DOCSLIB.ORG

Aktieanalyse Pandora

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Aktieanalyse Pandora AktieAnalyse Pandora Køb Amerikanerne driller Pandora i kvartalet Uændret Køb-anbefaling siden 06.11.2012 Vi fastholder ’Køb’ på Pandora. Regnskabet maner ikke endegyldigt en markant vækstopbremsning til jorden, og det skaber usikkerhed om den fremtidige Analysedato: 09.05.2017 vækst. Vi venter dog fortsat ikke en markant vækstopbremsning. Pandoras ind- tjeningspotentiale er efter vores vurdering langt fra afspejlet i aktiekursen. Aktuel kurs kl. 17.20: Overordnet er Pandora-regnskabet bedre end ventet 683,00 DKK Salget stiger 8% i lokal valuta og en moderat positiv valutaeffekt trækker yderligere op, så omsætningen vokser med 9% og lander på 5.159 mio. kr. i 1. kvartal. Det er 1% bedre end Begivenhed: vores estimat (+1% ift. markedsestimaterne). Resultatet af primær drift før afskrivninger og særlige poster (EBITDA) vokser 7% til 1.879 mio. kr. i kvartalet, hvilket er 6% bedre end vores 1. kvartalsregnskab estimat (+6% ift. markedsestimaterne). Pandora gentager 2017-prognosen og ser fortsat mere end 275 butiksåbninger i 2017. Håret i suppen er det underliggende aktivitetsniveau i USA Seneste analyse: Det klart mest negative element i regnskabet er LFL-salget (salget ud af de Pandora-ejede 05/05/17 – Kvartalsregnskabet konceptbutikker, der har eksisteret i 12 måneder) i USA, som går tilbage med 3% i 1. kvartal skal bekræfte et fortsat højt – hvor e-handel begrænser faldet. Tilbagegangen i salget ud af konceptbutikkerne er en kon- underliggende aktivitetsniveau sekvens af et svært detailmiljø med færre forbrugere i indkøbscentrene. Hertil begrundes fal- det med en Valentine-kollektion, der ikke har adskilt sig væsentligt fra tidligere års kollektioner og en reduktion af ekstraordinære tilbud (promotions) i et meget tilbudsorienteret amerikan- ske detailmarked. Pandora vil som svar på de interne udfordringer i USA lancere nye smyk- Kalender: kekollektioner, ligesom selskabet vil øge promotions de kommende kvartaler. Vi noterer os 08/08/17 – 2. kvartalsregnskab desuden meldingerne om et lignende svært detailmiljø i Storbritannien, som vokser med be- skedne 2% i lokal valuta i 1. kvartal. Vi forventer, at det udfordrende detailmiljø vil vare ved i 07/11/17 – 3 kvartalsregnskab de kommende kvartaler. Vi har dog svært ved at se årrække med tilbagegang i den ameri- kanske forbrugslyst. Vi fastholder derfor vores forventning om et gennemsnitligt underlig- gende salg til de amerikanske forbrugere på 3-5% de kommende år, som afspejler, at det Forventet opdatering: amerikanske marked et er særdeles modent Pandora-marked. På positivsiden hæfter vi os til gengæld ved en god vækst på nye Pandora-markeder som det kinesiske (+125%), Franske Kvartalsvist (+15%) og italienske (+23%). Hertil kommer stærk vækst på det meget modne australske marked (+18%). Vi finder det særdeles beroligende, at nye markeder er i stand til at kompen- sere for tilbagegang i USA og moderat vækst i Storbritannien. Stærk vækst på nye markeder skal netop efter vores vurdering kompensere for et naturligt lavere væksttempo på de mere modne markeder og sikre Pandora en fortsat solid vækst – det bekræfter dagens regnskab. Stigende markedsføringsomkostninger sænker lønsomheden i 1. kvartal Bruttomarginalen lander på 73,3% i kvartalet mod 74,6% i 1. kvartal 2016. Tilbagegangen er en konsekvens af en negativ valutaeffekt og produktmix-effekter. Desuden er indtjeningen negativt påvirket af øgede markedsføringsomkostninger som følge af Pandoras ønske om at udjævne markedsføringsaktiviteterne hen over året. Det gavner så til gengæld indtjeningen i særligt 4. kvartal 2017. Pandora realiserer dermed en overskudsgrad på 36,4% i 1. kvartal mod 37,1% i 1. kvartal 2016, hvilket dog er bedre end frygtet. Indtjeningspotentialet er ikke afspejlet i aktiekursen – vi fastholder Køb Udviklingen i specielt USA maner ikke endegyldigt frygten for en markant vækstopbremsning på modne markeder til jorden, og det presser aktien. Regnskabet bekræfter os dog i, at nye markeder kompenserer for lavere væksttempo på modne markeder, hvilket lige netop er vo- res forudsætninger for vores forventning om aftagende om end fortsat solid vækst de kom- mende år. Pandora-aktien afspejler efterhånden nogle meget negative indtjeningsscenarier – vi deler dog ikke markedets frygt for en markant vækstopbremsning. Set i det lys ser Pan- dora-aktien på de nuværende niveauer særdeles attraktiv ud. Vi fastholder ’Køb’ på Pandora. Pandora, Nr. 6 / 2017 Søren Løntoft Hansen Senioranalytiker tlf. +45 74 37 44 64 [email protected] 09-05-2017 sydbank.dk Aktieanalysen 1/3 Kursudvikling, resultater og Sydbanks forventninger Mio. DKK 1K 2016 1K 2017 2016 2017E 2018E Omsætning 4.740 5.159 20.281 23.384 26.565 EBIT (primær drift) 1.645 1.716 7.404 8.336 9.618 Ordinært resultat før skat 1.654 1.722 7.650 8.331 9.613 Nettoresultat 1.306 1.361 6.025 6.582 7.595 Egenkapital forrentning (%) - - 93,2% 92,4% 94,5% Soliditet (%) - - 45,0% 45,6% 47,5% EPS - udvandet 11,38 12,14 52,51 58,71 69,56 P/E - - 17,6 11,6 9,8 EV/EBITDA - - 13,7 8,8 7,4 Indre værdi - - 59,2 66,4 79,0 Yield - -3,9%5,8%6,1% Markedsværdi : 76,6 mia. DKK Likviditet : Høj Regnskabsår : 01.01 - 31.12 Fondskode : 60252690 Foreslået udbytte : 9,0 DKK /aktie Reuterkode : PNDORA.CO Forretningsområde Omsætning og indtjening Pandora designer, fremstiller og markedsfører håndforarbejdet og moderne smykker fremstillet 14.000 af fortrinsvis sterlingsølv, guld, ædel- og halvædelsten samt glas. Smykkerne distribueres til 12.000 mere end 80 lande på seks kontinenter gennem omkring 10.000 eksterne forhandlere. Charms- armbånd konceptet er hovedproduktet blandt Pandoras produkter og udgjorde i 2016 hele 75% 10.000 af den samlede omsætning. Ud over charms-armbånd udbyder Pandora andre smykker som 8.000 ringe, armbånd, halskæder og øreringe. 6.000 4.000 2.000 0 Risici Høj 2015 2016 Charms‐armbånd i sølv og guld Charms Andre smykker Den store afhængighed af charms-armbånd og charms er et væsentligt risikomoment. Hvis Pan- dora ikke evner at styrke sit brand, ser vi risiko for, at selskabet kan have svært ved at afsætte specielt andre smykker ud over charms-konceptet. Udløbet er Pandoras skattefritagelse i Thai- USD-følsomhed: Høj land, kan betyde væsentlig højere selskabsskat. Derudover relaterer risiciene sig til udviklingen Rentedækning: 94,3 i råvarepriserne og valutakurserne samt i den generelle økonomi. Valuta-eksponering målt ved omsætningsfordeling EMEA: 50,8% Nord- og Sydamerika: 29,2% Asien: 20,0% Simpel DCF-model til illustration af kursfølsomhed Lavvækstscenario Aktuel kurs Højvækstscenario Forudsætninger og kommentarer: Fair værdi 580,2 683,0 805,0 Simpel DCF-model. IKKE kursmål. Omsætningsvækst i forecastperiode 5% 7% 9% 10 års forecastperiode, år 1 = Sydbank-estimater