Pandora A/S

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Benjamin Buffett
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Re: Pandora A/S

Bericht door Benjamin Buffett »

Het aandeel stijgt met 9% door overnamegeruchten.

BRIEF-Pandora Shares Jump On Report Of Possible Private Equity Takeover Bid

10:22 (18/09) - Bron: Reuters

Sept 18 (Reuters) - PANDORA A/S PNDORA.CO :
* SHARES RISE 10% IN VOLUME SPIKE
* SHARES RISE ON IL SOLE 24 ORE REPORT THAT PRIVATE EQUITY
FUNDS
ARE CONSIDERING POSSIBLE OFFER FOR CO - TRADER
* SAYS HAS NO KNOWLEDGE OF ANY POTENTIAL PRIVATE EQUITY
TAKEOVER
BID

BUZZ-Pandora: Soars on M&A chatter

10:12 (18/09) - Bron: Reuters

** Shares in Pandora PNDORA.CO jump 9% in volume spike
** A trader cites move to Italian newspaper Il Sole 24 Ore's
report that PE funds are considering possible offer for co
** The report adds that a series of big financial groups
including KKR and Bain Capital are looking at co and a bid for
co's shares are among the possibilities
** Pandora says it has no knowledge of any potential PE
takeover bid

Pandora shares jump 10 pct on takeover rumours

10:37 (18/09) - Bron: Reuters

COPENHAGEN, Sept 18 (Reuters) - Shares in Danish jewellery
maker Pandora PNDORA.CO rose by as much as 10 percent on
Tuesday following a media report that private equity funds are
studying a potential takeover bid.
A number of financial groups including KKR and Bain Capital
are looking at the company, Italian financial newspaper Il Sole
24 Ore reported without citing any sources.
Activist funds might also be looking at the company, it
added.
A Pandora spokesman declined to comment.

https://www.ilsole24ore.com/art/finanza ... d=AEwDQAxF
https://borsen.dk/nyheder/virksomheder/ ... vejrs.html
https://de.reuters.com/article/mrkte-pa ... EL8N1W422W
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Re: Pandora A/S

Bericht door Investor »

VGP: De ster van de portefeuille - 2020 wordt een superjaar!
Koersdoel: €2000 tegen 2028!

https://www.optiongenerator.com

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Re: Pandora A/S

Bericht door Investor »

Momenteel even grote positie als in Payton Planar: https://seekingalpha.com/article/421175 ... _2-percent
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piripi
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Re: Pandora A/S

Bericht door piripi »

Morgen de kwartaalcijfers bij Pandora...
Na de overname geruchten terug boven de 400DKK geraakt, maar vandaag alvast zwaar in de min :-/

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Re: Pandora A/S

Bericht door piripi »

https://finance.yahoo.com/news/pandora- ... 20166.html


The third quarter of 2018 was unsatisfactory and Group revenue decreased 3% in local currency due to timing of shipments, change of inventory levels in the wholesale channel and negative total like-for-like. Due to the unsatisfactory Q3 2018 performance, a lower than expected tailwind from forward integration as well as a weak start to the fourth quarter, full year revenue growth is now expected to be 2-4% in local currency (previously 4-7%), while the EBITDA margin guidance is unchanged at around 32%.

Following a health check of the business, PANDORA has launched Programme NOW. As a first step in the programme, acquisitions of franchisees will be significantly reduced. PANDORA will also open fewer stores focusing on selected key markets with white space areas. Programme NOW will focus on pursuing cost opportunities, reducing working capital, reigniting sustainable like-for-like driven revenue growth and lifting PANDORA to the next level of maturity, operating as a much more unified global company.

The Board of Directors of PANDORA continues the search for a new CEO and new non-executive board members and is encouraged by the progress of the searches.

