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Friday, March 29, 2024

Pandora Stock: Great Business At A Fair Price (OTCMKTS:PANDY)

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Introduction

Pandora A/S (OTCPK:PANDY) is a Danish jewelry company with affordable prices accessible to most people. A few years ago, the Pandora brand was taking an unclear direction. The current management team in 2018 launched a successful turn-around operation and relaunched the company’s image making Pandora the first jewelry brand recognized worldwide for its “modular” bracelets. To date Pandora has a formidable vertically integrated business with high margins, strong cash generation and an outstanding ROIC. The fears of the market have brought down the valuation and have reached interesting levels that in my opinion can offer an excellent risk/reward ratio.

Business

Pandora has a totally vertical integrated business model: from the study of product design to their production up to distribution through physical and online stores. In the past…

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