Overskudsgrad i forecastperiode 19,9% 20,9% 21,9% Overskudsgrad år 1-10. Kapitalomkostning (WACC) i forecastperiode 8,0% 8,0% 8,0% Aktuel Sydbank-estimeret WACC Kurspotentiale -15,0% - 17,9% Afvigelser ift. aktuel anbefaling kan forekomme Konkurrenceparametre Gen. score: 2,8 Virksomhedens forventninger Leverandører 3 ”For 2017 forventer Pandora en om- Pandora benytter sig af et begrænset antal hovedleverandører af råvare – især for sølv og ædel- sætning intervallet 23-24 mia. kr. og en stene. Ændringer i samarbejdet med leverandørerne kan betyde råvareprisstigninger. EBITDA-margin på ca. 38%”. Substitut 2 Substitutter relaterer sig til andre udsmykningsformer som ure, tøj, tasker, briller, tatoveringer osv. Hertil kommer andre luksusvarer som TV, møbler, rejser etc. Indgangsbarrierer 3 Generelt lave. Eksisterende aktørers størrelse, brand-værdi, erfaring og kendskab til markedet er dog konkurrenceparametre, som kan afholde nye aktører fra at entrere smykkemarkedet. Ændring i indtjening pr. aktie Kunder 4 EUR Før Nu Ændring Den enkelte kundes køb udgør generelt ikke en stor andel af det samlede salg. Der kan dog 2017E 58,54 58,71 0,3% være hård kamp om forhandlernes hyldepladser. 2018E 69,32 69,56 0,4% Intensitet 2 Intens konkurrencen på markedet for smykker. Både fra store aktører i branchen og fra mindre Relativ performance (OMX) niche butikker. 1M 3M 12M Scoreingsintervallet er på 1-5. En høj score er ensbetydende med en stærk position. -6,7% -27,0% -18,7% sydbank.dk Aktieanalysen 2/3 Almindelige oplysninger om udarbejdelse af analyser i Sydbank Denne analyse er udarbejdet af Sydbanks aktieanalyseafdeling, som er en del af Sydbank Markets, en forretningsenhed i Sydbank. Sydbank er under tilsyn af Finanstilsy- net. Sydbank har udarbejdet procedurer, der skal forebygge og forhindre interessekonflikter og sikre, at de udarbejdede analyser har en høj standard og er baseret på objektiv og uafhængig analyse. Disse procedurer er indarbejdet i forretningsgangene, der omfatter aktieanalyseaktiviteterne i Sydbank. Finansielle modeller og metoder anvendt i denne analyse De anbefalinger og holdninger, der udtrykkes i denne analyse er dannet på basis af en kombination af Discounted Cash Flow-analyse, branchekendskab, peer-group multipel analyse samt selskabsspecifikke og markedstekniske elementer (begivenheder der påvirker både selskabets finansielle og driftsmæssige profil). Analysens om- sætnings- og indtjeningsestimater (markeret med E efter det angivne årstal) er baseret på segmenterede modeller under anvendelse af subjektive vurderinger af relevante fremtidige markedstendenser og konjunkturforventninger. De heraf fremkomne resultater er samlet i en værdiansættelsesmodel, som også tager højde for den seneste udvikling i historiske rapporter. Endvidere tages der højde for selskabets egne samt konkurrerende
Load more

Recommended publications
  • Important Notice the Depository Trust Company
