Announcement • May 08
Pandora A/S Reaffirms Earnings Guidance for Fiscal Year 2026 Pandora A/S reaffirmed earnings guidance for fiscal year 2026. For the year, the company expected EBIT margin of 21% to 22%. Reported Earnings • May 06
Full year 2025 earnings released: EPS: kr.68.10 (vs kr.64.85 in FY 2024) Full year 2025 results: EPS: kr.68.10 (up from kr.64.85 in FY 2024). Revenue: kr.32.5b (up 2.7% from FY 2024). Net income: kr.5.24b (flat on FY 2024). Profit margin: 16% (in line with FY 2024). Revenue is forecast to grow 3.5% p.a. on average during the next 3 years, compared to a 6.0% growth forecast for the Luxury industry in Europe. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • May 06
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to kr.572, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 14x in the Luxury industry in Europe. Total returns to shareholders of 2.8% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at kr.906 per share. Board Change • Apr 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 5 experienced directors. 1 highly experienced director. Independent Director Lars Sorensen was the last director to join the board, commencing their role in 2025. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. New Risk • Mar 23
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of British stocks, typically moving 7.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 4.4% per year for the foreseeable future. Minor Risks High level of debt (152% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (7.5% average weekly change). Upcoming Dividend • Mar 05
Upcoming dividend of kr.22.00 per share Eligible shareholders must have bought the stock before 12 March 2026. Payment date: 16 March 2026. Payout ratio is a comfortable 32% and this is well supported by cash flows. Trailing yield: 4.5%. Lower than top quartile of British dividend payers (5.5%). Higher than average of industry peers (2.1%). Announcement • Feb 24
Pandora A/S Appoints David Boynton as Managing Director of Northern Europe Pandora A/S has named David Boynton as its new managing director of Northern Europe. The appointment marks a return to an executive role for Boynton, who had previously served as chief executive officer of The Body Shop for over five years. Boynton has also been at the helm of Charles Tyrwhitt, cosmetics brand L’Occitane and Hong Kong-based AS Watson. Since June 2023, Boynton had been operating under his advisory business, Boynton Advisory Limited, through which he served as a board level advisor to start-ups and high-growth companies. He announced his latest appointment on LinkedIn, where he said it felt like the right time to return to an executive role after a period of working as an advisor and non-executive director. Recent Insider Transactions • Feb 16
Independent Director recently bought kr.542k worth of stock On the 9th of February, Marianne Kirkegaard bought around 1k shares on-market at roughly kr.542 per share. This transaction amounted to 51% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold kr.18m more in shares than they bought in the last 12 months. Recent Insider Transactions • Feb 13
Independent Director recently bought kr.542k worth of stock On the 9th of February, Marianne Kirkegaard bought around 1k shares on-market at roughly kr.542 per share. This transaction amounted to 51% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold kr.18m more in shares than they bought in the last 12 months. Declared Dividend • Feb 09
Dividend increased to kr.22.00 Dividend of kr.22.00 is 10% higher than last year. Ex-date: 12th March 2026 Payment date: 16th March 2026 Dividend yield will be 3.9%, which is lower than the industry average of 4.7%. Sustainability & Growth Dividend is well covered by both earnings (32% earnings payout ratio) and cash flows (30% cash payout ratio). The dividend has increased by an average of 9.3% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 6.5% over the next 3 years. However, it would need to fall by 64% to increase the payout ratio to a potentially unsustainable range. Reported Earnings • Feb 05
Full year 2025 earnings released: EPS: kr.68.10 (vs kr.64.85 in FY 2024) Full year 2025 results: EPS: kr.68.10 (up from kr.64.85 in FY 2024). Revenue: kr.32.5b (up 2.7% from FY 2024). Net income: kr.5.24b (flat on FY 2024). Profit margin: 16% (in line with FY 2024). Revenue is forecast to grow 4.4% p.a. on average during the next 3 years, compared to a 6.0% growth forecast for the Luxury industry in Europe. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. New Risk • Jan 13
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.05% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.05% per year for the foreseeable future. Minor Risks High level of debt (395% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Significant insider selling over the past 3 months (kr.19m sold). Valuation Update With 7 Day Price Move • Jan 09
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to kr.594, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 14x in the Luxury industry in Europe. Total returns to shareholders of 12% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at kr.959 per share. New Risk • Jan 09
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.6% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 1.6% per year for the foreseeable future. Minor Risks High level of debt (395% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Significant insider selling over the past 3 months (kr.19m sold). Announcement • Jan 09
Pandora A/S Provides Earnings Guidance for 2025 Pandora A/S provided earnings guidance for 2025. For the quarter, EBIT margin is expected to land at around 33.5%, reflecting the strong gross margin and good cost control.
