Company Reports

Pandora saw sequential acceleration in organic growth to 3% in the second quarter, driven by strong Asia and Latin America regions. Guidance was upgraded by 1% to 0%-3% sales growth, and EBIT margin guidance was also raised by 1% to 22%-23%. Shares were up around 3% at the market open on Aug. 13.

Pandora is a global branded jeweler and leader in the charm bracelet category. We believe the firm benefits from global brand recognition and vast distribution channels, moderately strong pricing power enabled by the charms' low perceived value and recurring purchases, and customer loyalty.

Pandora reported organic growth of 2% in the first quarter with flat like-for-like sales and confirmed full-year guidance of minus 1% to 2% organic growth and 21%-22% margin. EBIT margin was down 140 basis points despite 440-basis-point cost headwinds, helped by pricing, cost cuts, and cost phasing.

Pandora's stock has moved in a near-perfect inverse of silver prices, down 60% since early 2025. We think the market is mispricing a cyclical input cost shock as permanent structural impairment.

Pandora is a global branded jeweler and leader in the charm bracelet category. We believe the firm benefits from global brand recognition and vast distribution channels, moderately strong pricing power enabled by the charms' low perceived value and recurring purchases, and customer loyalty.

Pandora reported full-year sales up 6% organically (2% on a like-for-like basis) and margin decline of 110 basis points, as raw material price inflation and tariffs were not fully offset by pricing and as demand weakened in the second half.

Pandora is a global branded jeweler and leader in the charm bracelet category. We believe the firm benefits from global brand recognition and vast distribution channels, moderately strong pricing power enabled by the charms' low perceived value and recurring purchases, and customer loyalty.

Pandora now expects 6% organic sales growth in 2025 versus prior guidance of 7%-8%. In the fourth quarter, like-for-like sales were flat, with North America up 2% like for like, versus 9% in the US for the first nine months.

Pandora is a global branded jeweler and leader in the charm bracelet category. We believe the firm benefits from global brand recognition and vast distribution channels, moderately strong pricing power enabled by the charms' low perceived value and recurring purchases, and customer loyalty.

Pandora reported 6% growth in organic revenue in the third quarter, driven by like-for-like sales of 2% and store base expansion of 5%. Pandora downgraded guidance for 2026 margin from "at least 24%" to around 23% reflecting material and currency headwinds.

Pandora is a global branded jeweler and leader in the charm bracelet category. We believe the firm benefits from global brand recognition and vast distribution channels, moderately strong pricing power enabled by the charms' low perceived value and recurring purchases, and customer loyalty.

Pandora reported decelerating sales trends in the second quarter, with like-for-like sales reaching 3%, versus 6% like-for-like sales in the first quarter. Margins were down 160 basis points year over year due to adverse commodity prices, foreign-exchange headwinds, and tariffs.

Pandora’s revenue growth continued to be solid in the first quarter despite macroeconomic concerns, with like-for-like growth of 6% and organic growth of 7%, as margin expanded slightly.

Pandora is a global branded jeweler and leader in the charm bracelet category. We believe the firm benefits from global brand recognition and vast distribution channels, moderately strong pricing power enabled by the charms' low perceived value and recurring purchases, and customer loyalty.

We are maintaining our fair value estimates for stocks in our luxury coverage following the announcement of reciprocal tariffs by US President Donald Trump. Tariffs of 20% on the European Union, 10% on the UK, and 31% on imports from Switzerland are having the most impact on our coverage (as well as 36% tariffs on Thailand for Pandora, where most of its manufacturing takes place). Americans account for around 30% of global luxury consumption and sales exposures in the Americas for companies under our coverage range from the midteens to high 30s. Moncler, Prada, and Swatch are least exposed; EssilorLuxottica, Brunello Cucinelli, and Pandora are most exposed.

We maintain our fair value estimate for narrow-moat Pandora as the company reported strong 2024 results, ahead of its own guidance. Shares look somewhat expensive at current levels.

We maintain our DKK 1,010 per share fair value estimate for narrow-moat Pandora as the company reported a solid third quarter and narrowed its full-year revenue guidance toward the higher end of the range (to 11%-12% from 9%-12). Our forecasts factor in 10.5% organic growth. Shares look fairly valued.

We are maintaining our fair value estimate of DKK 1,010 for narrow-moat Pandora as we increase our full-year forecasts slightly to incorporate higher revenue growth in 2024 after a strong first-half performance. We believe shares are fairly valued at current levels.

Pandora is a global branded jeweler and leader in the charm bracelet category. We believe the firm benefits from global brand recognition and vast distribution channels, moderately strong pricing power enabled by the charms' low perceived value and recurring purchases, and customer loyalty.

We are maintaining our fair value estimate for narrow-moat Pandora as the company delivered strong revenue and profit growth in the first quarter and raised its full-year guidance. At current levels, shares look fairly valued after rising more than 100% since 2022, when we were recommending the stock, trading in 5-star territory.