We see that Pandora’s re-rating is merited and reflects the market’s confidence in the higher growth cadence. on our estimates, we see the risk of a decoupling of growth versus valuation and we evaluate the risk/reward profile. Whilst the multiple falls quickly (reflecting strong growth and a share buyback) to 15x FY25E (GSe), this remains a premium to the 5- and 10-year averages of 13x, and also 15x over the past six months. With the US premium brand segment showing some areas of weakness (Ulta, Lululemon), we prefer exposure to the high-end luxury segment which we see as more defensive in a consumer environment with low visibility. We move Pandora to Sell (from 12m PT DKK 1,010 (from DKK 1,020), implying downside of 8% (vs sector-weighed average upside of 15% for our coverage).