Pandora (PNDORA)
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http://www.nasdaqomxnordic.com/shares/shareinformation/?Instrument=CSE77855
Hetkel siis -66%. Mis seal interim repordis siis nii jubedat on aru ma ei saa:
https://newsclient.omxgroup.com/cdsPublic/viewDisclosure.action?disclosureId=463975&lang=en -
Jefferiese kommentaar:
Investors may regret ever opening this box of disappointments - Pandora has
brought forward their Q2 release with the extraordinary announcement they
are abandoning FY guidance and now see revenues flat with EBITDA margin in
the low thirties from previous minimum 40%. The strategy of price increases
has clearly not worked, and the CEO has resigned. Updated guidance implies
an EPS cut of 40%+ and we expect severe pressure on the shares.
Pandora has brought forward their Q2 release along with the extraordinary announcement
that they are abandoning their guidance and now see revenues flat on the year (from
previous +30%) with EBITDA margin falling to the low thirties from previous expectations
of not less than 40%.
The volume reaction to price increases shows that this strategy has clearly not worked with
Q2 below expectations and July sales falling 30%. The company blames poor marketing
and operational execution and the CEO has resigned and will be replaced pro-tem by board
member Marcello Bottoli.
Q2 sales were up +4% Y/Y to DKK 1,392m, but we estimate over 10% below expectations,
while EBITDA fell -6% to DKK 512m, we estimate about 15% below expectations, hurt by
higher costs and metal prices.
We make it that updated guidance implies an EPS cut of over 40% in 2011E and we would
expect a dramatic sell off in the shares as credibility and visibility is now completely shot.
We will be reviewing our forecasts and recommendation in due course. -
Hommikul sai 40ga, varsti jälle.
Firma enda kommentaarid:
http://investor.en.pandora.net/releasedetail.cfm?ReleaseID=595638
