2025 Q3 -tulosraportti
67 päivää sitten1 t 24 min
20,00 DKK/osake
Viimeisin osinko
2,96 %Tuotto/v
Tarjoustasot
Nasdaq Copenhagen
Määrä
Osto
463 629
Myynti
Määrä
441 643
Viimeisimmät kaupat
| Aika | Hinta | Määrä | Ostaja | Myyjä |
|---|---|---|---|---|
| 389 | - | - | ||
| 25 | - | - | ||
| 36 | - | - | ||
| 1 | - | - | ||
| 9 | - | - |
Ylin
689,2VWAP
Alin
587,8VaihtoMäärä
1 218,8 1 987 650
VWAP
Ylin
689,2Alin
587,8VaihtoMäärä
1 218,8 1 987 650
Välittäjätilasto
Dataa ei löytynyt
Yhtiötapahtumat
| Seuraava tapahtuma | |
|---|---|
| 2025 Q4 -tulosraportti | 5.2. |
| Menneet tapahtumat | ||
|---|---|---|
| 2025 Q3 -tulosraportti | 5.11.2025 | |
| 2025 Q2 -tulosraportti | 15.8.2025 | |
| 2025 Q1 -tulosraportti | 7.5.2025 | |
| Vuosittainen yhtiökokous 2025 | 12.3.2025 | |
| 2024 Q4 -tulosraportti | 5.2.2025 |
Datan lähde: FactSet, Quartr
Asiakkaat katsoivat myös
Shareville
Liity keskusteluun SharevillessäShareville on aktiivisten yksityissijoittajien yhteisö, jossa voit seurata muiden asiakkaiden kaupankäyntiä ja omistuksia.
Kirjaudu
·7 min sittenThe last time Pandora experienced a major stock correction was in the period October 2021 to September 2021, then the stock fell from approx. price 900 to approx. price 360, a fall over a little over a year's time of 60%. Ultimo September 2021 there were approx. 99,2 mio shares and Pandora chose a deliberate strategy to repurchase shares, thus every year from 2021 onwards, at least 100% and in several years more of the profit has been paid out in the form of dividends and share buybacks. The cash dividend has gradually increased from DKK 15 in 2021 to DKK 20 in 2024. Net profit has ranged from just over KK 4 mia up to just over DKK 5,2 mia last year. The cash portion of the dividend has thus gone from just over 40% to approx. 33% and the rest has been share buybacks. After 2024, 3 mio shares were written down, so there are 79 mio shares remaining, approx. 0,2 mio shares were retained in the company as there are generally always some shares for programs etc. Through the latest buyback program, approx. 4,4 mio shares have been accumulated, so that today they own approx. 4,4 mio shares. It is expected that Pandora will continue to cancel and that they will cancel 4 mio shares this year, so the number of shares will fall to 75 mio including their own shares they have left. Emit is, according to the latest "downward adjustment", stated to end at approx. 7,8 mia down from approx. 8,0 mia in 2024. If items after EBIT are at the same level as 2024, the operating result for 2025 will land at approx. 5 mia. Thus, earnings after cancellation will be approx. DKK 66,7 per share. Dividend at 33% will be DKK 22 per share and the remaining DKK 3,35 mia can be used for share buybacks. At the current price, they would then be able to buy 5,7 mio shares. If the free cash flow, which for 2024 is significantly higher, it can also be imagined that, like most of the four preceding years, more than 100% is paid out, on average, 113,5% has been paid out over the preceding four years. If that payout ratio is maintained, one could instead pay out DKK 26 in cash dividend and buy shares for DKK 3,8 mia (corresponding to approx. 6,5 mio shares at today's price). My point with these figures is that Pandora has a lot of shares that will soon disappear and a profit that will soon be paid out and used for acquisitions. If share buybacks amount to DKK 3,3-4,0 mia, it is up to 8-9% of outstanding shares that are to be repurchased at the current price. Even more of free flow. At the same time, it will ensure that an in order to earn the same per share can handle a fall in earnings of 8-9%. But if one looks at a more normal valuation with a p/e of 15, and the number of shares falls to 69 mio via share buybacks in 2026, then in 2026 "only" DKK 2,7 mia needs to be earned at a price of 588. In other words, earnings must fall 46% in 2026 to justify today's price if one does not expect Pandora to always face a negative development, as we know it is a cyclical company but on the other hand know well that it will typically turn around again, then the stock market would normally be willing to pay a slightly higher p/e today for future earnings and Pandora is a company that has gone from being purely exposed to charms to today moving towards a pure-play jewelry company with a broader offering, i.e., they are looking to increase revenue and bottom line as they expand their assortment and at the same time it is believed that Pandora will be able to increase their earnings as they grow (even though they are already the largest company by volume today) as their jewelry today is in the low price range, so if they get more exclusive lines going and/or reduce their operating costs, it will increase earnings just as they will now look into diluting their dependence on gold and silver prices by looking at other materials in their production. They also have an expected development in the number of stores with an expected growth of 3% annually, so even if like for like sales in existing stores were to experience a slowdown, they would still be able to grow due to an increased number of stores and thus an expansion of their market. Furthermore, 2025 has been a year where they have been severely affected by increased silver prices, a falling dollar exchange rate (US accounts for about 34% of their revenue), customs tariffs, and general economic uncertainty. Can these things worsen? Yes, the silver