FINANCIAL HIGHLIGHTS

In Q3 2018, group revenue decreased 3% in local currency
Total like-for-like sales-out growth was -3% (-1% in Q2 2018 and -3% in H1 2018)
Revenue from PANDORA owned retail increased 34% in local currency of which 33 percentage points is related to forward integration and new store openings
Retail like-for-like sales-out growth was 1% (3% in Q2 2018)
Revenue from the eSTORE increased 52% in local currency and was 8% of revenue, up from 5% in Q3 2017
Revenue from wholesale decreased 27% in local currency
The wholesale channel was significantly impacted by timing of shipments and change of inventory levels in the channel
Gross margin was 72.3% in Q3 2018 (74.2% in Q3 2017)
EBITDA was DKK 1,445 million in Q3 2018 (DKK 1,965 million in Q3 2017), corresponding to an EBITDA margin of 29.0% (37.8% in Q3 2017)
The lower EBITDA margin was driven by several one-off factors, including timing of shipments and change of inventory levels in the wholesale channel
Free cash flow was DKK 1,059 million in Q3 2018 (DKK 637 million in Q3 2017)
The increase compared with Q3 2017 was mainly driven by fluctuations in operating working capital
In Q3 2018, PANDORA returned DKK 0.9 billion to shareholders in share buybacks and DKK 1 billion in dividends
Full year revenue growth is expected to be 2-4% in local currency. The EBITDA margin guidance is unchanged
As a consequence of initiatives related to Programme NOW, PANDORA cancels the long-term revenue growth ambitions of 7-10%, while the long-term EBITDA margin target of around 35% is being reviewed

Commenting on the results, Anders Boyer, CFO of PANDORA, said:

“The third quarter results were unsatisfactory and we adjust our full year guidance. We have reviewed our business and decided to launch a forceful programme with the aim to materially reduce costs across the company to free up resources to invest in sustainable like-for-like growth. At the same time, we have to lift PANDORA to the next level of maturity operating as a more unified global company. We have taken the first major step in the programme today by changing our network expansion plan. We have confidence in a strong future for PANDORA and will use 2018 and 2019 to re-set the business.”

STRATEGIC UPDATE
The new leadership of PANDORA has undertaken a health check of the business. PANDORA continues to have a strong and superior business model including a leading brand position, global retail footprint, excellent creative and innovation capabilities, and an unrivalled production set-up with high craftmanship, low cost and flexibility.

But the health check also shows that there is a need to change how PANDORA operates and that there are significant unexploited opportunities to improve efficiency. Looking ahead, PANDORA is moving into its next phase of maturity.

Against this backdrop, the following priorities have been identified:

There is a need to redirect strategic focus towards driving like-for-like growth rather than total growth. There is also a need to pursue further initiatives to drive like-for-like growth
Continued success requires more disciplined execution in all parts of the value chain as well as much closer coordination across the company. This implies for example a different cost efficiency and capital allocation mindset and a significant change in retail execution excellence

In order to act swiftly on these conclusions, PANDORA has commenced Programme NOW.

FIRST STEP IN PROGRAMME NOW: ADJUSTMENT OF NETWORK EXPANSION PLAN
As a first step in the programme, PANDORA is adjusting its network expansion plans. With negative like-for-like growth in the physical stores, acquisitions of franchise stores are becoming less attractive. Furthermore, with significant growth in the eSTORE, PANDORA will focus on developing omni-channel in well-developed markets and open fewer new stores, focusing on markets with white space.

Acquisitions
A few selected franchisees may still be acquired. For example, if the stores are of strategic/tactical importance; and if financials and multiples meet strict criteria
Consequently, incremental revenue from forward integration is expected to be significantly lower than the previously communicated DKK 500-1,000 million annually
Store openings
New stores opened are very profitable
The majority of future store openings will take place in a few selected markets with white space. These markets include among others China, India and Latin America
Net store openings during 2018-2022 are expected to be lower than the current guidance of 1,000 stores in total (of which around 250 stores are still expected to be opened in 2018). The number of net store openings will also be impacted by more store closings going forward as the eSTORE grows
PANDORA will guide on the expected number of store openings on a year by year basis going forward
The revised network expansion strategy has impacted the expected FY 2018 tailwind from forward integration from DKK 1.4 billion to DKK 1.2 billion, equivalent to 1 percentage point of growth for FY 2018. In 2019, acquisitions made in 2018 and stores opened during 2018 are expected to generate additional revenue of close to DKK 1 billion.