For the year the company expects EBIT to land around DKK 7.8 billion. Group EBIT margin for 2025 is expected to be in line with guidance of around 24%. Recent Insider Transactions • Dec 05
President & CEO recently sold kr.19m worth of stock On the 3rd of December, Alexander Lacik sold around 25k shares on-market at roughly kr.750 per share. This transaction amounted to 9.2% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Alexander's only on-market trade for the last 12 months. Reported Earnings • Nov 06
Third quarter 2025 earnings released: EPS: kr.6.30 (vs kr.7.30 in 3Q 2024) Third quarter 2025 results: EPS: kr.6.30 (down from kr.7.30 in 3Q 2024). Revenue: kr.6.27b (up 2.7% from 3Q 2024). Net income: kr.489.0m (down 18% from 3Q 2024). Profit margin: 7.8% (down from 9.7% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.4% p.a. on average during the next 3 years, compared to a 5.7% growth forecast for the Luxury industry in Europe. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has increased by 18% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Nov 05
Pandora A/S Maintains Earnings Guidance for the Year 2025 Pandora A/S maintained earnings guidance for the year 2025. The company maintains guidance for 2025 of “7-8% organic growth”. The EBIT margin guidance for 2025 is also maintained at “around 24%”. Reported Earnings • Aug 15
First quarter 2025 earnings released: EPS: kr.14.00 (vs kr.11.80 in 1Q 2024) First quarter 2025 results: EPS: kr.14.00 (up from kr.11.80 in 1Q 2024). Revenue: kr.7.35b (up 7.5% from 1Q 2024). Net income: kr.1.10b (up 14% from 1Q 2024). Profit margin: 15% (in line with 1Q 2024). Revenue is forecast to grow 6.6% p.a. on average during the next 3 years, compared to a 6.2% growth forecast for the Luxury industry in Europe. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has increased by 20% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Aug 15
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 2.4% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Minor Risks High level of debt (241% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Valuation Update With 7 Day Price Move • Aug 15
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to kr.846, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 16x in the Luxury industry in Europe. Total returns to shareholders of 85% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at kr.1,428 per share. Announcement • Aug 15
Pandora A/S to Report Fiscal Year 2025 Results on Feb 06, 2026 Pandora A/S announced that they will report fiscal year 2025 results on Feb 06, 2026 Announcement • Aug 14
Pandora A/S Appoints Lars Sandahl Sørensen as Member of the Board of Directors Pandora A/S at its Extraordinary General Meeting on August 14, 2025 announced that Lars Sandahl Sørensen was elected as member of the Board of Directors. Announcement • Jul 15
Pandora A/S Announces Deputy Chair, Christian Frigast Informs the Board That He Will Not Stand for Re-Election At the Next Annual General Meeting in 2026 Pandora A/S announced that Deputy Chair, Christian Frigast has informed the Board that he will not stand for re-election at the next Annual General Meeting in 2026. Christian Frigast was managing partner at private equity firm Axcel, which acquired Pandora from the company’s founders in 2008 and led the company to its IPO in 2010. Since then, Christian Frigast has served as Deputy Chair on Pandora’s Board of Directors. Buy Or Sell Opportunity • Jul 01
Now 21% undervalued Over the last 90 days, the stock has risen 3.3% to kr.1,098. The fair value is estimated to be kr.1,389, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.0% over the last 3 years. Earnings per share has grown by 11%. For the next 3 years, revenue is forecast to grow by 6.6% per annum. Earnings are also forecast to grow by 7.8% per annum over the same time period. Valuation Update With 7 Day Price Move • May 16
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to kr.1,203, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 16x in the Luxury industry in Europe. Total returns to shareholders of 149% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at kr.1,899 per share. Reported Earnings • May 07