price will probably be able to rise further until market supply increases because rising prices encourage more to invest in extraction, the dollar has been lower before, so again it can be hit further and the economic unrest continue a little longer with all the tensions currently in the world, but somewhere things tend to correct themselves again, and I would be surprised if we see them hit by increasing problems on all parameters again in 2026. So when they show as late as 4. kvt 2025 that they have been able to withstand for so long and have virtually all of 2026 to slightly change production costs due to hedging of silver and gold, then there is much to suggest that in 2026 they will also be able to maintain reasonable revenue and earnings and thus more money for dividends and share buybacks in 2027, and then we are indeed approaching a point where I find it harder and harder to see that in the medium term one can keep the price down where it is today.·1 min sittenHit max 5000 characters, but will conclude by saying short-term the market is a bunch of hysterical women and I'm not writing that we'll just rise from Monday.. on the contrary, it's quite possible that the hysterical women will push it further down and then one can use that to buy/increase if, like me, one believes in the stock. We saw it throughout 2025 on Novo which is now rising nicely. Back in 2022, it took 6 months to go from a bottom around 360 to close ultimo February 2023 at around 660, which was a quick 80% up and the bottom around 360 was short-lived. The fall this time actually started in January 2025, so it has lasted for 12 months, though interrupted by a brief upturn following the euphoria after customs tariffs did not turn out as feared. So, in terms of time, the downturn has lasted as before, if we are to see the same pattern, we will see Pandora rise towards July, first with an annual report that provides some insight into expectations, a general meeting that sets a dividend and a share buyback program is initiated, and then a 1st quarter report which, in my expectation, will show that it's not quite so bad if the world doesn't go under after all before then :-)
·1 päivä sittenWith reservations - these are AI-generated comments. However interesting - then you can decide for yourself what information you want to navigate by. Try to read it all through, so you have some counterweight to many of the emotions that typically come to expression when, in my opinion, there has been a short attack - seen many times before - especially from Carnegie etc. Have a good weekend- ·1 päivä sittenHere is a clear overview of how the number of shares outstanding in Pandora has developed over time, as well as how many own-acquired (treasury) shares Pandora has held and used for buybacks: 📉 Shares Outstanding – development in recent years Pandora has gradually reduced the number of shares outstanding through significant buybacks and subsequent cancellations: Year Shares Outstanding (approx.) Change 2021 ≈ 100,000,000 Basis before large buybacks 2022 ≈ 95,500,000 6.5 million shares cancelled 2023 ≈ 89,000,000 Another 6.5 million cancelled 2024 ≈ 82,000,000 7.0 million shares cancelled 2025 ≈ 78.0 million (≈ 77.96 million) (est.) continued reduction from buybacks ➡️ This means that Pandora has reduced shares outstanding by approximately 22 % since 2021 through buybacks and cancellations. 🔁 Pandora's Own Shares (Treasury Shares) – buybacks and use Pandora has actively bought back its own shares in several programs: 📌 2021–2022 2021: Bought approx. 3.9 million own shares (≈4.3 % of capital) as treasury shares. 2022: Pandora owned approx. 6.6 million treasury shares at year-end (~6.9 %). Pandora also cancelled 4.5 million shares in 2022, which reduced total supply. 📌 2023 Pandora bought around 7.7 million own shares (~8.3 % of capital). After cancellations, the balance was approx. 6.8 million treasury shares (~7.6 %). 📌 2024 Bought around 3.7 million shares (~4.3 %). After use for incentive plans and cancellations, there were approx. 3.2 million treasury shares (~3.9 %). 📌 2025 Pandora continued buybacks in 2025 as part of a new DKK 4 bn. program: During 2025, Pandora has bought approx. 4.1–4.4 million own shares (~5.3–5.6 %). 👉 In 2025, Pandora thus owns somewhere between approx. 4.1–4.4 million own shares, corresponding to about 5–5.6 % of the total. 📊 Summary: what does that mean? 📉 Shares outstanding have fallen significantly Pandora has significantly reduced the number of shares outstanding through: many years of share buybacks subsequent cancellations From around 100 million in 2021 to approx. 78 million in 2025. 🔁 Pandora owns its own shares Pandora has continuously: acquired own shares as treasury shares used them for, among other things, incentive schemes cancelled larger portions to reduce share capital and improve key figures (e.g. EPS) In 2025, these own shares constitute about 5 %+ of the capital. 📈 Effect of buybacks Buybacks and cancellations: ✅ reduce the total share supply ✅ raise earnings per share (EPS) ✅ increase value for remaining shareholders (all else being equal) 📌 Short conclusion Pandora has actively reduced the number of shares outstanding over several years through buybacks and cancellations. The company has furthermore over the years held a not insignificant holding of own shares (treasury shares) — used for incentive plans, cancellations and as part of their capital allocation strategy.
