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PNDORA­DK Pandora A/S (PNDORA­DK) B44XTX8 OMX Nordic Copenhagen Common stock

Report as of 16-Feb-2012

Business Description Pandora A/S designs, manufactures and markets hand­finished and modern jewellery. Its products include bracelets, brooches, charms, earrings, leather strings, necklaces, rings, pendants and watches. The company operates through the Americas, Europe and Asia Pacific. It was founded by Per Enevoldsen and Winnie Enevoldsen in 1982 and is headquartered in Glostrup, Denmark.

 

Key Statistics 52 ­Week Range Avg Daily Vol (3 Mo) Market Value (M) Ent Value (M) Shares Out (M) Dividend Yield Float Institutional Top 10 Inst Hldrs Analyst Coverage Target Price LT Growth Rate Avg Rating

Corporate Information

Business Segments (Dec­10)

Headquarters:

Glostrup, Dk 2600 Denmark

Tot Rev

% of Tot

Op Inc

Assets

Cap Ex

Management:

Allan L. Leighton Marcello V. Bottoli, PhD Henrik Holmark

Charms

4,630

69.5%

­

­

­

Other Jewelry

830

12.5%

­

­

­

Silver&Gold Charms

786

11.8%

­

­

­

# Employees:

4,336

Rings

420

6.3%

­

­

­

DKK34.30 ­ 357.00

1,018,666.4

11,049

12,167

130.1

5.9%

41.4%

10.1%

5.4%

12

DKK92.70

­9.8%

Overweight (1.58)

Earnings Per Share (EPS)

FY Ending

12/09A

12/10A 12/11E

12/12E

Q1 (Mar)

­

2.00

3.96

1.66

Q2 (Jun)

­

2.99

4.82

1.91

Q3 (Sep)

­

4.44

2.62

2.75

Q4 (Dec)

­

4.76

2.90

2.92

Fiscal Year

­

14.62

13.10

8.87

P/E

­

23.0x

4.1x

9.6x

EPS Estimate Revisions 1 Week 1 Month 3 Months 6 Months

Qtr End 12/11

­0.5%

6.5%

15.4%

­29.5%

Qtr End 3/12

­35.2% ­35.2%

­

­

FY End 12/11

­3.1%

­1.7%

5.2%

2.2%

FY End 12/12

­0.7%

1.2%

12.6%

­8.9%

Sales

FY Ending

12/09A

12/10A 12/11E

12/12E

Q1 (Mar)

­

1,238

1,745

1,534

Q2 (Jun)

­

1,343

1,392

1,330

Q3 (Sep)

­

1,788

1,569

1,662

Q4 (Dec)

­

2,297

2,028

2,226

Fiscal Year

­

6,666

6,666

6,593

Valuation Summary

 

5 Year High Low Avg

 
 

Current

Vs Ind

P/E (LTM)

5.3xP/E (LTM) 45.0x 2.3x 14.6x ­

45.0x 2.3x 14.6x

­

P/E(NTM)

9.5xP/E(NTM) 17.1x 4.0x 9.9x ­

17.1x 4.0x 9.9x

­

PEG(NTM)

­PEG(NTM) 0.8x 0.5x 0.6x ­

0.8x 0.5x 0.6x

­

P/Bk

2.3xP/Bk 15.5x 1.0x 5.9x ­

15.5x 1.0x 5.9x

­

P/CF

6.3xP/CF 12.3x 2.8x 6.3x ­

12.3x 2.8x 6.3x

­

P/Sales

1.6xP/Sales 12.6x 0.7x 4.2x ­

12.6x 0.7x 4.2x

­

EV/EBITDA

4.7xEV/EBITDA 31.1x 2.3x 10.9x ­

31.1x 2.3x 10.9x

­

EV/Sales

1.7xEV/Sales 13.4x 0.9x 4.5x ­

13.4x 0.9x 4.5x

­

Div Yld

5.9%Div Yld 13.4% 1.1% 4.9% ­

13.4% 1.1% 4.9%

­

Growth Summary ­ CAGR (Dec­10)

Sales

EBITDA

EBIT

Net Income

EPS (Diluted)

Dividends

BVPS

Free CFlow

1Yr 3Yr 5Yr 10Yr ­ ­ ­ ­ ­ ­ ­ ­EBIT Net Income EPS (Diluted) Dividends BVPS Free CFlow ­ ­ ­ ­ 92.6% 80.0% 80.2%

