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Pandora A/S (PNDORA) Fair Value & Analysis

Consumer Cyclical · DK · Market cap 58.3B DKK

PA Pandora A/S PNDORA · CO
Pricekr 819.20
Fair Valuekr 1,424
Upside+73.8%
Quality72/100
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Healthy Growth
Solidly profitable · 15.7% net margin
Moderate debt · generates free cash flow
2.75% dividend yield
Ranks above peers (10/15)
Wide moat 77/100
Evidence: High Range kr 906.77 – kr 1,840 Share as image

Fair value as of: Aug 13, 2026

From 26 valuation models · updated yesterday

Share price +2.9% over the past month.

A solid business, screening 74% undervalued on our models.

What matters now

  • The rarer combination: high quality (72/100) AND below fair value. That earns a closer look rather than a quick verdict.
  • The price is below even our cautious bear case (kr 906.77). The market is more pessimistic than our downside scenario.
  • A fairly wide model range (kr 906.77 to kr 1,840) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

kr 1,311 kr 320.85 Fair Value kr 1,424 May 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range kr 320.85 – kr 1,311 · fair‑value band kr 906.77 – kr 1,840 · the kr 819.20 price screens below the kr 1,424 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

Pandora A/S (PNDORA) currently trades at kr 819.20, while our model-based Fair Value estimate is kr 1,424, implying the stock looks roughly 73.8% undervalued today. The Quality Score stands at 72/100 (solid quality), in the Consumer Cyclical sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, Pandora A/S generated revenue of 32.3B DKK at a net margin of 15.7%. Revenue declined 3.2% year over year. It earns a return on equity of 129.4%. Net debt stands at 17.9B DKK. Fundamentals as of Aug 13, 2026

Our scenario range runs from kr 906.77 (bear case) to kr 1,840 (bull case); at kr 819.20, the current price sits below that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 30% below its 52-week high and 91% above its 52-week low, currently above its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at -39% fair-value upside, at 74%, PNDORA screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Growth DCF kr 923.44 kr 1,676 kr 2,947 80
Residual Income kr 416.86 kr 732.38 kr 18,859 76
Rev-Margin DCF kr 485.52 kr 807.94 kr 1,225 74
All 26 models by family
DCF Models
FCF DCF kr 930.30 kr 1,748 kr 3,165 38
Owner Earnings kr 1,011 kr 1,892 kr 3,422 31
5Y Revenue Exit kr 485.52 kr 805.06 kr 1,220 39
5Y EBITDA Exit kr 1,021 kr 1,907 kr 3,017 41
5Y P/E Exit kr 963.95 kr 1,789 kr 2,731 38
10Y Revenue Exit kr 614.68 kr 967.83 kr 1,476 36
10Y EBITDA Exit kr 981.93 kr 1,774 kr 2,977 37
10Y P/E Exit kr 944.10 kr 1,688 kr 2,738 35
Earnings-Based
Graham-Dodd kr 476.54 kr 2,194 kr 3,012 54
Lynch FV kr 576.90 kr 824.14 kr 1,071 50
PEG = 1.0 kr 576.90 kr 824.14 kr 1,071 46
EPV kr 692.31 kr 822.01 kr 935.50 59
Dividend Discount
Gordon GGM kr 192.35 kr 399.94 kr 634.46 70
DDM Multi-Stage kr 192.35 kr 337.24 kr 419.74 61
Multiples
P/E Multiple kr 1,156 kr 1,542 kr 1,927 63
P/S Multiple kr 391.63 kr 522.17 kr 652.72 58
P/B Multiple kr 211.84 kr 282.46 kr 353.07 55
EV/EBIT kr 1,319 kr 1,787 kr 2,255 53
EV/EBITDA kr 1,162 kr 1,578 kr 1,993 54
EV/Revenue kr 279.64 kr 436.29 kr 592.94 43
Asset-Based
NCAV (Graham) kr 35.31 kr 47.31 kr 70.61 50
Growth DCF
Growth DCF kr 923.44 kr 1,676 kr 2,947 80
Rev-Margin DCF kr 485.52 kr 807.94 kr 1,225 74
Economic Profit
Residual Income kr 416.86 kr 732.38 kr 18,859 76
ROIC Compounder kr 760.93 kr 987.02 kr 1,247 72
Growth Earnings
Growth-Adj P/E kr 948.59 kr 1,355 kr 1,762 68

Widest divergence: DCF Models (kr 1,748) versus Asset-Based (kr 47.31). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 32.3B DKK
Revenue growth (YoY) -3.2%
Net margin 15.7%
Return on equity 129%
Free cash flow 5.9B DKK FY2025
P/E ratio 12.3
More key figures
Operating margin 20.9%
EPS (TTM) kr 66.48
Dividend yield 2.8%
EPS growth (YoY) -10.0%
Net debt 17.9B DKK FY2025

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 72/100

Of which business quality 68 · Market factors (momentum, volatility) 52

Profitability 90
Margins and returns on capital today
Quality Growth 31
Are margins and returns improving?
Cashflow 73
Earnings quality: real cash, not paper profit
Fin. Strength 39
Balance sheet, leverage, solvency risk
Investment 78
Disciplined investing over empire-building
Low Volatility 35
Calm price path (market factor)
Momentum 71
Price trend over the last 3–12 months (market factor)
52W Momentum 39
Distance to the 52-week high (market factor)
Net Issuance 100
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Pandora A/S engages in the design, crafting, and marketing of jewelry worldwide. The company operates in two segments, Core and Fuel With More. It offers charm and carrier products; and lab grown diamonds. The company sells its products through physical stores, online stores, and wholesale and third-party distribution.