·6 t sittenSuper overview. Thanks for that. And then we can only hope that the acquisition strategy continues to be in focus regarding optimal capital structure. What do you think? Further buyback of 3-4 billion DKK in 2026? - ·1 päivä sittenHere is a clear status of Pandora's financial strength, focusing on equity, liquidity, and general financial health based on the latest available financial figures: 📊 1. Equity and Solvency 📌 Equity in the order of Pandora has, according to the latest official key figures in the consolidated balance sheet: Equity of approximately 5.5 billion DKK in recent annual reports. Equity has previously been higher but has changed year by year partly due to dividend payments and buybacks, and partly due to exchange rate and operational impacts. 📉 Solvency ratio (equity ratio) The solvency ratio (equity as % of total assets) is: approx. 20–23 % in recent years — which is common for companies with significant debt, but not extremely strong compared to more conservative industries. This means that Pandora is partly financed by debt, not only equity. 💧 2. Liquidity and Liquid Assets 📌 Cash & cash equivalents From the latest quarterly/TTM figures, we find: approx. 765 million DKK in liquid assets (cash plus short-term investments). 📉 Working capital Working capital (current assets minus short-term liabilities) has been negative in some periods, which may indicate tight short-term liquidity: negative working capital of approx. -3.7 billion DKK in the latest figures (according to some data sources). This means that Pandora sometimes has more short-term liabilities than short-term assets, but it can also be a result of an active capital management strategy, where, for example, supplier credits are utilized effectively. 🏦 3. Debt and Net Debt Pandora has significant debt obligations: Total debt approx. 17.9 billion DKK in the latest TTM figures. This results in a net debt (debt minus cash) of approximately -17.15 billion DKK (i.e., Pandora is net indebted because debt far exceeds liquid assets). Such a debt structure means that Pandora has significant financial leverage, which must be managed with a focus on interest expenses and refinancing. 🧾 4. Operational Strength and Liquidity from Operations An important point is that Pandora generates strong cash flows from operations: Operating cash flow around 7.78 billion DKK in the latest 12-month figures. Free cash flow (after investments) approx. 6.36 billion DKK, which shows solid liquidity creation through normal operations. This is a very positive sign — even with high debt, the company generates cash that can be used to pay interest, invest, and pay dividends. 📉 5. Overall Assessment of Financial Condition 🔹 Strengths ✅ Pandora has positive equity and a solid asset base. ✅ The company generates very strong cash flows from operations. ✅ Free cash flow is high, providing flexibility to service debt and pay dividends. 🔸 Challenges ⚠️ The debt level is high relative to cash, which means a greater focus on debt service and interest costs. ⚠️ Working capital can be negative, requiring active management of short-term liabilities. ⚠️ The solvency ratio is moderate — not extremely strong, but not critically low either. 📌 Brief Conclusion Pandora's financial situation is solid, but not ultra-conservative. 👍 They have positive equity and generate high operating and free cash flows, which is fundamentally strong. ⚠️ But the debt level is high, and liquid assets alone do not cover the debt — therefore, focus on operations and debt service is important. This means that Pandora is not in short-term financial danger, but they must continue to generate strong cash flows so that debt, interest, and investments can be managed without diluting shares or reducing stability.
Yllä olevat kommentit ovat peräisin Nordnetin sosiaalisen verkoston Sharevillen käyttäjiltä, eikä niitä ole muokattu eikä Nordnet ole tarkastanut niitä etukäteen. Ne eivät tarkoita, että Nordnet tarjoaisi sijoitusneuvoja tai sijoitussuosituksia. Nordnet ei ota vastuuta kommenteista.
Uutiset
Tämän sivun uutiset ja/tai sijoitussuositukset tai otteet niistä sekä niihin liittyvät linkit ovat mainitun tahon tuottamia ja toimittamia. Nordnet ei ole osallistunut materiaalin laatimiseen, eikä ole tarkistanut sen sisältöä tai tehnyt sisältöön muutoksia. Lue lisää sijoitussuosituksista.
2025 Q3 -tulosraportti
67 päivää sitten1 t 24 min
20,00 DKK/osake
Viimeisin osinko
2,96 %Tuotto/v
Uutiset
Tämän sivun uutiset ja/tai sijoitussuositukset tai otteet niistä sekä niihin liittyvät linkit ovat mainitun tahon tuottamia ja toimittamia. Nordnet ei ole osallistunut materiaalin laatimiseen, eikä ole tarkistanut sen sisältöä tai tehnyt sisältöön muutoksia. Lue lisää sijoitussuosituksista.
Shareville
Liity keskusteluun SharevillessäShareville on aktiivisten yksityissijoittajien yhteisö, jossa voit seurata muiden asiakkaiden kaupankäyntiä ja omistuksia.