    Important Notice The Depository Trust Company B #: 3489-16 Date: June 20, 2016 To: All Participants Category: Dividends From: International Services Attention: Operations, Reorg & Dividend Managers, Partners & Cashiers DENMARK ADR MARKET ANNOUNCEMENT ISSUE CUSIP A.P. MOLLER - MAERSK 00202F102 CARLSBERG 142795202 CHR. HANSEN 12545M207 COLOPLAST A/S 19624Y101 Subject: DSV 26251A108 FLSMIDTH & CO A/S 343793105 GN STORE NORD 3621ME105 NOVOZYMES A/S 670108109 PANDORA 698341104 SYDBANK 87124G102 VESTAS WIND SYSTEMS A/S 925458101 Effective as of September 13, 2016 Participants can use DTC’s Corporate Actions Web (CA Web) service to certify all or a portion of their position entitled to the applicable withholding tax rate. Participants are urged to consult TaxInfo respectively before certifying their instructions over the CA Web. Important: Prior to certifying tax withholding instructions, participants are urged to read, understand and comply with the information in the Legal Conditions category found on TaxInfo on the CA Web. Questions regarding this Important Notice may be directed to GlobeTax 212-747-9100. DTCC offers enhanced access to all important notices via a Web-based subscription service. The notification system leverages RSS Newsfeeds, providing significant benefits including real-time updates and customizable delivery. To learn more and to set up your own DTCC RSS alerts, visit http://www.dtcc.com/subscription_form.php. Non-Confidential 1 DTCC Public (White) Important Legal Information: The Depository Trust Company (“DTC”) does not represent or warrant the accuracy, adequacy, timeliness, completeness or fitness for any particular purpose of the information contained in this communication, which is based in part on information obtained from third parties and not independently verified by DTC and which is provided as is.
    [Show full text]
  • Der Kommer En Dag Efter COVID-19
    Afkastbarometer Der kommer en dag efter COVID-19 Globale aktier Massive hjælpepakker vil skubbe økonomierne i gang igen efter COVID-19 I de seneste uger har vi set centralbanker og regeringer næsten overalt i verden (og især i USA) træde i karakter med store finanspolitiske og pengepolitiske hjælpepakker. De er målrettet mod at få økonomierne nogenlunde uskadt igennem den meget alvorlige COVID-19-krise, som vi står i lige nu. Som vi forsigtigt spåede for en uge USA-aktier siden har det hjulpet markant på humøret på aktiemarkedet. Sydbanks vurdering: Vi løfter afkastbarometeret på de globale aktier til grønt. De store hjælpepakker styrker vores tillid til, at verdensøkonomien finder tilbage på et fornuftigt spor i løbet af 2. halvår 2020 efter at COVID-19 slipper sit tag. I det lys ser afkastpotentialet på de globale aktier nu mere attraktivt ud efter store kursfald i de Europæiske aktier seneste måneder. Kan centralbankerne med seddelpresserne og regeringerne med store hjælpepakker lykkes med en økonomisk genrejsning og overbevise investorerne om, at vi kan undgå en konkursbølge og en langvarig recession efter COVID-19, så er afkastpotentialet på de globale aktier forbedret i forhold til tidligere. Vejen ud af det økonomiske mørke bliver dog ikke snorlige. På kort sigt er der således udsigt til en negativ nyhedsstrøm med Emerging markets aktier smittespredning i USA og Latinamerika – og en perlerække af dårlige regnskaber og nedjusteringer. Aktieinvesto- rerne vil derfor stadig være nervøse, og vi kan ikke udelukke kursfald på kort sigt i et aktiemarked, hvor udsvingene stadig vil være væsentlig større end normalt. Vi gør os ingen illusion om at, aktiefesten bliver skudt i gang lige nu fordi vi løfter til grønt afkastbarometer, men der er faldet mere ro på de finansielle markeder i den seneste uge, Fjernøstlige aktier og det er tid til at tage bestik af, hvad der venter efter at COVID-19 slipper sit tag – selv om der kan blive turbulens i perioden indtil det sker.