First quarter 2025 earnings released: EPS: kr.14.00 (vs kr.11.80 in 1Q 2024) First quarter 2025 results: EPS: kr.14.00 (up from kr.11.80 in 1Q 2024). Revenue: kr.7.35b (up 7.5% from 1Q 2024). Net income: kr.1.10b (up 14% from 1Q 2024). Profit margin: 15% (in line with 1Q 2024). Revenue is forecast to grow 6.8% p.a. on average during the next 3 years, compared to a 6.5% growth forecast for the Luxury industry in Europe. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has increased by 23% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Apr 04
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to kr.868, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 14x in the Luxury industry in Europe. Total returns to shareholders of 49% over the past three years. Announcement • Mar 12
Pandora A/S Approves Dividend for the Year 2024 Pandora A/S at its AGM held on March 12, 2025, approved the dividend of DKK 20.00 per share of DKK 1 be paid on the profit for the year available for distribution according to the Annual Report 2024. Upcoming Dividend • Mar 06
Upcoming dividend of kr.20.00 per share Eligible shareholders must have bought the stock before 13 March 2025. Payment date: 17 March 2025. Payout ratio is a comfortable 31% and this is well supported by cash flows. Trailing yield: 1.7%. Lower than top quartile of British dividend payers (5.9%). In line with average of industry peers (1.6%). Declared Dividend • Feb 10
Dividend increased to kr.20.00 Dividend of kr.20.00 is 11% higher than last year. Ex-date: 13th March 2025 Payment date: 17th March 2025 Dividend yield will be 1.5%, which is lower than the industry average of 4.7%. Sustainability & Growth Dividend is well covered by both earnings (31% earnings payout ratio) and cash flows (22% cash payout ratio). The dividend has increased by an average of 12% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 35% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Recent Insider Transactions • Feb 08
Executive VP & CFO recently sold kr.54m worth of stock On the 5th of February, Anders Boyer-Søgaard sold around 40k shares on-market at roughly kr.1,353 per share. This transaction amounted to 25% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Anders has been a net seller over the last 12 months, reducing personal holdings by kr.76m. Announcement • Feb 08
Pandora A/S Proposes Dividend for 2024 Pandora A/S Board of Directors will propose at the Annual General Meeting that a dividend of DKK 20 per share (2023: DKK 18 per share), corresponding to DKK 1.6 billion, be distributed for 2024. Announcement • Feb 07
Pandora A/S American Depositary Receipts - Sponsored to Be Deleted from OTC Equity Pandora A/S American Depositary Receipts - Sponsored will be deleted from OTC Equity effective February 06, 2025. due to Sponsored to Unsponsored Conversion. Announcement • Feb 06
Pandora A/S, Annual General Meeting, Mar 12, 2025 Pandora A/S, Annual General Meeting, Mar 12, 2025. Reported Earnings • Feb 06
Full year 2024 earnings released: EPS: kr.64.85 (vs kr.55.50 in FY 2023) Full year 2024 results: EPS: kr.64.85 (up from kr.55.50 in FY 2023). Revenue: kr.31.7b (up 13% from FY 2023). Net income: kr.5.23b (up 10% from FY 2023). Profit margin: 17% (in line with FY 2023). Revenue is forecast to grow 6.8% p.a. on average during the next 3 years, compared to a 7.4% growth forecast for the Luxury industry in Europe. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has increased by 22% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Nov 07
Third quarter 2024 earnings released: EPS: kr.7.30 (vs kr.6.30 in 3Q 2023) Third quarter 2024 results: EPS: kr.7.30 (up from kr.6.30 in 3Q 2023). Revenue: kr.6.10b (up 9.5% from 3Q 2023). Net income: kr.595.0m (up 9.6% from 3Q 2023). Profit margin: 9.7% (in line with 3Q 2023). Revenue is forecast to grow 7.0% p.a. on average during the next 3 years, compared to a 6.5% growth forecast for the Luxury industry in Europe. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Announcement • Aug 22
Pandora A/S to Report Fiscal Year 2024 Results on Feb 05, 2025 Pandora A/S announced that they will report fiscal year 2024 results on Feb 05, 2025 Reported Earnings • Aug 13
Second quarter 2024 earnings released: EPS: kr.9.70 (vs kr.8.90 in 2Q 2023) Second quarter 2024 results: EPS: kr.9.70 (up from kr.8.90 in 2Q 2023). Revenue: kr.6.77b (up 15% from 2Q 2023). Net income: kr.799.0m (up 2.7% from 2Q 2023). Profit margin: 12% (down from 13% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 7.1% p.a. on average during the next 3 years, compared to a 7.5% growth forecast for the Luxury industry in Europe. Over the last 3 years on average, earnings per share has increased by 13% per year whereas the company’s share price has increased by 8% per year. Announcement • Aug 13