Kirjaudu
- ·7 min sittenThe last time Pandora experienced a major stock correction was in the period October 2021 to September 2021, then the stock fell from approx. price 900 to approx. price 360, a fall over a little over a year's time of 60%. Ultimo September 2021 there were approx. 99,2 mio shares and Pandora chose a deliberate strategy to repurchase shares, thus every year from 2021 onwards, at least 100% and in several years more of the profit has been paid out in the form of dividends and share buybacks. The cash dividend has gradually increased from DKK 15 in 2021 to DKK 20 in 2024. Net profit has ranged from just over KK 4 mia up to just over DKK 5,2 mia last year. The cash portion of the dividend has thus gone from just over 40% to approx. 33% and the rest has been share buybacks. After 2024, 3 mio shares were written down, so there are 79 mio shares remaining, approx. 0,2 mio shares were retained in the company as there are generally always some shares for programs etc. Through the latest buyback program, approx. 4,4 mio shares have been accumulated, so that today they own approx. 4,4 mio shares. It is expected that Pandora will continue to cancel and that they will cancel 4 mio shares this year, so the number of shares will fall to 75 mio including their own shares they have left. Emit is, according to the latest "downward adjustment", stated to end at approx. 7,8 mia down from approx. 8,0 mia in 2024. If items after EBIT are at the same level as 2024, the operating result for 2025 will land at approx. 5 mia. Thus, earnings after cancellation will be approx. DKK 66,7 per share. Dividend at 33% will be DKK 22 per share and the remaining DKK 3,35 mia can be used for share buybacks. At the current price, they would then be able to buy 5,7 mio shares. If the free cash flow, which for 2024 is significantly higher, it can also be imagined that, like most of the four preceding years, more than 100% is paid out, on average, 113,5% has been paid out over the preceding four years. If that payout ratio is maintained, one could instead pay out DKK 26 in cash dividend and buy shares for DKK 3,8 mia (corresponding to approx. 6,5 mio shares at today's price). My point with these figures is that Pandora has a lot of shares that will soon disappear and a profit that will soon be paid out and used for acquisitions. If share buybacks amount to DKK 3,3-4,0 mia, it is up to 8-9% of outstanding shares that are to be repurchased at the current price. Even more of free flow. At the same time, it will ensure that an in order to earn the same per share can handle a fall in earnings of 8-9%. But if one looks at a more normal valuation with a p/e of 15, and the number of shares falls to 69 mio via share buybacks in 2026, then in 2026 "only" DKK 2,7 mia needs to be earned at a price of 588. In other words, earnings must fall 46% in 2026 to justify today's price if one does not expect Pandora to always face a negative development, as we know it is a cyclical company but on the other hand know well that it will typically turn around again, then the stock market would normally be willing to pay a slightly higher p/e today for future earnings and Pandora is a company that has gone from being purely exposed to charms to today moving towards a pure-play jewelry company with a broader offering, i.e., they are looking to increase revenue and bottom line as they expand their assortment and at the same time it is believed that Pandora will be able to increase their earnings as they grow (even though they are already the largest company by volume today) as their jewelry today is in the low price range, so if they get more exclusive lines going and/or reduce their operating costs, it will increase earnings just as they will now look into diluting their dependence on gold and silver prices by looking at other materials in their production. They also have an expected development in the number of stores with an expected growth of 3% annually, so even if like for like sales in existing stores were to experience a slowdown, they would still be able to grow due to an increased number of stores and thus an expansion of their market. Furthermore, 2025 has been a year where they have been severely affected by increased silver prices, a falling dollar exchange rate (US accounts for about 34% of their revenue), customs tariffs, and general economic uncertainty. Can these things worsen? Yes, the silver price will probably be able to rise further until market supply increases because rising prices encourage more to invest in extraction, the dollar has been lower before, so again it can be hit further and the economic unrest continue a little longer with all the tensions currently in the world, but somewhere things tend to correct themselves again, and I would be surprised if we see them hit by increasing problems on all parameters again in 2026. So when they show as late as 4. kvt 2025 that they have been able to withstand for so long and have virtually all of 2026 to slightly change production costs due to hedging of silver and gold, then there is much to suggest that in 2026 they will also be able to maintain reasonable revenue and earnings and thus more money for dividends and share buybacks in 2027, and then we are indeed approaching a point where I find it harder and harder to see that in the medium term one can keep the price down where it is today.·1 min sittenHit max 5000 characters, but will conclude by saying short-term the market is a bunch of hysterical women and I'm not writing that we'll just rise from Monday.. on the contrary, it's quite possible that the hysterical women will push it further down and then one can use that to buy/increase if, like me, one believes in the stock. We saw it throughout 2025 on Novo which is now rising nicely. Back in 2022, it took 6 months to go from a bottom around 360 to close ultimo February 2023 at around 660, which was a quick 80% up and the bottom around 360 was short-lived. The fall this time actually started in January 2025, so it has lasted for 12 months, though interrupted by a brief upturn following the euphoria after customs tariffs did not turn out as feared. So, in terms of time, the downturn has lasted as before, if we are to see the same pattern, we will see Pandora rise towards July, first with an annual report that provides some insight into expectations, a general meeting that sets a dividend and a share buyback program is initiated, and then a 1st quarter report which, in my expectation, will show that it's not quite so bad if the world doesn't go under after all before then :-)
- ·1 päivä sittenWith reservations - these are AI-generated comments. However interesting - then you can decide for yourself what information you want to navigate by. Try to read it all through, so you have some counterweight to many of the emotions that typically come to expression when, in my opinion, there has been a short attack - seen many times before - especially from Carnegie etc. Have a good weekend
