Pandox AB (PNDX-B) Fair Value & Analysis
Real Estate · SE · Market cap 33.3B SEK (≈ $3.5B) · ISIN SE0007100359
What is Pandox AB really worth?
Below-average quality, currently priced close to our fair value of kr 160.51.
Strengths
Risks
Fair value as of: Aug 23, 2026
From 14 valuation models · updated 13 days ago
Share price −1.8% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- The model range is unusually wide (kr 71.47 to kr 216.41). The outcome hinges heavily on assumptions, so read the point estimate with caution.
- The price sits close to our fair value, market and models broadly agree here, little valuation tension.
- As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 23, 2026.
How to read this chart
60‑month range kr 95.14 – kr 198.80 · fair‑value band kr 71.47 – kr 216.41 · the kr 173.20 price screens above the kr 160.51 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Aug 23, 2026.
Analysis
Pandox AB (PNDX-B) currently trades at kr 173.20, while our model-based Fair Value estimate is kr 160.51, implying the stock looks roughly 7.9% fairly valued today. The Quality Score stands at 48/100 (below-average quality), in the Real Estate sector. Bull case: the Multiples group reads highest at a median of kr 222.89 per share, and 3 of the 12 models we run sit above the kr 173.20 price. Bear case: the Growth DCF group reads lowest at kr 57.03, and 9 of the 12 models stay below the price. Evidence for this calculation is high.
Over the trailing twelve months, Pandox AB generated revenue of 7.6B SEK at a net margin of 48.0%. Revenue grew 11.0% year over year. It earns a return on equity of 11.0%. Net debt stands at 51.9B SEK. Fundamentals as of Aug 23, 2026
Our scenario range runs from kr 71.47 (bear case) to kr 216.41 (bull case); at kr 173.20, the current price sits within 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 14% below its 52-week high and 13% above its 52-week low, currently below its 200-day average. For context, the median of 10 Real Estate peers we cover trades at −23% fair-value upside, at −7%, PNDX-B screens cheaper than that median.
Fair Value models
This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly kr 11.12 per share, which is 6.9 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced 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. Every input is real reported data, nothing guessed.
All 14 models by family
Widest divergence: Multiples (kr 222.89) versus Growth DCF (kr 57.03). Highest evidence: FCF DCF (76).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 23, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 46 · Market factors (momentum, volatility) 46
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.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
Pandox AB (publ) owns, develops, and leases hotel properties to skilled hotel operators under long-term, turnover based leases with minimum guaranteed levels. Since their inception in 1995, they have grown into one of the largest hotel property owners in Europe.
Full company description
Pandox AB (publ) owns, develops, and leases hotel properties to skilled hotel operators under long-term, turnover based leases with minimum guaranteed levels. Since their inception in 1995, they have grown into one of the largest hotel property owners in Europe. Their portfolio consists of 193 hotel properties with approximately 43,000 rooms across 11 countries in Northern Europe. The portfolio market value is approximately SEK 90bn. The headquarters is in Stockholm, and we are listed on Nasdaq Stockholm. Pandox AB (publ) was established on January 28, 1932 and incorporated in Sweden.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Pandox AB reported revenue of 7.5B SEK in FY2025 versus 3.3B SEK in FY2021, a compound +22.9%/yr. Reported net income was 3.1B SEK in FY2025, compounding +50.6%/yr from FY2021.
of which total revenue +7.9 % · buybacks/dilution −2.5 %
Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).
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Peer Group
Real Estate Services · 523 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.
Valuation Multiples vs Real Estate Services median · lower = cheaper
Strength profile in five axes (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.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Real Estate Services stocks, each showing price versus our Fair Value estimate (as of Aug 23, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| CBRE Group CBRE | $148.74 | $69.47 | −53% |
| Vonovia SE VNA | €19.85 | €36.67 | +85% |
| Cellnex Telecom, S.A CLNX | €27.47 | €25.46 | −7% |
| KE Holdings BEKE | $17.42 | $6.57 | −62% |
| Jones Lang LaSalle Incorporated JLL | $378.01 | $290.25 | −23% |
| Swire Properties Limited 1972 | HK$24.84 | HK$5.12 | −79% |
| CoStar Group CSGP | $32.22 | $4.64 | −86% |
| China Resources Mixc Lifestyle Services Limited 1209 | HK$39.84 | HK$34.95 | −12% |
| CapitaLand Investment Limited 9CI | 2.66 SGD | 0.4900 SGD | −82% |
| Plaza S.A MALLPLAZA | 4,040 CLP | 4,571 CLP | +13% |
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