Pandora A/S Revises Earnings Guidance for the Year 2024 Pandora A/S revised earnings guidance for the year 2024. The company announced that Reflecting the solid performance YTD, the organic growth guidance range is updated to “9% to 12%” (previously 8% to 10%). Recent Insider Transactions • May 07
Independent Chairman of the Board recently sold kr.5.7m worth of stock On the 3rd of May, Peter Ruzicka sold around 5k shares on-market at roughly kr.1,138 per share. This transaction amounted to 18% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth kr.38m. Peter has been a net seller over the last 12 months, reducing personal holdings by kr.9.2m. Reported Earnings • May 02
First quarter 2024 earnings released: EPS: kr.11.80 (vs kr.10.00 in 1Q 2023) First quarter 2024 results: EPS: kr.11.80 (up from kr.10.00 in 1Q 2023). Revenue: kr.6.83b (up 17% from 1Q 2023). Net income: kr.965.0m (up 8.5% from 1Q 2023). Profit margin: 14% (down from 15% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.9% p.a. on average during the next 3 years, compared to a 7.4% growth forecast for the Luxury industry in Europe. Over the last 3 years on average, earnings per share has increased by 18% per year whereas the company’s share price has increased by 15% per year. Board Change • Apr 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 4 experienced directors. 2 highly experienced directors. Independent Director Lilian Biner was the last director to join the board, commencing their role in 2023. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Mar 16
Pandora A/S Approves Dividend for the Year 2023 Pandora A/S announced that at its AGM held on March 14, 2024, shareholders approved the Board’s proposal that a dividend of DKK 18.00 per share of DKK 1 be paid on the profit for the year available for distribution according to the Annual Report 2023 was adopted. Upcoming Dividend • Mar 08
Upcoming dividend of kr.18.00 per share Eligible shareholders must have bought the stock before 15 March 2024. Payment date: 19 March 2024. Payout ratio is a comfortable 32% and this is well supported by cash flows. Trailing yield: 1.6%. Lower than top quartile of British dividend payers (6.3%). In line with average of industry peers (1.5%). Recent Insider Transactions • Feb 14
President & CEO recently sold kr.38m worth of stock On the 9th of February, Alexander Lacik sold around 35k shares on-market at roughly kr.1,074 per share. This transaction amounted to 12% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Alexander's only on-market trade for the last 12 months. Declared Dividend • Feb 12
Dividend increased to kr.18.00 Dividend of kr.18.00 is 13% higher than last year. Ex-date: 15th March 2024 Payment date: 19th March 2024 Dividend yield will be 1.7%, which is lower than the industry average of 4.7%. Sustainability & Growth Dividend is well covered by both earnings (32% earnings payout ratio) and cash flows (25% cash payout ratio). The dividend has increased by an average of 13% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 36% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 08
Full year 2023 earnings released: EPS: kr.55.50 (vs kr.54.22 in FY 2022) Full year 2023 results: EPS: kr.55.50. Revenue: kr.28.1b (up 6.3% from FY 2022). Net income: kr.4.74b (down 5.7% from FY 2022). Profit margin: 17% (down from 19% in FY 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.7% p.a. on average during the next 3 years, compared to a 6.9% growth forecast for the Luxury industry in Europe. Recent Insider Transactions • Nov 14
Independent Chairman of the Board recently sold kr.3.5m worth of stock On the 9th of November, Peter Ruzicka sold around 4k shares on-market at roughly kr.881 per share. This transaction amounted to 13% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Peter's only on-market trade for the last 12 months. Reported Earnings • Nov 09
Third quarter 2023 earnings released: EPS: kr.6.30 (vs kr.7.80 in 3Q 2022) Third quarter 2023 results: EPS: kr.6.30 (down from kr.7.80 in 3Q 2022). Revenue: kr.5.57b (up 5.9% from 3Q 2022). Net income: kr.543.0m (down 26% from 3Q 2022). Profit margin: 9.7% (down from 14% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.8% p.a. on average during the next 3 years, compared to a 5.1% growth forecast for the Luxury industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Announcement • Nov 09
