On Wednesday, Pandora unveiled annual results that came as no great surprise, but were more than offset by a rather encouraging outlook from analysts.

This morning, the Danish jeweler said it expected organic sales growth of between 6% and 9% this year, with an operating margin (Ebit) of 25%.

By way of comparison, analysts were anticipating an average organic growth forecast of 8% for 2024, for an operating margin of 25.5%.

"We don't expect market earnings forecasts to change much as a result of this outlook", commented RBC analysts.

"The big question is to what extent investors will regard these targets as cautious, especially as regards sales growth", added the Canadian broker.

For 2023, Pandora did indeed report organic growth of 8%, whereas it had initially set itself a target of between 5% and 6%.

Its operating margin (Ebit) came out at 25%, in line with the target the group had communicated.

In its press release, Pandora indicates that it intends to pay its shareholders an annual dividend of 18 kronor per share, compared with the consensus forecast of 16 kronor, while planning to launch a new share buyback program of four billion kronor over the next 12 months.

Following these announcements, Pandora shares were up modestly (+0.5%) on the Copenhagen Stock Exchange on Wednesday.

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