Thanx. Niet gedacht dat beleggers zo positief zouden reageren op zoiets banaal.

Koers gaat 2,4% lager in aanloop naar resultaten eerste kwartaal morgen. Analisten verwachten een omzetgroei van 0,3%. Management had al gezegd dat de omzetgroei in het eerste kwartaal niet hoger zou liggen dan 2% dacht ik. Organische groei zou moeten uitkomen op 2,8% volgens analisten.

Bron: site Pandora

REVENUE GROWTH IN LINE WITH THE COMMUNICATED OUTLOOK
In line with previously communicated expectations, PANDORA reports revenue growth in local currency of 6% for Q1 2018. EBITDA margin for the quarter was 32.6%. Revenue growth was mainly driven by EMEA as Asia Pacific experienced a slowdown mainly due to lower growth in China. A commercial plan to strengthen the Chinese business is being implemented.

PANDORA made good progress on the strategy presented at the Capital Markets Day in January 2018, with a focus on product innovation, agile manufacturing, digitalising the brand experience and enhancing the omni-channel retail offer. This included the launch of the PANDORA Shine collection in March as well as installing plating lines at the crafting facilities in Thailand.

FINANCIAL HIGHLIGHTS

Group revenue in Q1 2018 decreased by 1% (6% increase in local currency) to DKK 5,115 million, which is in line with PANDORA's earlier communicated expectations of local currency growth slightly below full year guidance of 7-10%
Revenue from PANDORA owned retail increased 32% (40% increase in local currency) and represented 51% of Group revenue
Like-for-like sales-out growth for PANDORA owned concept stores was 0%
Revenue from EMEA increased 15% (16% increase in local currency)
Revenue from Americas decreased 16% (4% decrease in local currency)
Like-for-like sales-out growth in the US was 9%
Revenue in Asia Pacific decreased 9% (1% increase in local currency)
Gross margin was 75.8% in Q1 2018 (Q1 2017: 73.3%)
EBITDA was DKK 1,667 million in Q1 2018 (Q1 2017: DKK 1,879 million), corresponding to an EBITDA margin of 32.6% (Q1 2017: 36.4%)
Free cash flow was DKK 439 million in Q1 2018 (Q1 2017: DKK 1,182 million)
In Q1 2018, PANDORA returned DKK 1,220 million to shareholders through ordinary dividend of DKK 9 per share (DKK 987 million) and share buyback of DKK 233 million
Financial guidance for 2018 is unchanged.

Commenting on the results, Anders Colding Friis, CEO of PANDORA, said:
"We have good momentum on our strategy towards 2022. Revenue from owned retail grew 32% and now represents more than 50% of the Group revenue, providing us with greater control over the brand. We are also pleased with the positive reception of our new Spring collection, including PANDORA Shine. As anticipated, sales growth has started at a moderate pace, and is expected to improve as we gradually introduce more newness in our product assortment throughout the year."

Ai ai ai, 9% eraf en dat bij mijn grootste positie, doet pijn.

En dan altijd zoeken naar wat die manisch-depressieve markt juist verontrust want zelf heb ik bijna nooit zo'n dramatische lezing als de koers zou doen vermoeden :| EBITDA-marge te laag? Ze lijken vooral last te hebben van wisselkoersen en de al aangekondigde trage start van het jaar.

De markt begint nu toch wat te overdrijven. De cijfers zijn m.i. Zozo, maar niets wat echt verrast, zeker gezien de info die er al was. Zullen wel zien.

Naick schreef: ↑16 mei 2018, 09:39 De markt begint nu toch wat te overdrijven. De cijfers zijn m.i. Zozo, maar niets wat echt verrast, zeker gezien de info die er al was. Zullen wel zien.

Vind de daling ook wat overdreven. Ochja, terug afwachten tot volgende resultaten
Had 50% verkocht toen ze op 700 DKK stonden omdat positie te groot was.

Mijn vingers jeuken om toch in te stappen.

Ik was gisteren even aan het twijfelen, maar had vermoed dat het aandeel vandaag terug zou rechtveren wat uiteindelijk toch niet gebeurd is.

