Pandora AS

PNDORA: XCSE (DNK)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	DKK 4,391.00	Qdhddk	Bwdxwlgt

Pandora's Q1 Led by Europe on Easy Comparables; Shares Cheap

Jelena Sokolova

May 4, 2022

We are maintaining our fair value estimate for no-moat Pandora as the company delivered solid first-quarter results and raised its outlook for organic revenue growth to 4%-6% from 3%-6% (including a negative 1% impact from the Russia-Ukraine war). This compares with our expectations for 5.5% organic growth. The forecast implies somewhat weaker consumer sentiment in the quarters to come.

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