- ·1 päivä sittenHere is a clear overview of how the number of shares outstanding in Pandora has developed over time, as well as how many own-acquired (treasury) shares Pandora has held and used for buybacks: 📉 Shares Outstanding – development in recent years Pandora has gradually reduced the number of shares outstanding through significant buybacks and subsequent cancellations: Year Shares Outstanding (approx.) Change 2021 ≈ 100,000,000 Basis before large buybacks 2022 ≈ 95,500,000 6.5 million shares cancelled 2023 ≈ 89,000,000 Another 6.5 million cancelled 2024 ≈ 82,000,000 7.0 million shares cancelled 2025 ≈ 78.0 million (≈ 77.96 million) (est.) continued reduction from buybacks ➡️ This means that Pandora has reduced shares outstanding by approximately 22 % since 2021 through buybacks and cancellations. 🔁 Pandora's Own Shares (Treasury Shares) – buybacks and use Pandora has actively bought back its own shares in several programs: 📌 2021–2022 2021: Bought approx. 3.9 million own shares (≈4.3 % of capital) as treasury shares. 2022: Pandora owned approx. 6.6 million treasury shares at year-end (~6.9 %). Pandora also cancelled 4.5 million shares in 2022, which reduced total supply. 📌 2023 Pandora bought around 7.7 million own shares (~8.3 % of capital). After cancellations, the balance was approx. 6.8 million treasury shares (~7.6 %). 📌 2024 Bought around 3.7 million shares (~4.3 %). After use for incentive plans and cancellations, there were approx. 3.2 million treasury shares (~3.9 %). 📌 2025 Pandora continued buybacks in 2025 as part of a new DKK 4 bn. program: During 2025, Pandora has bought approx. 4.1–4.4 million own shares (~5.3–5.6 %). 👉 In 2025, Pandora thus owns somewhere between approx. 4.1–4.4 million own shares, corresponding to about 5–5.6 % of the total. 📊 Summary: what does that mean? 📉 Shares outstanding have fallen significantly Pandora has significantly reduced the number of shares outstanding through: many years of share buybacks subsequent cancellations From around 100 million in 2021 to approx. 78 million in 2025. 🔁 Pandora owns its own shares Pandora has continuously: acquired own shares as treasury shares used them for, among other things, incentive schemes cancelled larger portions to reduce share capital and improve key figures (e.g. EPS) In 2025, these own shares constitute about 5 %+ of the capital. 📈 Effect of buybacks Buybacks and cancellations: ✅ reduce the total share supply ✅ raise earnings per share (EPS) ✅ increase value for remaining shareholders (all else being equal) 📌 Short conclusion Pandora has actively reduced the number of shares outstanding over several years through buybacks and cancellations. The company has furthermore over the years held a not insignificant holding of own shares (treasury shares) — used for incentive plans, cancellations and as part of their capital allocation strategy.·6 t sittenSuper overview. Thanks for that. And then we can only hope that the acquisition strategy continues to be in focus regarding optimal capital structure. What do you think? Further buyback of 3-4 billion DKK in 2026?
- ·1 päivä sittenHere is a clear status of Pandora's financial strength, focusing on equity, liquidity, and general financial health based on the latest available financial figures: 📊 1. Equity and Solvency 📌 Equity in the order of Pandora has, according to the latest official key figures in the consolidated balance sheet: Equity of approximately 5.5 billion DKK in recent annual reports. Equity has previously been higher but has changed year by year partly due to dividend payments and buybacks, and partly due to exchange rate and operational impacts. 📉 Solvency ratio (equity ratio) The solvency ratio (equity as % of total assets) is: approx. 20–23 % in recent years — which is common for companies with significant debt, but not extremely strong compared to more conservative industries. This means that Pandora is partly financed by debt, not only equity. 💧 2. Liquidity and Liquid Assets 📌 Cash & cash equivalents From the latest quarterly/TTM figures, we find: approx. 765 million DKK in liquid assets (cash plus short-term investments). 📉 Working capital Working capital (current assets minus short-term liabilities) has been negative in some periods, which may indicate tight short-term liquidity: negative working capital of approx. -3.7 billion DKK in the latest figures (according to some data sources). This means that Pandora sometimes has more short-term liabilities than short-term assets, but it can also be a result of an active capital management strategy, where, for example, supplier credits are utilized effectively. 🏦 3. Debt and Net Debt Pandora has significant debt obligations: Total debt approx. 17.9 billion DKK in the latest TTM figures. This results in a net debt (debt minus cash) of approximately -17.15 billion DKK (i.e., Pandora is net indebted because debt far exceeds liquid assets). Such a debt structure means that Pandora has significant financial leverage, which must be managed with a focus on interest expenses and refinancing. 🧾 4. Operational Strength and Liquidity from Operations An important point is that Pandora generates strong cash flows from operations: Operating cash flow around 7.78 billion DKK in the latest 12-month figures. Free cash flow (after investments) approx. 6.36 billion DKK, which shows solid liquidity creation through normal operations. This is a very positive sign — even with high debt, the company generates cash that can be used to pay interest, invest, and pay dividends. 📉 5. Overall Assessment of Financial Condition 🔹 Strengths ✅ Pandora has positive equity and a solid asset base. ✅ The company generates very strong cash flows from operations. ✅ Free cash flow is high, providing flexibility to service debt and pay dividends. 🔸 Challenges ⚠️ The debt level is high relative to cash, which means a greater focus on debt service and interest costs. ⚠️ Working capital can be negative, requiring active management of short-term liabilities. ⚠️ The solvency ratio is moderate — not extremely strong, but not critically low either. 📌 Brief Conclusion Pandora's financial situation is solid, but not ultra-conservative. 👍 They have positive equity and generate high operating and free cash flows, which is fundamentally strong. ⚠️ But the debt level is high, and liquid assets alone do not cover the debt — therefore, focus on operations and debt service is important. This means that Pandora is not in short-term financial danger, but they must continue to generate strong cash flows so that debt, interest, and investments can be managed without diluting shares or reducing stability.
