Pandora AS

PNDORA: XCSE (DNK)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	DKK 2,233.00	Brgmch	Vlpwzdxzr

Pandora Shows Good Results in 2021; Cooling Demand in U.S. Presents a Risk but Shares Attractive

Jelena Sokolova

Feb 9, 2022

We maintain our fair value estimate of DKK 920 per share for no-moat Pandora as the company delivered solid full-year results but forecast more modest growth in 2022 (based on assumptions for a reversal in exceptionally strong jewellery demand in the United States). We view shares as attractive at current levels, trading at about 25% discount to our fair value estimate at forward P/E multiple of 14 times.

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