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Report as of 16-Feb-2012
PandoraA/S(PNDORADK)
PNDORADKB44XTX8OMXNordicCopenhagenCommonstock
BusinessDescription
PandoraA/Sdesigns,manufacturesandmarketshandfinishedandmodernjewellery.Itsproductsincludebracelets,brooches,charms,earrings,
leatherstrings,necklaces,rings,pendantsandwatches.ThecompanyoperatesthroughtheAmericas,EuropeandAsiaPacific.Itwasfoundedby
PerEnevoldsenandWinnieEnevoldsenin1982andisheadquarteredinGlostrup,Denmark.
CorporateInformation
Headquarters:
Glostrup,Dk2600Denmark
BusinessSegments(Dec10)
Management:
AllanL.Leighton
Charms
MarcelloV.Bottoli,PhD
HenrikHolmark
4,336
#Employees:
KeyStatistics
52WeekRange
DKK34.30357.00
AvgDailyVol(3Mo)
1,018,666.4
MarketValue(M)
11,049
EntValue(M)
12,167
SharesOut(M)
TotRev
%ofTot
OpInc
Assets
4,630
69.5%
OtherJewelry
830
12.5%
Silver&GoldCharms
786
11.8%
Rings
420
6.3%
130.1
CapEx DividendYield
Float
5.9%
41.4%
Institutional
Top10InstHldrs
10.1%
5.4%
AnalystCoverage
TargetPrice
12
DKK92.70
LTGrowthRate
9.8%
AvgRating
EarningsPerShare(EPS)
FYEnding
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
FiscalYear
P/E
14.62
23.0x
13.10
4.1x
Overweight(1.58)
DKK84.90
+5.80
+7.33%
YTDChg
8.87
9.6x
57.22%
3MonthChg
71.27%
52WeekChg
75.81%
52WeekBeta
EPSEstimateRevisions
1Week
1Month
3Months
6Months
QtrEnd12/11
0.5%
6.5%
15.4%
29.5%
QtrEnd3/12
35.2%
35.2%
FYEnd12/11
3.1%
1.7%
5.2%
2.2%
FYEnd12/12
0.7%
1.2%
12.6%
8.9%
Sales
FYEnding
MonetaryvaluesinmillionsofDanishKrone,exceptpersharedata
Price,Financials&RatiosHistory
2006
2007
12/12E
1,534
1,330
2009
2010
2011
83.9%
69.1%
1.1%
9.3%
12/06
12/07
12/08
12/09
12/10
12/11E
1,662
3,461
6,666
6,666
6,593 Sales
731
1,489
2,681
2,191
12/10A
12/11E
1,238
1,745
Q2(Jun)
1,343
1,392
Q3(Sep)
1,788
1,569
1,662
Q4(Dec)
2,297
2,028
2,226
FiscalYear
6,666
6,666
6,593
ValuationSummary
5Year
Current
High Low
Fundamentalandestimatereportingstandardsmaydiffer
2008
12/09A
Q1(Mar)
2.83
2012
5YrAvg
57.2% PriceChange
83.9%
+/OMXCopenhagen
41.0%
69.1%
20
+/Industry
5.9% DivYld
5.2%
5Yr
CAGR
12/12E
1,660 EBITDA
Avg
VsInd
617
1,341
2,416
2,000
1,508 EBIT
1,131 NetInc
P/E(LTM)
5.3x
266
969
1,846
1,724
P/E(NTM)
9.5x
2.05
7.46
14.62
13.10
8.87 EPS(Dil)
0.00
0.00
5.00
4.45
3.56 DivsPS
P/Bk
2.3x
130
130
126
P/CF
6.3x
1.80
11.17
P/Sales
1.6x
305
824
EV/EBITDA
4.7x
3,491
5,816
EV/Sales
1.7x
271
1,077
476
2,661
2,703
362
1,066
1,316
1,604
10Yr
48
118
262
215
906
1,138
PEG(NTM)
DivYld
GrowthSummaryCAGR(Dec10)
1Yr 3Yr 5Yr
33.20
41.03
45.64 BkPS
1,224
8,959
ShsOut(Dil)
Cash&STInv
9,354
9,561 Assets
WkCap
LTDebt
1,443 NetOpCF
203 CapEx
Sales
92.6%
314
963
EBITDA
80.0%
EBIT
80.2%
12/06
12/07
12/08
56.1%
12/09
64.9%
12/10
67.1%
12/11E
12/12E
GrossMargin
NetIncome
90.4%
44.0%
43.0%
40.2%
32.9%
25.2% EBITDAMargin
42.4%
37.1%
38.7%
36.2%
30.0%
22.9% EBITMargin
37.4%
EPS(Diluted)
Dividends
BVPS
FreeCFlow
MutualFundHolders
Holder
1,344 FCF
5YrAvg
62.7%
96.0%
16.0%
28.0%
27.7%
25.9%
17.1% NetMargin
23.9%
197.4%
20.8%
25.0%
18.4%
11.8% ROA
22.9%
5.9%
115.0%
64.0%
31.9%
19.4% ROE
89.5%
0.7
0.9
0.7
0.7 AssetTurn
14.9
4.0
2.1
1.7
1.6 Assets/Equity
7.0
%O/S
1.18
1.48
1.54
Sales/Emp
1.40
MV
0.8
59
60
DSO
TotalMutualFunds
10.1%
17
21
DPO
19
1.5
2.2
1.1
CurrentRatio
1.6
1.2
1.7
0.8
QuickRatio
1.2
92.8
67.2
35.0
TDebt%Cap
65.0
1,281.4
205.0
53.9
TDebt%TEQ
513.4
KeyComps(15Feb2012)
Name
Price
MV(M)
PE(NTM)
PEG(NTM)
ROE
EPSYoY%
PandoraA/S
84.90
11,049
9.5x
46.2%
101.1%
SuranaCorp.Ltd.
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%
SamsoniteInternationalS.A.
ShreeGaneshJewelleryHouseLtd.
FactSet Fundamentals / FactSet Estimates
59
Report as of 16-Feb-2012