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Pandora A/S (0NQC) fair value: what the stock is really worth

As of Oct 2, 2026: fair value of Pandora A/S DKK 482, price DKK 793, upside -39.2%, quality 69 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? Yes
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Consumer Cyclical · GB · Home Denmark · ISIN DK0060252690

PA Thin data Oct 3, 2026

Pandora A/S

0NQC · LSE

Stretched ValuationStrong overvaluation with only moderate quality.

!Fair value kr 481.85 · Strongly overvalued (−39.2%)
✓Quality 69/100
!Weak Growth (revenue 3y −5.9 %/yr)
✓Solidly profitable · 15.7% net margin (TTM)
!Moderate debt
·2.8% dividend yield · Safety not assessed
✓Wide moat 80/100
!Evidence only low, so the estimate is less certain
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

kr 1,302 kr 320.05 Fair Value kr 481.85 Jul 2021 Oct 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Oct 3, 2026.

How to read this chart

60‑month range kr 320.05 – kr 1,302 · fair‑value band kr 364.54 – kr 608.56 · the kr 792.90 price screens above the kr 481.85 fair value. Dashed = 300-day average. As of Oct 3, 2026.

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Company profile

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.

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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.

Stock analysis

Pandora A/S (0NQC) currently trades at kr 792.90, while our model-based Fair Value estimate is kr 481.85, 39.2% below the price, so the stock looks overvalued today.

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Valuation

Bull case: the DCF Models group reads highest at a median of kr 516.92 per share, and 0 of the 23 models we run sit above the kr 792.90 price.

Bear case: the Asset-Based group reads lowest at kr 57.35, and 23 of the 23 models stay below the price. Evidence for this calculation is low.

Scenario range: kr 364.54 (bear) to kr 608.56 (bull), the price of kr 792.90 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 69/100 (solid quality), in the Consumer Cyclical sector.

Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.

Pandora A/S reported revenue of 19.0B DKK in FY2020 versus 20.3B DKK in FY2016, a compound −1.6%/yr. Reported net income was 1.9B DKK in FY2020, compounding −24.7%/yr from FY2016.

Key figures

Market cap 68.4B DKK (≈ $10.3B) · P/S ratio 2.12 · Dividend yield 2.8% · Net margin 10.2% · Return on equity 129% · Return on assets (EBIT) 31.7% · Operating margin 20.9% · Revenue (TTM) 32.3B DKK.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 53 out of 100 (low confidence).

What moves the price

The share trades about 8% below its 52-week high and 83% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Consumer Cyclical peers we cover trades at −3% fair-value upside, at −39%, 0NQC screens richer than that median.

Fair Value models

Bear kr 364.54 Fair Value kr 481.85 Bull kr 608.56
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single 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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Highest evidence
FCF DCF kr 473.17 kr 669.17 kr 1,032 76
Growth DCF kr 496.41 kr 686.65 kr 1,012 75
EPV kr 122.05 kr 146.73 kr 168.32 74
All 23 models by family
DCF Models
FCF DCF kr 473.17 kr 669.17 kr 1,032 76
5Y Revenue Exit kr 270.52 kr 360.03 kr 489.19 70
5Y EBITDA Exit kr 421.69 kr 621.76 kr 886.88 72
5Y P/E Exit kr 361.14 kr 516.92 kr 703.92 68
10Y Revenue Exit kr 341.38 kr 415.28 kr 490.04 65
10Y EBITDA Exit kr 438.01 kr 577.13 kr 723.52 67
10Y P/E Exit kr 401.25 kr 512.30 kr 616.11 62
Earnings-Based
Graham-Dodd kr 152.68 kr 186.60 kr 209.93 65
EPV kr 122.05 kr 146.73 kr 168.32 74
Dividend Discount
Gordon GGM kr 161.05 kr 176.28 kr 199.48 67
DDM Multi-Stage kr 161.05 kr 202.06 kr 259.55 65
Multiples
P/E Multiple kr 370.46 kr 493.95 kr 617.44 63
P/S Multiple kr 198.20 kr 264.27 kr 330.34 58
P/B Multiple kr 256.81 kr 342.42 kr 428.02 55
EV/EBIT kr 393.76 kr 533.69 kr 673.62 66
EV/EBITDA kr 459.56 kr 621.41 kr 783.27 67
EV/Revenue kr 158.97 kr 238.25 kr 317.53 53
Asset-Based
NCAV (Graham) kr 42.80 kr 57.35 kr 85.60 54
Growth DCF
Growth DCF kr 496.41 kr 686.65 kr 1,012 75
Rev-Margin DCF kr 270.52 kr 371.74 kr 500.77 70
Economic Profit
Residual Income kr 127.29 kr 146.78 kr 206.30 73
ROIC Compounder kr 122.05 kr 152.81 kr 185.60 69
Growth Earnings
Growth-Adj P/E kr 261.15 kr 373.07 kr 484.99 65

