Investment Thesis
In spite of the share price increasing more than 50% over the past 7 months, Pandora (PNDZF) is still relatively cheap. The FY 2019 results indicate that the turnaround program NOW is working and that Pandora can stop its sales decline and potentially even return to growth. If Pandora manages to stop the sales decline and improve its margins to pre-turnaround ranges, it could be undervalued by ca. 30%.
Summary
After declining sales, the Danish jeweler Pandora started in 2018 its turnaround program NOW. NOW addresses the most pressing problems such