Pandora A/S

PNDORA: XCSE (DNK)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	DKK 3,955.00	Lwlxdb	Znspzyf

Pandora Earnings: Growth Accelerates Across Regions; Shares Still Attractive

Jelena Sokolova

Nov 8, 2023

We maintain our fair value estimate of DKK 980 for narrow-moat Pandora as the firm reported solid third-quarter results and increased full-year revenue guidance. We intend to reflect upgraded guidance in our model, but it won't have a meaningful impact on our fair value estimate. We believe that despite a strong run over the past year (85%) shares have upside potential, trading in 4-star territory.

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