Industry

Consumer Discretionary

Sector

Textiles, Apparel & Luxury Goods

Country

Denmark

Company description

Pandora is a jewelry manufacturer and retailer founded in 1982 in Denmark. The company manufactures a range of customizable charm bracelets, designer rings and necklaces. Sales began in Europe and first entered North America in 2003. The company now has production in Thailand and markets its products in more than 90 countries around the world. The company was first taken public in October 2010 and in 2011 Pandora became the world's third-largest jewelry company in terms of sales.

Market cap.

DKKm 27,153

Share price

DKK 265

Earnings per share (EPS)

DKK 47

Dividend per share (DPS)

DKK 18

Price / earnings

5.4x

Price / sales

1.2x

Price / book value

4.2x

Enterprise value / EBITDA

4.4x

CEO

n.a.

Chairman of the Board of Directors

Peder Tuborgh

CFO

Anders Boyer-Soegaard

Investor relations

Magnus Jensen

Ticker symbol

PNDORA

Stock exchange

Nasdaq OMX Copenhagen

ISIN code

DK0060252690

Phone

0045 3672 0044

Website

pandoragroup.com

Address

Havneholmen 17-19, 1561 Copenhagen

Income statements

DKKm 20082009201020112012201320142015201620172018
Sales 1,6583,4616,6666,6586,6529,01011,94216,73720,28122,78122,806
Other income 00000000000
Total income 1,6583,4616,6666,6586,6529,01011,94216,73720,28122,78122,806
Total expenses -992-1,901-3,985-4,379-4,995-6,129-7,648-10,523-12,360-14,276-15,386
EBITDA 6661,5602,6812,2791,6572,8814,2946,2147,9218,5057,420
Depreciation tangible assets -8-19-47-63-95-100-122-201-314-433-593
Write-downs tangible assets 00000000000
EBITA 6581,5412,6342,2161,5622,7814,1726,0137,6078,0726,827
Amortisation intangible assets -25-107-218-158-87-100-100-199-203-288-396
Income from associated companies 00000000000
Earnings before interest and taxes (EBIT) 6331,4342,4162,0581,4752,6814,0725,8147,4047,7846,431
Financial income 2379546421321671484328198533
Financial expenses -240-314-218-331-128-106-214-553-82-315-382
Income from associated companies 00000000000
Earnings before taxes (EBT) 4161,1992,2522,3691,4792,7423,8725,3457,6507,6676,582
Taxes -110-184-381-332-277-522-774-1,671-1,625-1,899-1,537
Profit from continuing operations 3061,0151,8712,0371,2022,2203,0983,6746,0255,7685,045
Discontinued operations 00000000000
Minorities 00-2500000000
Net profit or loss 3061,0151,8462,0371,2022,2203,0983,6746,0255,7685,045

Cash flow statements

DKKm 20082009201020112012201320142015201620172018
EBITDA 6661,5602,6812,2791,6572,8814,2946,2147,9218,5057,420
Net interest paid -146-210-282-95-43-26-23-101-40-41-54
Taxes paid -68-236-376-429-428-335-761-2,520-1,462-1,768-1,739
Investments in working capital -119-86-74418156-325949-284-206-258968
Other operating cash items 60373750-3233-1377531816829
Cash flow from operations (CFFO) 3931,0661,3161,8231,3392,4284,3223,3846,5316,6066,624
Capital expenditures (capex) -48-132-210-248-231-498-477-1,036-1,213-1,365-1,130
Acquisitions -2,924-75-94-1160-45-174-289-210-1,843-1,071
Disposals 000000192901210
Other investing cash items 00000000000
Cash flow from investing activities -2,972-207-304-364-231-543-632-1,296-1,423-3,196-2,191
Free cash flow to equity holders (FCFE) -2,5788581,0121,4591,1081,8853,6902,0885,1083,4104,433
Dividends paid 00-240-663-715-713-820-1,088-1,507-3,995-1,943
Share buy-backs 00-3800-700-2,402-3,900-4,000-1,721-3,289
New share issues 0165100000000
Increase/(decrease) in debt 2,883-344-424-1,839-228-111-372,6554042,4391,222
Other financing cash flows 3-561-50-161433-37-29
Cash flow from financing activities (CFFF) 2,883-339-612-2,507-943-1,540-3,245-2,330-5,100-3,314-4,039
Discontinued activities and other 0000000000
Net cash flow / Change in cash position 519400-1,048165345445-242896394