    [Show full text]
  • Remuneration in Danish Large Cap Companies Benchmarking Executive Management and Board Remuneration
    Remuneration in Danish Large Cap Companies Benchmarking executive management and board remuneration 2013-2017 Brochure / report title goes here | Section title goes here Contents Introduction 3 Key findings 4 Current trends 5 Overview 13 Methodology 14 Total remuneration of executive directors 15 Base salary 20 Pension 23 Bonus 24 Long-term incentives (LTIs) 28 Board remuneration 38 Board demographics 40 How can Deloitte help? 44 Our contacts 45 Appendix 46 2 Remuneration in Danish Large Cap Companies | Introduction Introduction This report gives an overview of and insight into all report in accordance with International Financial remuneration of executive directors and boards of Reporting Standards (IFRS). Financial reporting on listed companies within the Danish Large-Cap Index1. remuneration of executives is more specifically In March 2018, the Danish Large-Cap Index comprised governed by IFRS 2 and the Danish Financial 39 companies, the names of which are listed in the Statements Act. Remuneration of executive directors appendix. These companies represent some of is required by IFRS to be disclosed on both fixed and the largest Danish companies from a wide range variable elements for executive management. Although of industries, from financial services to energy and reporting this level of detail for all individual members supplies. of management is not a requirement, it is however best practice guidance from the Committee on Corporate Over the year to March 2018, two new companies Governance2. Long-Term Incentive (LTI) programmes entered the Danish Large-Cap Index. In October 2017, must also be disclosed separately in their entirety, the professional cleaning product manufacturer Nilfisk which includes all participants, both executives and Holding entered the index through its IPO, while Alm.
    [Show full text]
  • Withholding Tax Update Newsletter! Ownership Reclaim Eligibility
    WITHHOLDING TAX UPDATE Spring 2021 What’s Inside Welcome to the Spring 2021 edition of the Danish Tax Agency Clarifies ADR Beneficial Withholding Tax Update Newsletter! Ownership Reclaim Eligibility................................2 GlobeTax Supports Logitech S.A. Tax Reclaim This edition covers important updates including major Process....................................................................2 changes to Danish reclaims, procedure reminders for Eligibility Changes for Russian Individuals on Russian Ireland and Luxembourg, an update to the Russian Dividend Events........................................................3 tax relief process, and more. Spain Signs New Double Taxation Treaties with Japan and China......................................................3 Finally, in the latest episode of our Withholding Tax Update Podcast, I sat down with GlobeTax’s Updated Long Form Requirements in Ireland for outgoing Managing Director Michael Finck to gather Trusts and Partnerships........................................4 his thoughts ahead of his much-deserved retirement. GlobeTax Supports Luxembourg Long Form In the episode, he shares wisdom from his long Process....................................................................4 and accomplished career, discussing how the ADR/ The Philippines Change Statutory Rate.................5 tax reclaim space changed during his tenure and speculating what might come next for the industry. Helpful ESP User Tips...............................................5 Click here to listen to this
    [Show full text]
  • Template with Images in the Slide Master
    PANDORA CAPITAL When printing the dark MARKETS DAY front page or chapter pages, you might run into THAILAND, 7 JANUARY 2016 some issues if your default printer settings are black & white or greyscale. If you wish to print the presentation in black & white or greyscale, change the printer settings to color and use a black/white printer. AGENDA FOR THE DAY Time Topic Speaker 8:00 Registration and breakfast 9:00 Becoming a global jewellery brand Anders Colding Friis, President & CEO 9:45 Australia – achieving growth in a developed market David Allen, President EMEA 10:30 Coffee break 10:45 Building a platform for growth in Asia Kenneth Madsen, President Asia 12:00 Introduction to tour of crafting facilities Thomas Touborg, SVP Group Operations 12:15 Transport 12:45 Lunch at crafting facilities 13:30 Tour of crafting facilities 15:30 Transport 16:00 Providing for an increasing global demand Thomas Touborg, SVP Group Operations Anders Colding Friis, President & CEO 17:00 Conclusions and final Q&A Peter Vekslund, CFO 18:30 Pre-dinner drinks 19:00 Dinner 1 7 JANUARY 2016 PANDORA CAPITAL MARKETS DAY WELCOME TO GEMOPOLIS IN THAILAND PANDORA revenue (DKKm) >16,000 • In 1989, Per Enevoldsen, founder of PANDORA, chose to start manufacturing jewellery in 9,010 Thailand 6,658 3,461 • In 2005, the first large scale, fully owned production facility in Thailand was built 2009 2011 2013 2015 PANDORA EBITDA • In 2015, PANDORA shipped more than (DKKm) Approx. 