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Quality Score breakdown

Overall quality 69/100

Of which business quality 66 · Market factors (momentum, volatility) 56

Profitability 74
Margins and returns on capital today
Quality Growth 18
Are margins and returns improving?
Cashflow 94
Earnings quality: real cash, not paper profit
Fin. Strength 54
Balance sheet, leverage, solvency risk
Investment 85
Disciplined investing over empire-building
Low Volatility 41
Calm price path (market factor)
Momentum 65
Price trend over the last 3–12 months (market factor)
52W Momentum 59
Distance to the 52-week high (market factor)

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Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 40/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−13.1%
Revenue growth 3 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
−5.9%
Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
36.5% (2016) → 14.1% (2020)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: no share-count history
not computed

0NQC screens overvalued: fair value 39% below the price. Compare with Compagnie Financière Richemont SA →

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Peer Groupⓘ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.Luxury Goods · 122 stocks

Beats the industry median on 8/12 measures
Overall it ranks above its industry peers.
Valuation
Quality Score 69 · Top 25%
Fair Value upside −43.1% · Below median
Profitability
Return on equity (TTM) 129.4% · Top 25%
Return on assets 17.3% · Top 25%
Net margin (TTM) 15.7% · Top 25%
Operating margin (TTM) 20.9% · Top 25%
Growth and dividend
Revenue growth −3.2% · Bottom 25%
Dividend yield (TTM) 2.8% · Below median
Balance sheet
Debt / equity 0.70× · Highest 25%

Valuation Multiplesvs Luxury Goods median · lower = cheaper

P/B 1.44× · Cheaper than median
P/S (TTM) 0.33× · Cheapest 25%
EV/EBITDA 1.9× · Cheapest 25%

Context: sector, industry, market

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

Similar stocks

10 more Luxury Goods stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
Compagnie Financière Richemont SA CFR CHF 173.05 CHF 120.97 −30%
Christian Dior SE CDI €408.20 €552.53 +35%
Titan Company TITAN ₹4,884 ₹1,487 −70%
Tapestry, Inc TPR $113.88 $109.95 −3%
Chow Tai Fook Jewellery Group 1929 HK$10.97 HK$11.97 +9%
The Swatch Group UHRN CHF 35.70 CHF 21.74 −39%
Prada S.p.A 1913 HK$38.68 HK$62.43 +61%
Brunello Cucinelli S.p.A BC €80.80 €34.95 −57%
Kalyan Jewellers India Limited KALYANKJIL ₹573.00 ₹184.73 −68%
Signet Jewelers Limited SIG $102.26 $330.87 +224%

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Pandora A/S · Fair Value
kr 481.85 −39%Fair Value
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Cite: Fair Value Calculator (2026). "Pandora A/S Fair Value". https://www.fairvalue-calculator.com/stock/0NQC