NEXT STEPS IN PROGRAMME NOW

Cost reductions: PANDORA has made an initial review of all cost categories and identified significant opportunities to reduce costs in several categories. It is also possible to reduce costs by acting more as one globally unified company. These cost reductions are in addition to the DKK ~350 million in annual cost savings announced in August 2018. The cost reduction potential will be quantified in connection with the full year announcement in February 2019
Like-for-like growth: Investigation into further initiatives to support like-for-like growth are currently conducted. The initiatives include enhanced marketing, personalisation, digital and eCommerce capabilities as well as improving the consumer experience in the physical stores. Early analysis also shows that product promotions and mark-downs have a role, but can be reduced through a structured, data-driven approach with little or no impact on long-term profitable growth
One global company: PANDORA needs to revisit how and where decisions are made, how the company operates and lift capabilities in a number of important areas.

Programme NOW will be further developed, and PANDORA will provide a detailed update in connection with the full year announcement in February 2019.

Programme NOW is not expected to impact PANDORA’s ability to be highly cash generative and return significant cash to the Company’s shareholders.

LONG-TERM REVENUE AND EBITDA TARGETS
At the Capital Markets Day in January 2018, PANDORA presented an ambition to grow revenue annually by 7-10% in local currency and maintain an EBITDA margin of around 35% in the years 2018-2022.

As a consequence of the reduction in acquisitions and network expansion, PANDORA sees a lower but more sustainable growth going forward driven by a) low to mid-single digit like-for-like in the mid-term, b) concept store openings in selected key markets and c) potentially selected franchise store acquisitions.

In 2019 and potentially into 2020, growth is expected to be impacted by a planned reduction of promotions and mark-downs as well as a continued reduction of inventories in the wholesale channel. The planned reduction of promotions and mark-downs is expected to have a negative impact on both revenue and total like-for-like in the short term, while it is expected to be margin neutral on group level

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jens_dev
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Re: Pandora A/S

Bericht door jens_dev »

Ik zie zeer weinig lichtpunten.

Omzet daalt, zwak Q3 en Q4 is nog veel slechter begonnen. Guidance voor dit jaar wordt verlaagd. En long term revenue guidance wordt volledig van tafel genomen. 2018, 2019 en mogelijk zelfs deels 2020 worden overgangsjaren.
Strategie wordt na amper 10 maanden weer omgegooid: franchise stores zullen nog slechts selectief worden overgenomen.
Nog steeds geen CEO.
Inventory stuffing in wholesale

Chapeau voor de shorters, die écht wel veel van dit nieuws voorspeld hebben.
Never waste a good crisis
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Nephus
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Re: Pandora A/S

Bericht door Nephus »

Iets meer dan de helft van mijn positie verkocht aan 360 DKK.
Management maakt er een zooitje van. Jammer, opereren in een beloftevolle markt met voldoende groeipotentieel.

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Re: Pandora A/S

Bericht door Denjoe »

Lijkt me een overname toch waarschijnlijker worden.
Searching for value..

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Re: Pandora A/S

Bericht door Investor »

Ik laat ze in de pf. Buybacks zullen lonen en voor de rest zal ik afwachten. Lijkt me een stevige overnameprooi: zitten in een perfect storm. Waardering is al laag dus mag wel een plaats in pf behouden.
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Koersdoel: €2000 tegen 2028!

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Umi
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Re: Pandora A/S

Bericht door Umi »

Signet krijgt kletsen!


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