100 million pieces of jewellery – all 37% hand-finished in Gemopolis – to more than 90 countries
    [Show full text]
  • Description of Candidates Proposed by the Board of Directors
    Description of the candidates proposed by the Board of Directors Marcello Vittorio Bottoli was born in 1962, is an Italian citizen and currently lives in Surlej-Silvaplana, Switzerland. Marcello Vittorio Bottoli has been a member of the Board of Directors of Pandora A/S since August 2010 and is not regarded as an independent board member due to the fact that for a period in 2011 and 2012 he acted as interim Chief Executive Officer of Pandora A/S. Marcello Vittorio Bottoli has been Chairman of the Board of Directors since July 2013 and is also Chairman of the Remuneration Committee. The special skills possessed by Marcello Vittorio Bottoli that are important for the performance of his duties as a member of the Board of Directors of Pandora A/S are his profound knowledge and experience in branding and marketing luxury and consumer goods, particularly in the Asia-Pacific region. Marcello Vittorio Bottoli holds an Italian Doctorate in Business Administration from Bocconi University, Milan, Italy. Currently, Marcello Vittorio Bottoli is Chairman of Pharmafortune SA, as well as Non-Executive Director of International Flavour & Fragrances Inc., and Blushington LCC. Further, Marcello Vittorio Bottoli is Operating Partner of Advent International, a global private equity firm, and member of the advisory board at Aldo, a Montreal-based privately held footwear retailer operating worldwide. Christian Frigast was born in 1951, is a Danish citizen and currently lives in Klampenborg, Denmark. Christian Frigast has been a member of the Board of Directors of Pandora A/S since August 2010 and is also Deputy Chairman of the Board of Directors, chairman of the Nomination Committee and member of the Remuneration Committee.
    [Show full text]
  • Remuneration in Danish Large Cap Companies Benchmarking of Remuneration of Executive Management and Boards 2013 - 2016 Remuneration in Danish Large Cap Companies
    Remuneration in Danish Large Cap companies Benchmarking of remuneration of executive management and boards 2013 - 2016 Remuneration in Danish Large Cap companies Content Introduction 3 Key takeaways 4 Current trends 5 Experience from the UK 8 Overview 9 Methodology 10 Remuneration of executive directors 11 Base salary 15 Pension 18 Bonus (STIs) 19 Long-Term Incentives (LTIs) 22 Board remuneration 31 How can Deloitte help? 32 Our contacts 33 Appendix 35 2 Remuneration in Danish Large Cap companies Introduction This report gives an overview of and insight into reported with the required level of detail to be included remuneration of executive directors and boards of listed in our analysis. All the included company reports companies within the Danish Large Cap1 index. In March in accordance with IFRS and financial reporting on 2017 the Large Cap Index is comprised of 38 companies, remuneration of executives are more specifically of which the names can be found in a list in the appendix. governed by IFRS 2 and the Danish Financial Statements These companies represent some of the largest Danish Act. Remuneration of executive directors is required by companies from a wide range of industries, from financial IFRS to be disclosed on both fixed and variable elements services to energy and supplies. for executive management. Although reporting this level of detail for all individual members of management is During 2016 no companies left the Danish Large Cap not a requirement, it is however best practice guidance Index, while DFDS, NKT Holding, SimCorp and Össur from the Committee on Corporate Governance3. LTI entered following OMX Nasdaq’s annual review in programmes must also be disclosed separately in their December 2015.
