Pandora (PNDORA) - Investeerimine - Foorum - LHV finantsportaal

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Pandora (PNDORA)

Kommentaari jätmiseks loo konto või logi sisse


    Hetkel siis -66%. Mis seal interim repordis siis nii jubedat on aru ma ei saa:
  • 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.

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