Financials Pandora Liquidnet

Stocks

PNDORA

DK0060252690

Apparel & Accessories

Delayed Liquidnet			5-day change	1st Jan Change
- ^DKK	-.--%		-.--%	-

08-20	RBC Tweaks Price Target, Estimates for Pandora After Q2 Results	MT
08-20	Citigroup raises Pandora price target to 860 Danish kroner (570), reiterates Neutral - BN	FW

Projected Income Statement: Pandora

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Net sales ¹	23,394	26,463	28,100	31,680	32,549	33,245	34,740	36,453
Change	-	13.12%	6.19%	12.74%	2.74%	2.14%	4.5%	4.93%
EBITDA ¹	7,838	8,716	9,118	10,327	10,316	10,222	8,602	10,125
Change	-	11.2%	4.61%	13.26%	-0.11%	-0.91%	-15.84%	17.7%
EBIT ¹	5,839	6,743	7,000	7,974	7,783	7,405	5,607	7,044
Change	-	15.48%	3.81%	13.91%	-2.4%	-4.85%	-24.29%	25.62%
Interest Paid ¹	-461	-210	-805	-1,048	-870	-1,118	-977.1	-947.1
Earnings before Tax (EBT) ¹	5,378	6,533	6,234	6,926	6,913	6,401	4,750	6,334
Change	-	21.48%	-4.58%	11.1%	-0.19%	-7.4%	-25.8%	33.36%
Net income ¹	4,160	5,029	4,740	5,227	5,241	4,771	3,494	4,636
Change	-	20.89%	-5.75%	10.27%	0.27%	-8.98%	-26.76%	32.69%
Announcement Date	2/9/22	2/8/23	1/7/24	2/4/25	2/4/26	-	-	-

¹DKK in Million

Estimates

Fiscal Period: December	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4
Net sales ¹	4,728	9,011	5,689	5,655	5,263	9,856	5,850	5,894	5,572	10,800	6,834	6,771	6,103	11,973	7,347	7,075	6,269	11,858	7,109	7,219	6,630	12,574
Change	-	90.59%	-36.87%	-0.6%	-6.93%	87.27%	-40.65%	0.75%	-5.46%	93.83%	-36.72%	-0.92%	-9.87%	96.18%	-38.64%	-3.7%	-11.39%	89.15%	-40.05%	1.55%	-8.15%	89.64%
EBITDA ¹	1,393	3,267	1,771	1,737	1,496	3,711	1,753	1,690	1,447	4,228	2,067	1,916	1,571	4,772	2,265	1,911	1,524	4,616	2,146	2,133	1,549	4,327
Change	-	134.53%	-45.79%	-1.92%	-13.87%	148.06%	-52.76%	-3.59%	-14.38%	192.19%	-51.11%	-7.31%	-18.01%	203.76%	-52.54%	-15.63%	-20.25%	202.89%	-53.51%	-0.61%	-27.39%	179.36%
EBIT ¹	957	2,678	1,310	1,249	978	3,206	1,256	1,188	920	3,700	1,507	1,338	980	4,300	1,641	1,287	880	3,975	1,487	1,463	842.2	3,886
Change	-	179.83%	-51.08%	-4.66%	-21.7%	227.81%	-60.82%	-5.41%	-22.56%	302.17%	-59.27%	-11.21%	-26.76%	338.78%	-61.84%	-21.57%	-31.62%	351.7%	-62.59%	-1.61%	-42.43%	361.37%
Charge d'intérêts ¹	-137	-211	-10	-28	-18	-154	-186	-172	-211	-329	-229	-280	-193	-347	-238	-224	-232	-176	-224	-	-316	-302
Earnings before Tax (EBT) ¹	820	2,467	1,300	1,221	960	3,051	1,162	1,017	709	3,345	1,278	1,058	-	3,803	1,403	1,064	647	3,799	1,263	1,172	624.1	3,489
Change	-	200.85%	-47.3%	-6.08%	-21.38%	217.81%	-61.91%	-12.48%	-30.29%	371.79%	-61.79%	-17.21%	-	-	-63.11%	-24.16%	-39.19%	487.17%	-66.75%	-7.21%	-46.75%	459.13%
Net income ¹	635	1,904	995	934	734	2,365	889	778	543	2,530	965	799	595	2,869	1,101	803	489	2,848	942	875	455.7	2,615
Change	-	199.84%	-47.74%	-6.13%	-21.41%	222.21%	-62.41%	-12.49%	-30.21%	365.93%	-61.86%	-17.2%	-25.53%	382.18%	-61.62%	-27.07%	-39.1%	482.41%	-66.92%	-7.11%	-47.92%	473.87%
Announcement Date	11/1/21	2/9/22	5/4/22	8/16/22	11/8/22	2/8/23	5/3/23	8/15/23	11/8/23	1/7/24	5/2/24	8/12/24	11/6/24	2/4/25	5/6/25	8/15/25	11/5/25	2/4/26	5/6/26	8/12/26	-	-