Pandora A/S Revises Earnings Guidance for the Year 2023 Pandora A/S revised earnings guidance for the year 2023. For the year 2023, the company expects the organic growth guidance range is upgraded to "+5% to +6%" (previously +2% to +5%). The EBIT guidance remains unchanged at "around 25%". Valuation Update With 7 Day Price Move • Oct 11
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to kr.821, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 14x in the Luxury industry in Europe. Total returns to shareholders of 54% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at kr.1,309 per share. Announcement • Aug 30
Pandora, Reveals Expansion of Pandora Lab-Grown Diamonds with Three New Collections Pandora, reveals the expansion of Pandora Lab-Grown Diamonds with three new collections. Re-writing the rules of diamond jewelry, Pandora continues its journey of democratizing diamonds and celebrating their power as vehicles for love, joy, and personal expression – bringing their sparkle to more wearing occasions and more people. Pandora Nova introduces a distinct, four-prong setting that reveals more of the diamond, so each round brilliant or princess cut stone can capture the light with more dimension, brilliance and warmth, as if floating in mid-air – like the 1 carat 14K gold and lab-grown diamond ring ($1,850). Pandora Era reimagines classic bezel and prong settings with a unique Pandora take. A pinnacle of this collection are the 14k gold trilogy pendant ($1,200) and bracelet ($990), which showcase three bezel-set stones in a row for quiet impact. PandoraTalisman features five pendant designs ($390-$990) – each a symbol like a heart or star that is also the lab-grown diamond's setting. The pendants offer an elevated take on beloved Pandora charms, crafted with 14k gold with a 0.25 or 0.75 round brilliant-cut lab-grown diamond at the center. Announcement • Aug 17
Pandora A/S Revises Earnings Guidance for the Year 2023 Pandora A/S revised earnings guidance for the year 2023. The company announced that Reflecting the solid performance YTD, the organic growth guidance range is updated to “+2% to +5%” (previously -2% to +3%). Announcement • Aug 16
Pandora A/S to Report Fiscal Year 2023 Results on Feb 07, 2024 Pandora A/S announced that they will report fiscal year 2023 results on Feb 07, 2024 Reported Earnings • Aug 16
Second quarter 2023 earnings released: EPS: kr.8.90 (vs kr.9.90 in 2Q 2022) Second quarter 2023 results: EPS: kr.8.90 (down from kr.9.90 in 2Q 2022). Revenue: kr.5.89b (up 4.2% from 2Q 2022). Net income: kr.778.0m (down 17% from 2Q 2022). Profit margin: 13% (down from 17% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 3.4% p.a. on average during the next 3 years, compared to a 5.7% growth forecast for the Luxury industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Apr 20
Now 21% undervalued Over the last 90 days, the stock is up 14%. The fair value is estimated to be kr.802, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.9% over the last 3 years. Earnings per share has grown by 34%. For the next 3 years, revenue is forecast to grow by 3.2% per annum. Earnings is also forecast to grow by 5.0% per annum over the same time period. Upcoming Dividend • Mar 10
Upcoming dividend of kr.16.00 per share at 2.5% yield Eligible shareholders must have bought the stock before 17 March 2023. Payment date: 21 March 2023. Payout ratio is a comfortable 30% and this is well supported by cash flows. Trailing yield: 2.5%. Lower than top quartile of British dividend payers (5.6%). In line with average of industry peers (2.4%). Buying Opportunity • Feb 24
Now 21% undervalued Over the last 90 days, the stock is up 29%. The fair value is estimated to be kr.807, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.9% over the last 3 years. Earnings per share has grown by 34%. For the next 3 years, revenue is forecast to grow by 3.1% per annum. Earnings is also forecast to grow by 5.2% per annum over the same time period. Announcement • Feb 18
Pandora A/S Announces Resignation of Heine Dalsgaard from the Board of Directors Pandora A/S announced that Heine Dalsgaard has decided not to seek re-election as director at the Annual General Meeting held to be on March 16, 2023. Reported Earnings • Feb 09
