Pandora A/S (PNDORA) fair value: what the stock is really worth
As of Nov 12, 2026: fair value (intrinsic value) of Pandora A/S stock DKK 1,424, price DKK 938, upside +51.8%, quality 71 out of 100. Rating: strongly undervalued. Calculated from audited financials with 24 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 11, 2026.
How to read this chart
60‑month range kr 320.85 – kr 1,311 · fair‑value band kr 935.43 – kr 1,840 · the kr 938.00 price screens below the kr 1,424 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 11, 2026.
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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.
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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 (PNDORA) currently trades at kr 938.00, while our model-based Fair Value estimate is kr 1,424, implying the stock looks roughly 34% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of kr 1,709 per share, and 17 of the 24 models we run sit above the kr 938.00 price.
Bear case: the Economic Profit group reads lowest at kr 623.66, and 7 of the 24 models stay below the price. Data coverage for this calculation is high.
Scenario range: kr 935.43 (bear) to kr 1,840 (bull), the price of kr 938.00 sits inside 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 71/100 (solid quality), in the Consumer Cyclical sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Pandora A/S reported revenue of 32.5B DKK in FY2025 versus 23.4B DKK in FY2021, a compound +8.6%/yr. Reported net income was 5.2B DKK in FY2025, compounding +5.9%/yr from FY2021.
Key figures
Market cap 66.2B DKK (≈ $9.8B) Mid · P/E ratio 13.8 · P/S ratio 2.01 · EPS (TTM) kr 68.10 · Dividend yield 2.3% · Net margin 15.8% · Return on equity 132% · Return on assets (EBIT) 29.3% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 73 out of 100 (medium confidence).
What moves the price
The share trades about 2% below its 52-week high and 116% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Consumer Cyclical peers we cover trades at −1% fair-value upside, at 52%, PNDORA screens cheaper than that median.
Fair Value models
Bearkr 935.43Fair Value kr 1,424Bullkr 1,840
Price kr 938.00 · Upside +51.8%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (kr 40.04 per share) are deliberately not added.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.Coverage ⓘCoverage = 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.
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.94/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+2.7%
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.
+7.1%
Revenue growth 5 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.
+11.4%
Start year 2020 (pandemic). Over 10 years: +6.9% a year
Revenue growth 17 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.
+19.2%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+20.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year+17.7%
Dividend (yield on the price)2.3%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.17.7% vs 8.3%, picking up
Profit margin 2020 to 2025 ⓘ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.14% → 24%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
Price in line with expectations
The price assumes less growth than the company has delivered so far and about what analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+2.2%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+4.3%
Yearly sales growth analysts expect, extended to five years.
After inflation (Denmark: IMF forecast 2.1% a year to 2030, 2.0% from 2016 to 2025) that is about +0.1% a year for the price and +2.1% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (47 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Positive
Recent news coverage is more positive than average.
AI conclusion: High ROE and margins indicate a wide moat from possible brand strength, yet leverage above equity and insufficient public data leave durability unverified.
Main risk: US tariffs on Thai-made jewelry could raise costs or force costly supply-chain shifts, hitting margins given that nearly all production remains concentrated in Thailand despite the new Vietnam site.
Bull case: Pandora could leverage its new Vietnam capacity and platinum shift to cut silver costs while using KI personalization tools to deepen customer loyalty and fend off cheaper rivals with superior storytelling experiences.
Bear case: If tariffs persist and lower-cost alternatives gain share, Pandora might face sustained margin pressure and slower growth as its charm-centric model loses appeal to more affordable or direct-to-consumer options.
Pandora posted like-for-like growth in every region during the third quarter despite a difficult consumer backdrop. Management is pouring resources into sharper designs and culturally relevant marketing while tightening full-year guidance to the upper end of prior ranges. Will those brand investments deliver lasting momentum or will external pressures limit the recovery?
Price, fair value, quality and upside side by side.
