Pandora Exit and Trade Review

I recently sold my last tranche of Pandora A/S shares. Time for a review.

Pandora Q3 2020: faces big risks from new lockdowns but turnaround is well underway

On Nov 3rd, Pandora reported solid Q3 results. New lockdowns represent a risk, especially taking into account the importance of seasonal business within Christmas time.

How did Pandora fare in Q2?

Pandora released preliminary results for the first six months of 2020 on Wednesday, stating encouraging developments regarding store re-openings and presenting the prospect of a break-even result on an adjusted Ebit margin basis.

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Quicky on Pandora A/S: After Strong Recent Performace is Position Trimming Needed?

From its intraday low on March 16th (DKK 182), Pandora rallied strongly with a performance until today (June 4, DKK 362) of +85%, more than +50% within the last month. Since Pandora represents a considerable position of my equity portfolio, I want to do a quick recap of my investment thesis and answer the question if a position resizing might be warranted.

How did Pandora fare in Q1 with Corona hitting Physical Stores Hardest?

Pandora A/S (PNDORA DC) released its Interim Financial Report Q1 2020 today (May 5, 2020). January and February showed very encouraging sales trends, but then Corona hit the physical store networks. How did Pandora cope with the lockdowns?

Pandora💍 Valuation Update after Trading Update in March 2020

Pandora A/S released its Trading Update on Monday, 16 March 2020. As could have been expected Pandora withdrew its former financial guidance in the face of corona virus and global economic fallout.

Pandora A/S Valuation Update after AR 2019

Pandora A/S released its Q4 and FY 2019 Annual Report on 4th February, 2020. The market reacted negatively with Pandora down 2.5%, presumably to the FY 2020 guidance, with sales guidance meeting expectations but expeted margin falling below expectations. I read through the material and updated my former Valuation-post of Pandora.

Pandora A/S DCF-Valuation after 2019-Q3

Pandora, a Danish Company producing and Selling Mid-Priced Jewelry, most known for their charms concept, reported Q3 2019 results. Time to update my valuation. The Companys Management is trying to turn around sales trends, currently highly negative. If the turnaround will be successful is very uncertain, thus the Company trades at a Forward P/E of below 10 and out of 20 analysts only 3 give a buy rating. If it is successful there is a much higher valuation to be realized, …

Pandora A/S: Fundamental Valuation

Ticker(s) included: $PNDZF, $PANDY (ADR); References: Annual Report 2017; CMD 2018; 2018 Q1

Summary

• Shares of Pandora A/S ($PNDZF) lost more than 50% (in EUR) since May 2016
• I performed a conservative DCF valuation, based on recently provided guidance
• Based on this valuation, Pandora appears undervalued to me