Pandora: The existential plating risk

研报英文原文证据摘录

Pandora: The existential plating risk

15 July 2026

William Woods

+44 20 7676 6806

European General Retail william.woods@bernsteinsg.com

Richard TrainorPandora

+44 20 7762 1050

Rating richard.trainor@bernsteinsg.com

Underperform Alice Buckley

+44 20 7676 6739

Price Target alice.buckley@bernsteinsg.com

PNDORA.DC 370.00 DKK Rhea Gudiwala

+44 20 7676 7293

rhea.gudiwala@bernsteinsg.com

Specialist Sales

Alix Turner

+44 20 7762 4044Pandora: The existential plating risk alix.turner@bernsteinsg.com

At FY25 results, Pandora announced a shift away from silver jewellery to platinum-plated

Close Date 14 Jul 2026

amid surging silver prices and has just launched a beta collection in the Netherlands in July.

PNDORA.DC Close Price (DKK) 792.80

Shifting from sterling silver to platinum-plated jewellery poses an existential brand

Price Target (DKK) 370.00

risk over H2-26 and FY27. It challenges perceptions of quality, durability and pricing, and

Upside/(Downside) (53)%

customer feedback is polarized amongst core fans, and exacerbates problems outlined in

52-Week Range 1,099.00/430.00

our Blackbook (here). Firstly the product quality is diminished - customers are no longer

EDME 1,594.78

buying a wholly precious metal piece of jewellery. Secondly, the durability has to be called

FYE Dec

into question on everyday, high-friction pieces of jewellery like bracelets where signs of

Div Yield 2.8%

wear could show after a few months. Thirdly, they are trying to sell platinum-plated steel

Market Cap (DKK) (M) 59,460

at the same price as silver was previously sold is challenging when peers are selling

EV (DKK) (M) 75,550

platinum-plated product at a c. 30-40% discount to sterling silver (Exhibit 1).

Performance YTD 1M 6M 12M