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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 · 125 stocks
Beats the industry median on 9/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score71 · Top 25%
Fair Value upside+51.8% · Top 25%
Profitability
Return on equity (12 months)131.9% · Top 25%
Return on assets17.7% · Top 25%
Net margin (12 months)15.8% · Top 25%
Operating margin (12 months)12.2% · Above median
Growth and dividend
Revenue growth (quarter YoY)6.8% · Below median
Dividend yield (12 months)2.3% · Below median
Balance sheet
Debt / equity1.46× · Highest 25%
Valuation Multiplesvs Luxury Goods median · lower = cheaper
P/E (12 months)13.8× · Cheaper than median
P/B12.53× · book value is mostly goodwill ⓘGoodwill and other intangible assets are larger than the equity. The book value mainly reflects prices paid for past acquisitions, so we do not rank this P/B against the peer group.
P/S (12 months)2.01× · Pricier than median
Price / free cash flow (fiscal year)12.2× · Cheaper than median
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Pandora A/S Fair Value". https://www.fairvalue-calculator.com/stock/PNDORA
Frequently asked questions
Is Pandora A/S (PNDORA) overvalued or undervalued?
As of Nov 11, 2026, our model estimates a fair value of kr 1,424 versus a price of kr 938.00, about +52% upside (undervalued).
What is the fair value of PNDORA?
Our model-based fair value for Pandora A/S is kr 1,424 (as of Nov 11, 2026), built from audited fundamentals. The current price: kr 938.00.
What is the quality score of PNDORA?
Pandora A/S has a Quality Score of 71/100. 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 (PNDORA)?
Our model-based price target is the fair value of kr 1,424 (as of Nov 11, 2026) from 24 valuation models. Cautious scenario kr 935.43, optimistic scenario kr 1,840. 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 1,424, about +52% upside versus a price of kr 938.00 (undervalued). Cautious scenario kr 935.43, optimistic scenario kr 1,840. The calculation is refreshed regularly with new filings.
What is the revenue of Pandora A/S (PNDORA)?
Pandora A/S reported trailing-twelve-month revenue of about 32.9B DKK (latest available figure, as of Nov 11, 2026).
Does Pandora A/S pay a dividend?
Pandora A/S currently shows a dividend yield of 2.35% relative to its recent price (as of Nov 11, 2026).
How much is the dividend of Pandora A/S (PNDORA) and when is the ex-dividend date?
Pandora A/S pays a dividend of kr 22.00 per share a year, a dividend yield of 2.3%. The last ex-dividend date was Mar 12, 2026. A dividend has been paid every year since at least 2011. The payout ratio is 32.3% of earnings. Free cash flow covers the dividend 3.31 times. Our assessment: Well covered. A low payout and the dividend is fully funded by free cash flow, a comfortable, sustainable dividend.
What growth is priced into Pandora A/S (PNDORA)?
For today's price to be fair in a discounted-cash-flow model, Pandora A/S would have to grow free cash flow by +2.2 % per year for five years (discount rate 9.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +11.4 % per year. As of Nov 11, 2026.
What discount rate (WACC) does the fair value of PNDORA use?
Our models discount Pandora A/S at 9.6 %: a base by market capitalisation (large), damped by beta 1.25, country premium for Denmark. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Pandora A/S that is +2.2 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (9.6 %) and the same formula as our fair value.
How much growth has Pandora A/S (PNDORA) delivered so far?
Over the past 5 years revenue at Pandora A/S grew +11.4 % a year. The price currently implies free-cash-flow growth of +2.2 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Pandora A/S (PNDORA) growing?
The median revenue growth in the sector is +4.4 % a year. That is the yardstick for the growth priced into Pandora A/S (+2.2 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Pandora A/S (PNDORA)?
The free-cash-flow yield on the price is 8.23 %: that much free cash flow Pandora A/S produces per unit of market value. When it exceeds the discount rate of our models (9.6 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Pandora A/S (PNDORA)?
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 1,424 per share (as of Nov 11, 2026), against a price of kr 938.00. It is the blended result of 24 valuation models in 7 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Growth DCF, Economic Profit, Growth Earnings).
Is Pandora A/S stock overvalued or undervalued in 2026?
As of Nov 11, 2026, PNDORA trades below its calculated fair value: price kr 938.00, fair value kr 1,424, a gap of about +52% (undervalued). 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 PNDORA?