    [Show full text]
  • Listing of Mini Futures Issued by Vontobel Financial Products Gmbh
    NGM Notice Financial Markets #18-220 Stockholm 2018-02-06 Listing of Mini futures issued by Vontobel Financial Products GmbH As from February 07, 2018, 85 Mini futures issued by Vontobel Financial Products GmbH will be listed on ETP Sweden and will be included on the list for Knock-Outs. The instruments will be registered at Euroclear Sweden AB. Issuer: Vontobel Financial Products GmbH Type of security: Mini futures, open ended Execution: Automatic cash settlement Term: As from February 07, 2018 and forward or until time for knock out event Market Maker: Bank Vontobel Europe AG Underlying: Dow Jones Industrial Average S&P 500 Index DAX 30 Index Light Sweet Crude Oil (WTI) Futures Daimler AG Bayerische Motoren Werke AG Nasdaq 100 Alphabet C Gilead Sciences Inc. Facebook Inc Amazon.com Inc GBP/USD Exchange Rate Nordea Bank AB (SEK) Apple Inc. Telia Company AB USD/SEK Exchange Rate Electrolux AB ser. B EUR/USD Exchange Rate Skandinaviska Enskilda Banken ser. A Volvo AB ser. B Volkswagen AG Deutsche Bank AG SNAP INC Netflix Inc. Twitter Inc Tesla Motors Inc. Skanska AB Sandvik AB Investor AB ser. B Atlas Copco AB Ser. A Alfa Laval AB SKF AB ser. B Subsea 7 S.A. Marine Harvest ASA Genmab Pandora AS Novo Nordisk Vestas Wind Systems A/S Hennes & Mauritz AB, H & M ser. B Boliden AB Telefonaktiebolaget LM Ericsson ser. B Nokia Oyj OMXS30 index Silver (troy ounce) ICE Brent Crude Oil Futures Current values of strike and barrier can be found at: [ NGM Market Data Web - MiniFutures ] For more details see attached file.
    [Show full text]
  • Denmark 50 2017 the Annual Report on the Most Valuable Danish Brands May 2017
    Denmark 50 2017 The annual report on the most valuable Danish brands May 2017 Foreword Contents steady downward spiral of poor communication, Foreword 2 wasted resources and a negative impact on the bottom line. Definitions 4 Methodology 6 Brand Finance bridges the gap between the marketing and financial worlds. Our teams have Executive Summary 8 experience across a wide range of disciplines from market research and visual identity to tax and Full Table (USDm) 12 accounting. We understand the importance of design, advertising and marketing, but we also Full Table (DKKm) 13 believe that the ultimate and overriding purpose of Understand Your Brand’s Value 14 brands is to make money. That is why we connect brands to the bottom line. How We Can Help 16 By valuing brands, we provide a mutually intelligible Contact Details 17 language for marketers and finance teams. David Haigh, CEO, Brand Finance Marketers then have the ability to communicate the significance of what they do and boards can use What is the purpose of a strong brand; to attract the information to chart a course that maximises customers, to build loyalty, to motivate staff? All profits. true, but for a commercial brand at least, the first Without knowing the precise, financial value of an answer must always be ‘to make money’. asset, how can you know if you are maximising your returns? If you are intending to license a brand, how Huge investments are made in the design, launch can you know you are getting a fair price? If you are and ongoing promotion of brands.
    [Show full text]
  • Anders Boyer to Succeed Peter Vekslund As Cfo in Pandora
    PANDORA A/S Havneholmen 17 – 19 | DK-1561 Copenhagen V | Denmark Tel. +45 3672 0044 www.pandoragroup.com CVR: 28 50 51 16 No. 425 COMPANY ANNOUNCEMENT 11 January 2018 ANDERS BOYER TO SUCCEED PETER VEKSLUND AS CFO IN PANDORA CFO and member of Executive Management in PANDORA A/S Peter Vekslund has decided to resign and leave the company after almost four years in the position. Anders Boyer (47) is appointed new CFO and member of Executive Management of PANDORA A/S. Since 2012, Anders Boyer has been a member of the Board of Directors of the company. He will resign from the Board of Directors in connection with the Annual General Meeting on 14 March, 2018. Until Anders Boyer is able to assume the position, expectedly no later than 1 August 2018, Peter Vekslund will stay fully committed to the company. Peter Vekslund says: “I am proud of my contributions to build a solid backbone in this relatively young and fast growing company. It has been an exciting journey of growth and PANDORA is a great company. However, together with my family, I have decided that it is time to start a new chapter in my professional life.” Peder Tuborgh, Chairman of the Board of Directors says: “I would like to thank Peter Vekslund for his significant contributions to the development of PANDORA as he has been instrumental in building PANDORA into a world-leading jewellery brand. I wish Peter all the best in his future endeavours. I am also very pleased to welcome Anders Boyer to the Executive Management of PANDORA.
