May 23, 2024 13:06 GMT
Pandora (PNDORA; Baa2, BBB; S) Guidance
CONSUMER CYCLICALS
€500m 6Y SLB MS+115a vs FV +100
- 30bps in from IPT and books>€1.7b are in-line metrics.
- For those nervous on retail exposure, Pandora may be a good in with solid fundamentals. Soon after Kering's weak 1Q we mentioned stepping down as also attractive pick up (we price Kering to BBB+ ratings).
- H&M the larger fast fashion exposed an alternative.
FV/Background on co; https://marketnews.com/pandora-pndora-baa2-bbb-s-r...
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