Op een korte tijd -25% terwijl er toch weinig nieuws verteld werd? Men had de prognoses toch al gecommuniceerd dacht ik?

Misschien shorters die verder opbouwen. Huidige onzekerheid is net wat zij graag hebben. Wat ik frappant vind, is dat Pandora telkens wordt afgestraft alsof het een growth stock is die aan 20x de winst noteert. De groei is vandaag dan wel veel lager dan in het verleden, maar je betaalt ook nog maar 10x de winst.

Voordeel van de koersdaling is dat er een groot inkoopprogramma loopt voor DKK 4000m, waarvan nog maar DKK 500m werd ingekocht.

Binckbank zou de Xetra-notering in € eerstdaags toevoegen aan het aanbod.

Ben toch ingestapt. Ik ben benieuwd...

Wel een stevige kostprijs aan de transactie

HSBC verlaagt het advies voor Pandora van “Kopen” naar “Houden. Het koersdoel bedraagt 590 Deense kroon.

Bloomberg - 16/17 mei 2018

Not since August 2011 has Pandora A/S lost more of its value in a single day. The Danish jewelry maker, which became a favorite target of hedge funds last year, sank 16 percent after revealing weaker numbers than investors and analysts were expecting. Pandora’s dramatic slowdown in sales to China, spelled out in its first-quarter results on Tuesday, was a particular disappointment. All in all, the share move wiped about $1.6 billion off its market value, leaving it worth less than $10 billion by the end of the day.

“We invest using quant trading models, but we’re still surprised by the stock market reaction,” said Jacob Loiborg, chief portfolio manager at Sparinvest, which has about $12 billion in assets under management. Loiborg says Pandora looks “expensive” and Sparinvest had in 2017 “chosen to go underweight” the stock. “The momentum is weak.”

The big question with Pandora remains whether the hedge funds betting against it will ultimately win the day. According to regulatory filings, these include Coatue Management, AQR Capital Management, Lone Pine Capital, Indus Capital Partners, Melvin Capital Management and Scopia Capital Management. In total, short interest in Pandora represents well over a tenth of its market value. Pandora shares continued to decline on Wednesday, falling as much as 5.3 percent in Copenhagen.

“What surprised us, and the market, was a significant slowdown in China,” Dan Gianera, an analyst at Deutsche Bank AG, said in a note Wednesday, cutting his recommendation on the stock to hold from buy.

For much of 2017, the concern was that Pandora wasn’t communicating adequately with the market, and not providing a good enough breakdown of specific segments. The company promised to address those concerns and revamped its communications department in response. It also held an investor day in January to try to give analysts the information they wanted. But Tuesday’s performance suggests the disconnect between what the company thinks is happening and investor perceptions is as big as ever, according to Per Hansen, an economist at Nordnet. He says the first-quarter report offered mostly “food for Pandora skeptics.”

Chief Executive Officer Anders Colding Friis signaled he found the market’s reaction hard to understand. “The year has started as we had expected and like we told the market earlier,” he said by phone. But with the market determining his company’s value, Colding Friis may need to devote some time to figuring out why Pandora is so badly misunderstood. Ultimately, management “also looks at the stock price and we obviously would like to see the stock go up,” he said.

Notering in euro nu beschikbaar via Binckbank, voor de geïnteresseerden.

jens_dev schreef: ↑17 mei 2018, 16:41 Notering in euro nu beschikbaar via Binckbank, voor de geïnteresseerden.

Is daar voldoende volume?

Hoeveel bedraag die 'stamp duty' (of whatever ze dat daar noemen) in DK? & is dat enkel op aankoopbedrag?
Heb thans ooit Novo Nordisk gehad, maar dat is in een ver verleden. RV is 27%? Klopt dat nog?

Ik had liever dat er een turbo beschikbaar was tussen 100 & 200 DKK.
Ik kijk hier voorlopig nog de kat uit de boom. Teveel kandidaten, wie zegt dat de beurs duur is?

90d Ave Vol
1.278
Koers €69, dus voor mij wel

Taksen: geen idee. Heb nu enkel een turbo van CB.