­

­

­

­

CFlow 1Yr 3Yr 5Yr 10Yr ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­

CFlow 1Yr 3Yr 5Yr 10Yr ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­

CFlow 1Yr 3Yr 5Yr 10Yr ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­

CFlow 1Yr 3Yr 5Yr 10Yr ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­

CFlow 1Yr 3Yr 5Yr 10Yr ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­

CFlow 1Yr 3Yr 5Yr 10Yr ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­

CFlow 1Yr 3Yr 5Yr 10Yr ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­

92.6%

80.0%

80.2%

90.4%

96.0%

­

197.4%

­5.9%

­

­

­

­

­

­

­

­

­

­

­

­

Mutual Fund Holders Holder

MV

% O/S

­

­

­

Total Mutual Funds

­

10.1%

FactSet Fundamentals / FactSet Estimates

­ 10.1% FactSet Fundamentals / FactSet Estimates DKK84.90 +7.33% +5.80 YTD Chg 3 Month Chg 52

DKK84.90

+7.33% +5.80

YTD Chg 3 Month Chg

52 Week Chg ­75.81%

2.83

52­Week Beta

71.27%

57.22%

Monetary values in millions of Danish Krone, except per share data

Price, Financials & Ratios History

Fundamental and estimate reporting standards may differ

2006

2007

2008

2009

2010

2011

2012

5Yr Avg

­

­

­

­

­

­83.9%

57.2%

Price Change

­83.9%

 

­69.1%

41.0%

+/­ OMX Copenhagen

­69.1%

­

­

­

­

­

 

20

­

­

­

­

­

­

­

+/­ Industry

­

­

­

­

­

1.1%

9.3%

5.9%

Div Yld

5.2%

 

5Yr

12/06

12/07

12/08

12/09

12/10

12/11E

12/12E

CAGR

­

­

1,662

3,461

6,666

6,666

6,593 Sales 1,660 EBITDA 1,508 EBIT Net Inc EPS (Dil) Divs PS Shs Out (Dil) Bk PS Cash & ST Inv 9,561 Assets Wk Cap LT Debt Net Op CF Cap Ex 1,344 FCF

1,131

8.87

3.56

45.64

1,443

­203

­

­

­

731

1,489

2,681

2,191

­

­

­

617

1,341

2,416

2,000

­

­

­

266

969

1,846

1,724

­

­

­

2.05

7.46

14.62

13.10

­

­

­

0.00

0.00

5.00

4.45

­

­

­

130

130

126­

­

­

­

­

1.80

11.17

33.20

41.03

­

­

­

305

824

1,224­

­

­

­

­

3,491

5,816

8,959

9,354

­

­

­

271

1,077

476­

­

­

­

­

2,661

2,703

­

­

­

­

362

1,066

1,316

1,604

­

­

­

­48

­118

­262

­215

­

­

­

314

963

906

1,138

­

12/06

12/07

12/08

12/09

12/10

12/11E

12/12E

5Yr Avg

­

­

56.1%

64.9%

67.1%­

­

Gross Margin

62.7%

­

­

44.0%

43.0%

40.2%

32.9%

25.2%

EBITDA Margin

42.4%

­

­

37.1%

38.7%

36.2%

30.0%

22.9%

EBIT Margin

37.4%

­

­

16.0%

28.0%

27.7%

25.9%

17.1%

Net Margin

23.9%

­

­

­

20.8%

25.0%

18.4%

11.8% ROA

 

22.9%

­

­

­

115.0%

64.0%

31.9%

19.4% ROE

89.5%

­

­

­

0.7

0.9

0.7

0.7

Asset Turn

0.8

­

­

14.9

4.0

2.1

1.7

1.6 Assets/Equity

7.0

­

­

1.18

1.48

1.54­

­

Sales/Emp

1.40

­

­

­

59

60­

­

DSO

59

­

­

­

17

21­

­

DPO

19

­

­

1.5

2.2

1.1­

­

Current Ratio

1.6

­

­

1.2

1.7

0.8­

­

Quick Ratio

1.2

­

­

92.8

67.2

35.0­

­

TDebt%Cap

65.0

­

­

1,281.4

205.0

53.9­

­

TDebt%TEQ

513.4

Key Comps (15­Feb­2012) Name Pandora A/S Surana Corp. Ltd. Samsonite International S.A. Shree Ganesh Jewellery House Ltd.

 

Price

MV (M)

PE (NTM)

PEG (NTM)

ROE

EPS YoY%

84.90

11,049

9.5x

­

46.2%

101.1%

10.66

233

­

­

27.8%

43.9%

9.93

14,041

14.2x

0.9x

43.9%

­70.4%

13.36

811

2.0x

­

26.5%

34.2%

© FactSet Research Systems, Inc.

Company > Overviews > Public Company Snapshot - IM

Report as of 16-Feb-2012

FactSet Fundamentals / FactSet Estimates

© FactSet Research Systems, Inc.