Frequently asked questions

Is Pandora A/S (0NQC) overvalued or undervalued?
As of Oct 3, 2026, our model estimates a fair value of kr 481.85 versus a price of kr 792.90, about −39% upside (overvalued).
What is the fair value of 0NQC?
Our model-based fair value for Pandora A/S is kr 481.85 (as of Oct 3, 2026), built from audited fundamentals. The current price: kr 792.90.
What is the quality score of 0NQC?
Pandora A/S has a Quality Score of 69/100. 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 price target for Pandora A/S (0NQC)?
Our model-based price target is the fair value of kr 481.85 (as of Oct 3, 2026) from 23 valuation models. Cautious scenario kr 364.54, optimistic scenario kr 608.56. It is a calculation from audited fundamentals, not an analyst target.
What is the Pandora A/S stock forecast for 2026?
Our models put fair value at kr 481.85, about −39% upside versus a price of kr 792.90 (overvalued). Cautious scenario kr 364.54, optimistic scenario kr 608.56. The calculation is refreshed regularly with new filings.
What is the revenue of Pandora A/S (0NQC)?
Pandora A/S reported trailing-twelve-month revenue of about 32.3B DKK (latest available figure, as of Oct 3, 2026).
Does Pandora A/S pay a dividend?
Pandora A/S currently shows a dividend yield of about 2.77% relative to its recent price (as of Oct 3, 2026).
What is the intrinsic value of Pandora A/S (0NQC)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Pandora A/S it is kr 481.85 per share (as of Oct 3, 2026), against a price of kr 792.90. It is the blended result of 23 valuation models (cash flow, earnings, asset, dividend).
Is Pandora A/S stock overvalued or undervalued in 2026?
As of Oct 3, 2026, 0NQC trades above its calculated fair value: price kr 792.90, fair value kr 481.85, a gap of about −39% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 0NQC?
No. The price is what the market pays today (kr 792.90); the fair value is what the company's own numbers justify (kr 481.85). For Pandora A/S the two are kr 311.05 per share apart. That gap is exactly why we show both numbers side by side.
How much is Pandora A/S worth?
The market values Pandora A/S at about 68.4B DKK (market capitalisation, as of Oct 3, 2026). Per share that is kr 792.90; our models calculate a fair value of kr 481.85 per share.
What do the bullish and bearish scenarios say about 0NQC?
Our models span a range for Pandora A/S: cautious scenario kr 364.54, base kr 481.85, optimistic kr 608.56 per share (as of Oct 3, 2026, price kr 792.90). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Pandora A/S (0NQC)?
Balance-sheet figures for Pandora A/S (as of Oct 3, 2026): return on equity 129.4%, debt of 0.70 per unit of equity. They feed the Quality Score of 69/100, which measures business quality independently of the share price.
How far is 0NQC from its 52-week high?
Pandora A/S trades at kr 792.90, about 8% below its 52-week high of kr 862.70 and 83% above the low of kr 433.60 (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of kr 481.85 is for.
Which stocks are comparable to Pandora A/S?
From the same area (Consumer Cyclical) we also value Compagnie Financière Richemont SA, Christian Dior SE, Titan Company, Tapestry, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Pandora A/S stock attractive at the current price?
The data as of Oct 3, 2026: price kr 792.90, calculated fair value kr 481.85 (−39%), Quality Score 69/100, from 23 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 0NQC calculated?
We run Pandora A/S through 23 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of kr 481.85, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. Pandora A/S itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Pandora A/S (0NQC)?
The closing price on Oct 2, 2026 was kr 792.90. Our model-based fair value is kr 481.85, about −39% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Pandora A/S right now?
The price sits above even our optimistic bull case (kr 608.56). The favourable scenario is already priced in. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid but not exceptional quality (69/100) and above fair value, neither a clear bargain nor a standout compounder.

Key figures of Pandora A/S

How large is the market capitalisation of Pandora A/S (0NQC)?
The market capitalisation of Pandora A/S is 68.4B DKK (≈ $10.3B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Pandora A/S (0NQC)?
The price-to-sales ratio of Pandora A/S is 2.12 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What is the dividend yield of Pandora A/S (0NQC)?
The dividend yield of Pandora A/S is 2.8%. Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Pandora A/S (0NQC)?
The net margin of Pandora A/S is 10.2% (fiscal year 2020). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Pandora A/S (0NQC)?
The return on equity (ROE) of Pandora A/S is 129% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Pandora A/S (0NQC)?
On an EBIT basis the return on assets of Pandora A/S is 31.7% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Pandora A/S (0NQC)?
The operating margin of Pandora A/S is 20.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Pandora A/S (0NQC)?
Revenue at Pandora A/S is growing −3.2% versus a year earlier (3y avg −5.9%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Pandora A/S (0NQC)?
Earnings per share at Pandora A/S are growing −10.0% versus a year earlier. How much earnings per share grew versus a year earlier.
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