Yllä olevat kommentit ovat peräisin Nordnetin sosiaalisen verkoston Sharevillen käyttäjiltä, eikä niitä ole muokattu eikä Nordnet ole tarkastanut niitä etukäteen. Ne eivät tarkoita, että Nordnet tarjoaisi sijoitusneuvoja tai sijoitussuosituksia. Nordnet ei ota vastuuta kommenteista.
Tarjoustasot
Nasdaq Copenhagen
Määrä
Osto
463 629
Myynti
Määrä
441 643
Viimeisimmät kaupat
| Aika | Hinta | Määrä | Ostaja | Myyjä |
|---|---|---|---|---|
| 389 | - | - | ||
| 25 | - | - | ||
| 36 | - | - | ||
| 1 | - | - | ||
| 9 | - | - |
Ylin
689,2VWAP
Alin
587,8VaihtoMäärä
1 218,8 1 987 650
VWAP
Ylin
689,2Alin
587,8VaihtoMäärä
1 218,8 1 987 650
Välittäjätilasto
Dataa ei löytynyt
Asiakkaat katsoivat myös
Yhtiötapahtumat
| Seuraava tapahtuma | |
|---|---|
| 2025 Q4 -tulosraportti | 5.2. |
| Menneet tapahtumat | ||
|---|---|---|
| 2025 Q3 -tulosraportti | 5.11.2025 | |
| 2025 Q2 -tulosraportti | 15.8.2025 | |
| 2025 Q1 -tulosraportti | 7.5.2025 | |
| Vuosittainen yhtiökokous 2025 | 12.3.2025 | |
| 2024 Q4 -tulosraportti | 5.2.2025 |
Datan lähde: FactSet, Quartr
2025 Q3 -tulosraportti
67 päivää sitten1 t 24 min
Uutiset
Tämän sivun uutiset ja/tai sijoitussuositukset tai otteet niistä sekä niihin liittyvät linkit ovat mainitun tahon tuottamia ja toimittamia. Nordnet ei ole osallistunut materiaalin laatimiseen, eikä ole tarkistanut sen sisältöä tai tehnyt sisältöön muutoksia. Lue lisää sijoitussuosituksista.
Yhtiötapahtumat
| Seuraava tapahtuma | |
|---|---|
| 2025 Q4 -tulosraportti | 5.2. |
| Menneet tapahtumat | ||
|---|---|---|
| 2025 Q3 -tulosraportti | 5.11.2025 | |
| 2025 Q2 -tulosraportti | 15.8.2025 | |
| 2025 Q1 -tulosraportti | 7.5.2025 | |
| Vuosittainen yhtiökokous 2025 | 12.3.2025 | |
| 2024 Q4 -tulosraportti | 5.2.2025 |
Datan lähde: FactSet, Quartr
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- ·7 min sittenThe last time Pandora experienced a major stock correction was in the period October 2021 to September 2021, then the stock fell from approx. price 900 to approx. price 360, a fall over a little over a year's time of 60%. Ultimo September 2021 there were approx. 99,2 mio shares and Pandora chose a deliberate strategy to repurchase shares, thus every year from 2021 onwards, at least 100% and in several years more of the profit has been paid out in the form of dividends and share buybacks. The cash dividend has gradually increased from DKK 15 in 2021 to DKK 20 in 2024. Net profit has ranged from just over KK 4 mia up to just over DKK 5,2 mia last year. The cash portion of the dividend has thus gone from just over 40% to approx. 33% and the rest has been share buybacks. After 2024, 3 mio shares were written down, so there are 79 mio shares remaining, approx. 0,2 mio shares were retained in the company as there are generally always some shares for programs etc. Through the latest buyback program, approx. 4,4 mio shares have been accumulated, so that today they own approx. 4,4 mio shares. It is expected that Pandora will continue to cancel and that they will cancel 4 mio shares this year, so the number of shares will fall to 75 mio including their own shares they have left. Emit is, according to the latest "downward adjustment", stated to end at approx. 7,8 mia down from approx. 8,0 mia in 2024. If items after EBIT are at the same level as 2024, the operating result for 2025 will land at approx. 5 mia. Thus, earnings after cancellation will be approx. DKK 66,7 per share. Dividend at 33% will be DKK 22 per share and the remaining DKK 3,35 mia can be used for share buybacks. At the current price, they would then be able to buy 5,7 mio shares. If the free cash flow, which for 2024 is significantly higher, it can also be imagined that, like most of the four preceding years, more than 100% is paid out, on average, 113,5% has been paid out over the preceding four years. If that payout ratio is maintained, one could instead pay out DKK 26 in cash dividend and buy shares for DKK 3,8 mia (corresponding to approx. 6,5 mio shares at today's price). My point with these figures is that Pandora has a lot of shares that will soon disappear and a profit that will soon be paid out and used for acquisitions. If share buybacks amount to DKK 3,3-4,0 mia, it is up to 8-9% of outstanding shares that are to be repurchased at the current price. Even more of free flow. At the same time, it will ensure that an in order to earn the same per share can handle a fall in earnings of 8-9%. But if one looks at a more normal valuation with a p/e of 15, and the number of shares falls to 69 mio via share buybacks in 2026, then in 2026 "only" DKK 2,7 mia needs to be earned at a price of 588. In other words, earnings must fall 46% in 2026 to justify today's price if one does not expect Pandora to always face a negative development, as we know it is a cyclical company but on the other hand know well that it will typically turn around again, then the stock market would normally be willing to pay a slightly higher p/e today for future earnings and Pandora is a company that has gone from being purely exposed to charms to today moving towards a pure-play jewelry company with a broader offering, i.e., they are looking to increase revenue and