trading below fair value by more than 20%.

Price To Earnings Ratio

PE vs Industry: PNDORA is good value based on its Price-To-Earnings Ratio (10.5x) compared to the European Luxury industry average (16x).

PE vs Market: PNDORA is good value based on its Price-To-Earnings Ratio (10.5x) compared to the Danish market (13.3x).

Price to Earnings Growth Ratio

PEG Ratio: PNDORA is poor value based on its PEG Ratio (1.3x)

Price to Book Ratio

PB vs Industry: PNDORA is overvalued based on its Price-To-Book Ratio (8.6x) compared to the XE Luxury industry average (1.8x).

Future Growth

How is Pandora forecast to perform in the next 1 to 3 years based on estimates from 13 analysts?

Future Growth Score

2/6

Future Growth Score 2/6

Earnings vs Savings Rate
Earnings vs Market
High Growth Earnings
Revenue vs Market
High Growth Revenue
Future ROE

8.0%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: PNDORA's forecast earnings growth (8% per year) is above the savings rate (0.09%).

Earnings vs Market: PNDORA's earnings (8% per year) are forecast to grow slower than the Danish market (8.8% per year).

High Growth Earnings: PNDORA's earnings are forecast to grow, but not significantly.

Revenue vs Market: PNDORA's revenue (5.5% per year) is forecast to grow slower than the Danish market (5.9% per year).

High Growth Revenue: PNDORA's revenue (5.5% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: PNDORA's Return on Equity is forecast to be very high in 3 years time (63%).

Past Performance

How has Pandora performed over the past 5 years?

Past Performance Score

5/6

Past Performance Score 5/6

Quality Earnings
Growing Profit Margin
Earnings Trend
Accelerating Growth
Earnings vs Industry
High ROE

-16.0%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: PNDORA has high quality earnings.

Growing Profit Margin: PNDORA's current net profit margins (18.4%) are higher than last year (13.4%).

Past Earnings Growth Analysis

Earnings Trend: PNDORA's earnings have declined by 16% per year over the past 5 years.

Accelerating Growth: PNDORA's earnings growth over the past year (74.8%) exceeds its 5-year average (-16% per year).

Earnings vs Industry: PNDORA earnings growth over the past year (74.8%) exceeded the Luxury industry 59.4%.

Return on Equity

High ROE: PNDORA's Return on Equity (81.9%) is considered outstanding.

Financial Health

How is Pandora's financial position?

Financial Health Score

2/6

Financial Health Score 2/6

Short Term Liabilities
Long Term Liabilities
Debt Level
Reducing Debt
Debt Coverage
Interest Coverage

Financial Position Analysis

Short Term Liabilities: PNDORA's short term assets (DKK6.4B) do not cover its short term liabilities (DKK6.7B).

Long Term Liabilities: PNDORA's short term assets (DKK6.4B) do not cover its long term liabilities (DKK7.2B).

Debt to Equity History and Analysis

Debt Level: PNDORA's net debt to equity ratio (81.1%) is considered high.

Reducing Debt: PNDORA's debt to equity ratio has increased from 45.8% to 94.1% over the past 5 years.

Debt Coverage: PNDORA's debt is well covered by operating cash flow (104.5%).

Interest Coverage: PNDORA's interest payments on its debt are well covered by EBIT (204.6x coverage).

Balance Sheet

Dividend

What is Pandora current dividend yield, its reliability and sustainability?

Dividend Score

4/6

Dividend Score 4/6

Notable Dividend
High Dividend
Stable Dividend
Growing Dividend
Earnings Coverage
Future Dividend Coverage

3.16%

Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: PNDORA's dividend (3.16%) is higher than the bottom 25% of dividend payers in the Danish market (1.41%).

High Dividend: PNDORA's dividend (3.16%) is low compared to the top 25% of dividend payers in the Danish market (6.34%).

Stability and Growth of Payments

Stable Dividend: PNDORA's dividend payments have been volatile in the past 10 years.

Growing Dividend: PNDORA's dividend payments have increased over the past 10 years.

Earnings Payout to Shareholders

Earnings Coverage: With its reasonably low payout ratio (34.5%), PNDORA's dividend payments are well covered by earnings.

Cash Payout to Shareholders

Cash Flow Coverage: With its reasonably low cash payout ratio (31.2%), PNDORA's dividend payments are well covered by cash flows.

Discover strong dividend paying companies

Management

How experienced are the management team and are they aligned to shareholders interests?

3.7yrs

Average management tenure

CEO

Alexander Lacik (56 yo)

3.08yrs

Tenure

kr.33,500,000

Compensation

Mr. Alexander Lacik has been President, Chief Executive Officer at Pandora A/S since April 23, 2019 and served as its Member of Management Board. He serves as Independent Director at Swedish Match AB (publ...

CEO Compensation Analysis

Compensation vs Market: Alexander's total compensation ($USD4.82M) is above average for companies of similar size in the Danish market ($USD2.94M).

Compensation vs Earnings: Alexander's compensation has been consistent with company performance over the past year.

Leadership Team

Experienced Management: PNDORA's management team is considered experienced (3.7 years average tenure).

Board Members

Experienced Board: PNDORA's board of directors are not considered experienced ( 2.2 years average tenure), which suggests a new board.

Ownership

Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.

Data	Last Updated (UTC time)
Company Analysis	2022/05/27 00:00
End of Day Share Price	2022/05/25 00:00
Earnings	2022/03/31
Annual Earnings	2021/12/31