Pandora A/S

PNDORA: XCSE (DNK)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	DKK 4,794.00	Wlqqfdb	Trpmdpkx

Pandora's Revenue Boosted by U.S. but COVID-19 Reemergence in Asia a Drag on Sales and Profitability

Jelena Sokolova

Nov 3, 2021

We do not expect to materially change our fair value estimate for no-moat Pandora as the company hiked the full-year forecast for 2021 to factor in strong postpandemic recovery, specifically in the U.S. region. Management now expects to reach 18%-20% organic sales growth in 2021 (16%-18% previously, versus 17% implied in our forecast) and achieve 24%-24.5% operating margin (23%-24% previously, versus 23.7% in our forecasts).

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