bottom line as they expand their assortment and at the same time it is believed that Pandora will be able to increase their earnings as they grow (even though they are already the largest company by volume today) as their jewelry today is in the low price range, so if they get more exclusive lines going and/or reduce their operating costs, it will increase earnings just as they will now look into diluting their dependence on gold and silver prices by looking at other materials in their production. They also have an expected development in the number of stores with an expected growth of 3% annually, so even if like for like sales in existing stores were to experience a slowdown, they would still be able to grow due to an increased number of stores and thus an expansion of their market. Furthermore, 2025 has been a year where they have been severely affected by increased silver prices, a falling dollar exchange rate (US accounts for about 34% of their revenue), customs tariffs, and general economic uncertainty. Can these things worsen? Yes, the silver price will probably be able to rise further until market supply increases because rising prices encourage more to invest in extraction, the dollar has been lower before, so again it can be hit further and the economic unrest continue a little longer with all the tensions currently in the world, but somewhere things tend to correct themselves again, and I would be surprised if we see them hit by increasing problems on all parameters again in 2026. So when they show as late as 4. kvt 2025 that they have been able to withstand for so long and have virtually all of 2026 to slightly change production costs due to hedging of silver and gold, then there is much to suggest that in 2026 they will also be able to maintain reasonable revenue and earnings and thus more money for dividends and share buybacks in 2027, and then we are indeed approaching a point where I find it harder and harder to see that in the medium term one can keep the price down where it is today.·1 min sittenHit max 5000 characters, but will conclude by saying short-term the market is a bunch of hysterical women and I'm not writing that we'll just rise from Monday.. on the contrary, it's quite possible that the hysterical women will push it further down and then one can use that to buy/increase if, like me, one believes in the stock. We saw it throughout 2025 on Novo which is now rising nicely. Back in 2022, it took 6 months to go from a bottom around 360 to close ultimo February 2023 at around 660, which was a quick 80% up and the bottom around 360 was short-lived. The fall this time actually started in January 2025, so it has lasted for 12 months, though interrupted by a brief upturn following the euphoria after customs tariffs did not turn out as feared. So, in terms of time, the downturn has lasted as before, if we are to see the same pattern, we will see Pandora rise towards July, first with an annual report that provides some insight into expectations, a general meeting that sets a dividend and a share buyback program is initiated, and then a 1st quarter report which, in my expectation, will show that it's not quite so bad if the world doesn't go under after all before then :-)
- ·1 päivä sittenWith reservations - these are AI-generated comments. However interesting - then you can decide for yourself what information you want to navigate by. Try to read it all through, so you have some counterweight to many of the emotions that typically come to expression when, in my opinion, there has been a short attack - seen many times before - especially from Carnegie etc. Have a good weekend
- ·1 päivä sittenHere is a clear overview of how the number of shares outstanding in Pandora has developed over time, as well as how many own-acquired (treasury) shares Pandora has held and used for buybacks: 📉 Shares Outstanding – development in recent years Pandora has gradually reduced the number of shares outstanding through significant buybacks and subsequent cancellations: Year Shares Outstanding (approx.) Change 2021 ≈ 100,000,000 Basis before large buybacks 2022 ≈ 95,500,000 6.5 million shares cancelled 2023 ≈ 89,000,000 Another 6.5 million cancelled 2024 ≈ 82,000,000 7.0 million shares cancelled 2025 ≈ 78.0 million (≈ 77.96 million) (est.) continued reduction from buybacks ➡️ This means that Pandora has reduced shares outstanding by approximately 22 % since 2021 through buybacks and cancellations. 🔁 Pandora's Own Shares (Treasury Shares) – buybacks and use Pandora has actively bought back its own shares in several programs: 📌 2021–2022 2021: Bought approx. 3.9 million own shares (≈4.3 % of capital) as treasury shares. 2022: Pandora owned approx. 6.6 million treasury shares at year-end (~6.9 %). Pandora also cancelled 4.5 million shares in 2022, which reduced total supply. 📌 2023 Pandora bought around 7.7 million own shares (~8.3 % of capital). After cancellations, the balance was approx. 6.8 million treasury shares (~7.6 %). 📌 2024 Bought around 3.7 million shares (~4.3 %). After use for incentive plans and cancellations, there were approx. 3.2 million treasury shares (~3.9 %). 