    [Show full text]
  • Nordic Board Index Contents
    2016 Nordic Board Index Contents 1 Foreword 2 HigHligHts oF tHe 2016 Nordics Board iNdex 4 Our survey approacH 5 Board compositioN 8 diversity 12 New directors, age aNd leNgtH oF service 15 remuNeratioN 18 Board meetiNgs aNd committees 21 ComparisoN taBles 22 International comparison 28 Board composition 36 Board remuneration in 2015 44 Board committees 48 About speNcer stuart Foreword The Spencer Stuart 2016 Nordic Board Index is an annual study which analyses aspects of board governance, including board composition, committees and director remuneration, among major listed companies. First published 30 years ago in the US, there are now Board Indexes in 18 countries around the world. The Nordic Board Index analyses 125 of the largest listed companies in the region which comprise the following indices: OMX Copenhagen (25 companies), OMX Helsinki (25 companies), OBX (25 companies), OMX Stockholm (50 companies). Our purpose is to provide business leaders with a snapshot of current practice on boards across the region. In our analysis we examine year-on-year changes on a wide range of measures, from board size and diversity to director commitments and remuneration. We also compare Nordic companies with their counterparts in other countries, both in Europe and the US. We include a chart showing how different boards in different countries compare on key governance parameters, and conclude the Board Index with tables showing detailed information on all 125 featured companies. We hope you find this edition of the Nordic Board Index useful. The latest edition of each Spencer Stuart Board Index can be found on our website, (www.spencerstuart.com/board-indexes) alongside a wide range of other publications covering board and corporate governance issues.
    [Show full text]
  • Annual Report 2020
    ANNUAL REPORT 2020 31 CORPORATE 3 GOVERNANCE 32 Corporate governance THE BIG PICTURE 36 Board of Directors 38 Executive Leadership Team 41 4 At a glance 39 Shareholder information FINANCIAL 6 Letter to the shareholders 7 Executive summary REVIEW 9 Five-year summary 10 2020 highlights 12 2021 financial guidance 15 45 OUR BUSINESS FINANCIAL STATEMENTS 16 Business model 17 Programme NOW 46 Group 20 Industry trends 91 Management statement 23 Sustainability 92 Independent auditors’ 27 Managing risks CONTENTS report 2 THE BIG PICTURE 01 THE BIG PICTURE Pandora is the world’s largest jewellery brand. Known by more consumers and crafting more jewellery than any other brand in the industry, we provide affordable luxury to consumers in more than 100 countries. Made from high-quality materials and with endless possibilities for personalisation, millions of people around the world cherish and collect Pandora to express who they are and what matters to them. We give a voice to people’s loves. 4 THE BIG PICTURE PANDORA AT A GLANCE NO. 1 JEWELLERY BRAND 19.0 DKK BILLION REVENUE IN THE WORLD 2020 >85 26,000 EMPLOYEES MILLION PIECES OF JEWELLERY SOLD 2020 >7,000 >650 POINTS OF SALE 2 MILLION VISITS TO IN MORE THAN UNRIVALLED OUR PHYSICAL AND 100 COUNTRIES CRAFTING FACILITIES ONLINE STORES in Bangkok and Chiang 2020 Mai, Thailand 103% 60% GROWTH IN OF OUR SILVER AND GOLD ONLINE SALES IS FROM RECYCLED SOURCES See more saving us 20,000 tonnes CO2 5 THE BIG PICTURE LETTER TO THE SHAREHOLDERS For Pandora, 2020 was a paradox. On the one hand, the pandemic forced us to temporarily close most of our stores and revenue declined dramatically.
    [Show full text]