No. The price is what the market pays today (kr 938.00); the fair value is what the company's own numbers justify (kr 1,424). For Pandora A/S the two are kr 486.00 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 66.2B DKK (market capitalisation, as of Nov 11, 2026). Per share that is kr 938.00; our models calculate a fair value of kr 1,424 per share.
What do the bullish and bearish scenarios say about PNDORA?
Our models span a range for Pandora A/S: cautious scenario kr 935.43, base kr 1,424, optimistic kr 1,840 per share (as of Nov 11, 2026, price kr 938.00). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of PNDORA?
Pandora A/S trades at a price-to-earnings ratio of 13.8 (as of Nov 11, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of kr 1,424 is built from several models across several years. Median P/E at fiscal year-end, 10 fiscal years (2016 to 2025), reported earnings, FY2025 ex one-offs: 15.0. Other multiples: PEG 118.7, P/B 12.5, P/S 2.0, EV/EBITDA 8.2.
What is the PEG ratio of PNDORA?
The PEG ratio of Pandora A/S is 118.66 (P/E divided by earnings growth, as of Nov 11, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Pandora A/S (PNDORA)?
Balance-sheet figures for Pandora A/S (as of Nov 11, 2026): return on equity 131.9%, debt of 1.46 per unit of equity. They feed the Quality Score of 71/100, which measures business quality independently of the share price.
How far is PNDORA from its 52-week high?
Pandora A/S trades at kr 938.00, about 2% below its 52-week high of kr 960.00 and 116% above the low of kr 434.60 (as of Nov 12, 2026). Distance from the high says nothing about value: that is what the fair value of kr 1,424 is for.
Which stocks are comparable to Pandora A/S?
From the same area (Consumer Cyclical) we also value Hermès International Société en commandite par actions, Compagnie Financière Richemont SA, Christian Dior SE, 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 Nov 11, 2026: price kr 938.00, calculated fair value kr 1,424 (+52%), Quality Score 71/100, from 24 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 PNDORA calculated?
We run Pandora A/S through 24 models from 7 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of kr 1,424 builds on their evidence-weighted average, 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 14.3% above its aggregate fair value. Pandora A/S currently trades 34% below its own fair value, and the market average says nothing about that. 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 (PNDORA)?
The closing price on Nov 12, 2026 was kr 938.00. Our model-based fair value is kr 1,424, about +52% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Pandora A/S right now?
Solid quality (71/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range (kr 935.43 to kr 1,840) leaves room in how you read the outcome.
Where does the earnings growth of Pandora A/S (PNDORA) come from?
Earnings per share at Pandora A/S grew +6.4 % a year from 2014 to 2025. Broken into its drivers: revenue per share +12.0 %, EBIT margin −3.9 %, tax rate +0.0 %, residual (interest, one-offs) −1.1 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Pandora A/S
How large is the market capitalisation of Pandora A/S (PNDORA)?
The market capitalisation of Pandora A/S is 66.2B DKK (≈ $9.8B). 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 (PNDORA)?
The price-to-sales ratio of Pandora A/S is 2.01 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Pandora A/S (PNDORA)?
Earnings per share at Pandora A/S are kr 68.10 (price ÷ EPS = P/E 13.8). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Pandora A/S (PNDORA)?
The dividend yield of Pandora A/S is 2.3% (payout 32.3%). 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 (PNDORA)?
The net margin of Pandora A/S is 15.8% (last twelve months). 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 (PNDORA)?
The return on equity (ROE) of Pandora A/S is 132% (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 (PNDORA)?
On an EBIT basis the return on assets of Pandora A/S is 29.3% (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 (PNDORA)?
The operating margin of Pandora A/S is 12.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Pandora A/S (PNDORA)?
Revenue at Pandora A/S is growing +6.8% versus a year earlier (3y avg +7.1%). 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 (PNDORA)?
Earnings per share at Pandora A/S are growing +9.5% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Pandora A/S (PNDORA) carry?
The net debt of Pandora A/S is 17.9B DKK (fiscal year 2025, ≈ 3.3 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Broad data
Nov 11, 2026