📌 2025 Pandora continued buybacks in 2025 as part of a new DKK 4 bn. program: During 2025, Pandora has bought approx. 4.1–4.4 million own shares (~5.3–5.6 %). 👉 In 2025, Pandora thus owns somewhere between approx. 4.1–4.4 million own shares, corresponding to about 5–5.6 % of the total. 📊 Summary: what does that mean? 📉 Shares outstanding have fallen significantly Pandora has significantly reduced the number of shares outstanding through: many years of share buybacks subsequent cancellations From around 100 million in 2021 to approx. 78 million in 2025. 🔁 Pandora owns its own shares Pandora has continuously: acquired own shares as treasury shares used them for, among other things, incentive schemes cancelled larger portions to reduce share capital and improve key figures (e.g. EPS) In 2025, these own shares constitute about 5 %+ of the capital. 📈 Effect of buybacks Buybacks and cancellations: ✅ reduce the total share supply ✅ raise earnings per share (EPS) ✅ increase value for remaining shareholders (all else being equal) 📌 Short conclusion Pandora has actively reduced the number of shares outstanding over several years through buybacks and cancellations. The company has furthermore over the years held a not insignificant holding of own shares (treasury shares) — used for incentive plans, cancellations and as part of their capital allocation strategy.·6 t sittenSuper overview. Thanks for that. And then we can only hope that the acquisition strategy continues to be in focus regarding optimal capital structure. What do you think? Further buyback of 3-4 billion DKK in 2026?
- ·1 päivä sittenHere is a clear status of Pandora's financial strength, focusing on equity, liquidity, and general financial health based on the latest available financial figures: 📊 1. Equity and Solvency 📌 Equity in the order of Pandora has, according to the latest official key figures in the consolidated balance sheet: Equity of approximately 5.5 billion DKK in recent annual reports. Equity has previously been higher but has changed year by year partly due to dividend payments and buybacks, and partly due to exchange rate and operational impacts. 📉 Solvency ratio (equity ratio) The solvency ratio (equity as % of total assets) is: approx. 20–23 % in recent years — which is common for companies with significant debt, but not extremely strong compared to more conservative industries. This means that Pandora is partly financed by debt, not only equity. 💧 2. Liquidity and Liquid Assets 📌 Cash & cash equivalents From the latest quarterly/TTM figures, we find: approx. 765 million DKK in liquid assets (cash plus short-term investments). 📉 Working capital Working capital (current assets minus short-term liabilities) has been negative in some periods, which may indicate tight short-term liquidity: negative working capital of approx. -3.7 billion DKK in the latest figures (according to some data sources). This means that Pandora sometimes has more short-term liabilities than short-term assets, but it can also be a result of an active capital management strategy, where, for example, supplier credits are utilized effectively. 🏦 3. Debt and Net Debt Pandora has significant debt obligations: Total debt approx. 17.9 billion DKK in the latest TTM figures. This results in a net debt (debt minus cash) of approximately -17.15 billion DKK (i.e., Pandora is net indebted because debt far exceeds liquid assets). Such a debt structure means that Pandora has significant financial leverage, which must be managed with a focus on interest expenses and refinancing. 🧾 4. Operational Strength and Liquidity from Operations An important point is that Pandora generates strong cash flows from operations: Operating cash flow around 7.78 billion DKK in the latest 12-month figures. Free cash flow (after investments) approx. 6.36 billion DKK, which shows solid liquidity creation through normal operations. This is a very positive sign — even with high debt, the company generates cash that can be used to pay interest, invest, and pay dividends. 📉 5. Overall Assessment of Financial Condition 🔹 Strengths ✅ Pandora has positive equity and a solid asset base. ✅ The company generates very strong cash flows from operations. ✅ Free cash flow is high, providing flexibility to service debt and pay dividends. 🔸 Challenges ⚠️ The debt level is high relative to cash, which means a greater focus on debt service and interest costs. ⚠️ Working capital can be negative, requiring active management of short-term liabilities. ⚠️ The solvency ratio is moderate — not extremely strong, but not critically low either. 📌 Brief Conclusion Pandora's financial situation is solid, but not ultra-conservative. 👍 They have positive equity and generate high operating and free cash flows, which is fundamentally strong. ⚠️ But the debt level is high, and liquid assets alone do not cover the debt — therefore, focus on operations and debt service is important. This means that Pandora is not in short-term financial danger, but they must continue to generate strong cash flows so that debt, interest, and investments can be managed without diluting shares or reducing stability.
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