¹DKK in Million

Estimates

Fiscal Period: December	2022 S2	2023 S1	2024 S1	2025 S1	2026 S1
Net sales ¹	15,119	11,745	13,605	-	14,328
Change	-	-22.32%	15.84%	-	-
EBITDA	5,207	3,444	3,984	-	-
Change	-	-33.86%	15.68%	-	-
EBIT ¹	4,184	2,445	2,845	2,928	2,951
Change	-	-41.56%	16.36%	2.92%	0.79%
Charge d'intérêts	-172	-	-	-	-
Earnings before Tax (EBT) ¹	4,011	2,180	-	-	2,436
Change	-	-45.65%	-	-	-
Net income ¹	3,099	1,667	-	-	1,817
Change	-	-46.21%	-	-	-
Announcement Date	2/8/23	8/15/23	8/12/24	8/15/25	8/12/26

¹DKK in Million

Estimates

Forecast Balance Sheet: Pandora

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Net Debt ¹	2,882	6,794	9,770	11,008	13,719	13,463	12,566	11,279
Change	-	135.74%	43.8%	12.67%	24.63%	-1.87%	-6.66%	-10.24%
Announcement Date	2/9/22	2/8/23	1/7/24	2/4/25	2/4/26	-	-	-

¹DKK in Million

Estimates

Cash Flow Forecast: Pandora

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
CAPEX ¹	585	1,191	1,488	1,679	1,911	2,325	2,139	2,077
Change	-	103.59%	24.94%	12.84%	13.82%	21.64%	-8%	-2.87%
Free Cash Flow (FCF) ¹	5,643	3,243	5,896	7,042	5,450	2,958	3,459	5,740
Change	-	-42.53%	81.81%	19.44%	-22.61%	-45.72%	16.94%	65.92%
Announcement Date	2/9/22	2/8/23	1/7/24	2/4/25	2/4/26	-	-	-

¹DKK in Million

Estimates

Forecast Financial Ratios: Pandora

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Profitability
EBITDA Margin (%)	33.5%	32.94%	32.45%	32.6%	31.69%	30.75%	24.76%	27.77%
EBIT Margin (%)	24.96%	25.48%	24.91%	25.17%	23.91%	22.28%	16.14%	19.32%
EBT Margin (%)	22.99%	24.69%	22.19%	21.86%	21.24%	19.26%	13.67%	17.38%
Net margin (%)	17.78%	19%	16.87%	16.5%	16.1%	14.35%	10.06%	12.72%
FCF margin (%)	24.12%	12.25%	20.98%	22.23%	16.74%	8.9%	9.96%	15.75%
FCF / Net Income (%)	135.65%	64.49%	124.39%	134.72%	103.99%	62.01%	99.01%	123.8%
Profitability
ROA	21.6%	24.8%	20.69%	20.28%	18.27%	15.1%	12.11%	14.78%
ROE	57.82%	70.99%	75.71%	96.23%	97.15%	69.31%	37.94%	42.08%
Financial Health
Leverage (Debt/EBITDA)	0.37x	0.78x	1.07x	1.07x	1.33x	1.32x	1.46x	1.11x
Debt / Free cash flow	0.51x	2.09x	1.66x	1.56x	2.52x	4.55x	3.63x	1.96x
Capital Intensity
CAPEX / Current Assets (%)	2.5%	4.5%	5.3%	5.3%	5.87%	6.99%	6.16%	5.7%
CAPEX / EBITDA (%)	7.46%	13.66%	16.32%	16.26%	18.52%	22.74%	24.86%	20.52%
CAPEX / FCF (%)	10.37%	36.73%	25.24%	23.84%	35.06%	78.58%	61.82%	36.19%
Items per share
Cash flow per share ¹	62.48	47.32	85.78	107.8	95.36	75.32	62.89	88.77
Change	-	-24.26%	81.26%	25.65%	-11.52%	-21.02%	-16.5%	41.15%
Dividend per Share ¹	16	16	16	20	22	20.47	18.01	21.44
Change	-	0%	0%	25%	10%	-6.95%	-12.05%	19.08%
Book Value Per Share ¹	73.13	80.17	65.14	69.88	68.43	106.9	131.4	158.4
Change	-	9.63%	-18.75%	7.28%	-2.08%	56.16%	22.95%	20.54%
EPS ¹	41.7	53.7	55.1	64.6	67.9	63.12	44.93	61.03
Change	-	28.78%	2.61%	17.24%	5.11%	-7.03%	-28.83%	35.85%
Nbr of stocks (in thousands)	95,851	89,522	82,242	78,830	74,617	70,570	70,570	70,570
Announcement Date	2/9/22	2/8/23	1/7/24	2/4/25	2/4/26	-	-	-