Full company description

Pandora A/S engages in the design, crafting, and marketing of jewelry worldwide. The company operates in two segments, Core and Fuel With More. It offers charm and carrier products; and lab grown diamonds. The company sells its products through physical stores, online stores, and wholesale and third-party distribution. Pandora A/S was founded in 1982 and is based in Copenhagen, Denmark.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Pandora A/S reported revenue of kr 32.5B in FY2025 versus kr 23.4B in FY2021, a compound +8.6%/yr. Reported net income was kr 5.2B in FY2025, compounding +5.9%/yr from FY2021.

Growth Quality 94/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
32.5B DKK
Latest YoY
+2.7%
Avg. growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+7.1%
Avg. growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+11.4%
Avg. growth/yr (17Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+19.2%
Revenue +8.6%/yr
FY21 kr 23.4B
FY22 kr 26.5B
FY23 kr 28.1B
FY24 kr 31.7B
FY25 kr 32.5B
Net income +5.9%/yr
FY21 kr 4.2B
FY22 kr 5.0B
FY23 kr 4.7B
FY24 kr 5.2B
FY25 kr 5.2B
Character of growth · EPS growth decomposed (2014-2025) +6.4 % p.a.
Revenue per share +12.0 pp

of which total revenue +7.3 pp · buybacks/dilution +4.7 pp

EBIT margin −3.9 pp
Tax rate +0.0 pp
Residual (interest, one-offs) −1.7 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

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Cite: Fair Value Calculator (2026). "Pandora A/S Fair Value". https://www.fairvalue-calculator.com/stock/PNDORA

Recent news

External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.

Peer Group

Luxury Goods · 136 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 72 · Top 25%
Fair Value upside +74% · Top 25%
Return on equity (TTM) 129% · Top 25%
Return on assets 17% · Top 25%
Net margin (TTM) 16% · Top 25%
Operating margin (TTM) 21% · Top 25%
Revenue growth -3% · Below median
Dividend yield (TTM) 2.8% · Above median
Debt / equity 1.46× · Higher than 75% of peers

Valuation Multiples vs Luxury Goods median · lower = cheaper

P/E (TTM) 12.3× · Cheaper than median
P/B 11.04× · Pricier than 75% of peers
P/S (TTM) 1.80× · Pricier than 75% of peers
P/FCF 1.5× · Cheaper than median
EV/EBITDA 7.7× · Cheaper than median
PEG 3.67× · Pricier than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 100 · sector 17
FUTURE 0 · sector 38
PAST 100 · sector 40
HEALTH 27 · sector 99
DIVIDEND 55 · sector 39

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Luxury Goods stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
Compagnie Financière Richemont SA CFR CHF 193.70 CHF 119.08 -39%
Christian Dior SE DIO €423.60 €1,095 +159%
Kering SA KER €270.60 €56.23 -79%
Tapestry, Inc TPR $153.74 $19.95 -87%
Chow Tai Fook Jewellery Group 1929 HK$12.31 HK$11.51 -6%
The Swatch Group UHRN CHF 37.90 CHF 21.48 -43%
Prada S.p.A 1913 HK$42.22 HK$64.07 +52%
Laopu Gold Co 6181 HK$359.20 HK$544.05 +51%
Kalyan Jewellers India Limited KALYANKJIL ₹596.70 ₹238.57 -60%
Henan Liliang Diamond Co 301071 ¥60.38 ¥9.24 -85%

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Frequently asked questions

Is Pandora A/S (PNDORA) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of kr 1,424 versus a price of kr 819.20, about +74% (undervalued).
What is the fair value of PNDORA?
Our model-based fair value for Pandora A/S is kr 1,424 (as of Aug 13, 2026), built from audited fundamentals. The current price is kr 819.20.
What is the quality score of PNDORA?
Pandora A/S has a Quality Score of 72/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Pandora A/S (PNDORA)?
Pandora A/S reported trailing-twelve-month revenue of about 32.3B DKK (latest available figure, as of Aug 13, 2026).
What is the net profit margin of PNDORA?
The net profit margin of Pandora A/S is about 15.7%, meaning it keeps roughly 15.7% of revenue as net income. Based on the latest reported figures.
Does Pandora A/S pay a dividend?
Pandora A/S currently shows a dividend yield of about 3.67% relative to its recent price (as of Aug 13, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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