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.

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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: 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