Balance sheets

DKKm 20082009201020112012201320142015201620172018
Goodwill 9321,2081,9051,9281,9221,9042,0802,4242,5713,5224,278
Other intangible assets 2,3582,3282,5852,5482,5652,7132,7793,0253,1953,4773,500
Total intangible assets 3,2903,5364,4904,4764,4874,6174,8595,4495,7666,9997,778
Fixed tangible assets 1152053744294724977111,2371,7672,3242,634
Shares and associated companies 00000000000
Other financial assets 0000000159250289323
Deferred tax assets 29771072091902764078799468841,050
Other non-current assets 12128342648990000
Total fixed assets 3,4353,8394,9995,1485,1755,4386,0767,7248,72910,49611,785
Inventories 1434331,2721,6091,3181,4901,6842,3572,7292,7293,158
Trade receivables 3326228349009408951,1101,3601,6731,9541,650
Other current assets 67996302186407665559811,0571,0681,264
Cash and cash equivalents 3058241,2241763416861,1318898979931,387
Total current assets 8471,9783,9602,9033,2393,8374,4805,5876,3566,7447,459
Total assets 4,2825,8178,9598,0518,4149,27510,55613,31115,08517,24019,244
Equity 4281,4514,3155,4116,0386,4627,0326,1396,7946,5146,419
Non-controlling interests (minorities) 0197000000000
Shareholders equity 4281,6484,3155,4116,0386,4627,0326,1396,7946,5146,419
Pension liabilities 00000000000
Deferred tax liabilities 586559606552552471430394393501461
Long-term provisions 14536647356197101150279
Convertible debt 00000000000
Long-term debt 1,3951,3400375151002,3503,0085,2836,421
Other long-term liabilities 1,2991,363182230249393481172
Total long-term liabilities 3,2813,2661,1609937125094913,0903,8956,4157,333
Short-term debt 2822352,32610749102573164248
Trade payables 311062452882195398041,3291,6221,7062,253
Other current liabilities 2605629131,3491,4381,7162,2192,4962,7712,4412,991
Total current liabilities 5739023,4841,6471,6642,3043,0334,0824,3964,3115,492
Total equity and liabilities 4,2825,8178,9598,0518,4149,27510,55613,31115,08517,24019,244

Growth rates

[%] 20082009201020112012201320142015201620172018
Sales growth 0.0%109.0%93.0%0.0%0.0%35.0%33.0%40.0%21.0%12.0%0.0%
EBITDA growth 0.0%134.0%72.0%-15.0%-27.0%74.0%49.0%45.0%27.0%7.0%-13.0%
EBITA growth 0.0%134.0%71.0%-16.0%-30.0%78.0%50.0%44.0%27.0%6.0%-15.0%
EBIT growth 0.0%127.0%68.0%-15.0%-28.0%82.0%52.0%43.0%27.0%5.0%-17.0%
EBT growth 0.0%188.0%88.0%5.0%-38.0%85.0%41.0%38.0%43.0%0.0%-14.0%
Earnings growth 0.0%232.0%82.0%10.0%-41.0%85.0%40.0%19.0%64.0%-4.0%-13.0%

Margins

[%] 20082009201020112012201320142015201620172018
EBITDA-margin 40.0%45.0%40.0%34.0%25.0%32.0%36.0%37.0%39.0%37.0%33.0%
EBITA-margin 40.0%45.0%40.0%33.0%23.0%31.0%35.0%36.0%38.0%35.0%30.0%
EBIT-margin 38.0%41.0%36.0%31.0%22.0%30.0%34.0%35.0%37.0%34.0%28.0%
EBT-margin 25.0%35.0%34.0%36.0%22.0%30.0%32.0%32.0%38.0%34.0%29.0%
Earnings-margin 18.0%29.0%28.0%31.0%18.0%25.0%26.0%22.0%30.0%25.0%22.0%

Other key figures

DKKm 20082009201020112012201320142015201620172018
Tax rate 26.0%15.0%17.0%14.0%19.0%19.0%20.0%31.0%21.0%25.0%23.0%
Net working capital balance (NWC) 2514861,5781,0901,2418963268731,0661,604828
Net interest bearing debt (NIBD) 1,3727511,102209-183-637-1,1211,7182,1144,4545,282
Invested capital (including goodwill) 1,8002,3995,4175,6205,8555,8255,9117,8578,90810,96811,701
Invested capital (excluding goodwill) 8681,1913,5123,6923,9333,9213,8315,4336,3377,4467,423
Enterprise value (EV) 1,37275144,8307,22715,99736,58859,873103,073105,53778,50432,435

Share data

20082009201020112012201320142015201620172018
Shares outstanding, millions (excl. treasury) 00130130130127121116112110102
Market capitalisation (DKKm) 0043,7287,01816,18037,22560,994101,355103,42374,05027,153
Market capitalisation (DKKm) 0043,7287,01816,18037,22560,994101,355103,42374,05027,153
Share price (DKK) 0.00.0336.054.0124.5294.0504.5872.0924.0675.5265.3
Earnings per share (EPS), (DKK) 735.28.014.815.79.317.225.030.952.852.047.2
Dividend per share (DPS), (DKK) 0.00.05.05.55.56.59.013.09.09.018.0

Price multiples

20082009201020112012201320142015201620172018
Price/Earnings (P/E) 0.0x0.0x23.7x3.5x13.5x16.8x19.7x27.6x17.2x12.8x5.4x
Price/Sales (P/S) 0.0x0.0x6.6x1.1x2.4x4.1x5.1x6.1x5.1x3.3x1.2x
Price/Book value (P/B) 0.0x0.0x10.1x1.3x2.7x5.8x8.7x16.5x15.2x11.4x4.2x

Enterprise value (EV) multiples

20082009201020112012201320142015201620172018
Enterprise value/Sales (EV/Sales) 0.8x0.2x6.7x1.1x2.4x4.1x5.0x6.2x5.2x3.5x1.4x
Enterprise value/EBITDA (EV/EBITDA) 2.1x0.5x16.7x3.2x9.7x12.7x13.9x16.6x13.3x9.2x4.4x
Enterprise value/EBITA (EV/EBITA) 2.1x0.5x17.0x3.3x10.2x13.2x14.4x17.1x13.9x9.7x4.8x
Enterprise value/EBIT (EV/EBIT) 2.2x0.5x18.6x3.5x10.9x13.7x14.7x17.7x14.3x10.1x5.0x