Full year 2022 earnings released: EPS: kr.54.20 (vs kr.42.12 in FY 2021) Full year 2022 results: EPS: kr.54.20 (up from kr.42.12 in FY 2021). Revenue: kr.26.5b (up 13% from FY 2021). Net income: kr.5.03b (up 21% from FY 2021). Profit margin: 19% (up from 18% in FY 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 3.1% p.a. on average during the next 3 years, compared to a 6.5% growth forecast for the Luxury industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth. Announcement • Feb 09
Pandora A/S Provides Earnings Guidance for the Year 2023 Pandora A/S provided earnings guidance for the year 2023. Initial guidance for 2023 is -3% to +3% organic growth and an EBIT margin around 25%. Current trading in 2023 has been solid with a good, broad-based pick-up in sell-out growth. Announcement • Feb 08
Pandora A/S Proposes Dividend for the Year 2022 Pandora A/S proposed dividend of DKK 16 per share for the year 2022. Buying Opportunity • Feb 06
Now 22% undervalued Over the last 90 days, the stock is up 29%. The fair value is estimated to be kr.754, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.4% over the last 3 years. Earnings per share has grown by 28%. For the next 3 years, revenue is forecast to grow by 3.4% per annum. Earnings is also forecast to grow by 6.5% per annum over the same time period. Announcement • Jan 11
Heine Dalsgaard Not to Stand for Re-Election from the Board of Pandora A/S Pandora A/S announced that due to recent changes in his executive commitments, Heine Dalsgaard has decided not to seek re-election to company's Board at the Annual General Meeting in March 2023. Heine Dalsgaard joined Pandora’s Board in March 2021. Board Change • Nov 16
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director Jan Zijderveld was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Nov 09
Investor sentiment improved over the past week After last week's 16% share price gain to kr.467, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 17x in the Luxury industry in Europe. Total returns to shareholders of 79% over the past three years. Announcement • Nov 08
Pandora A/S, Annual General Meeting, Mar 16, 2023 Pandora A/S, Annual General Meeting, Mar 16, 2023. Reported Earnings • May 05
First quarter 2022 earnings released: EPS: kr.10.50 (vs kr.6.30 in 1Q 2021) First quarter 2022 results: EPS: kr.10.50 (up from kr.6.30 in 1Q 2021). Revenue: kr.5.69b (up 26% from 1Q 2021). Net income: kr.995.0m (up 58% from 1Q 2021). Profit margin: 18% (up from 14% in 1Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 5.7%, compared to a 11% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has increased by 28% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Apr 27
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director Jan Zijderveld was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Mar 08
Investor sentiment deteriorated over the past week After last week's 17% share price decline to kr.558, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 18x in the Luxury industry in Europe. Total returns to shareholders of 100% over the past three years. Upcoming Dividend • Mar 04
Upcoming dividend of kr.16.00 per share Eligible shareholders must have bought the stock before 11 March 2022. Payment date: 15 March 2022. Payout ratio is a comfortable 38% but the company is not cash flow positive. Trailing yield: 2.5%. Lower than top quartile of British dividend payers (4.7%). Higher than average of industry peers (1.5%). Reported Earnings • Feb 10
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: kr.42.10 (up from kr.19.97 in FY 2020). Revenue: kr.23.4b (up 23% from FY 2020). Net income: kr.4.16b (up 115% from FY 2020). Profit margin: 18% (up from 10% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 6.0%, compared to a 12% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 29% per year, which means it is well ahead of earnings. Upcoming Dividend • Nov 08
Inaugural dividend of kr.5.00 per share Eligible shareholders must have bought the stock before 15 November 2021. Payment date: 17 November 2021. The company last paid an ordinary dividend in March 2020. The average dividend yield among industry peers is 0.9%. Reported Earnings • Nov 04
Third quarter 2021 earnings released: EPS kr.6.40 (vs kr.3.60 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: kr.4.73b (up 16% from 3Q 2020). Net income: kr.635.0m (up 85% from 3Q 2020). Profit margin: 13% (up from 8.4% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has increased by 37% per year, which means it is well ahead of earnings. 
