Pandora A/S (PNDZF) fair value: what the stock is really worth
As of Oct 2, 2026: fair value of Pandora A/S $222, price $126, upside +77.1%, quality 72 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
Watch Pandora A/S for free, get notified when fair value or trend changes. Plus fair value for all 35,000+ stocks, 14 days of Pro free, no card.Watch for freePro now: $1 first month
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, dashed = 300-day average. As of Oct 3, 2026.
How to read this chart
60‑month range $23.18 – $164.82 · fair‑value band $139.10 – $284.92 · the $125.61 price screens below the $222.41 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Oct 3, 2026.
Follow Pandora A/S in your weekly email
Every Wednesday you see whether Pandora A/S is on track or worth a review, plus price against fair value. Free, up to 3 stocks.
We send you a confirmation link. Unsubscribe with one click.
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.
Show more
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 (PNDZF) currently trades at $125.61, while our model-based Fair Value estimate is $222.41, implying the stock looks roughly 43.5% undervalued today.
Show more
Valuation
Bull case: the DCF Models group reads highest at a median of $269.19 per share, and 16 of the 24 models we run sit above the $125.61 price.
Bear case: the Economic Profit group reads lowest at $49.89, and 8 of the 24 models stay below the price. Evidence for this calculation is high.
Scenario range: $139.10 (bear) to $284.92 (bull), the price of $125.61 sits below 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 72/100 (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 +8.5%/yr. Reported net income was 5.2B DKK in FY2025, compounding +5.9%/yr from FY2021.
Key figures
Market cap $9.7B · P/E ratio 12.2 · P/S ratio 1.96 · EPS (TTM) $10.33 · Dividend yield 4.5% · Net margin 16.1% · Return on equity 129% · Return on assets (EBIT) 29.3%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 58 out of 100 (medium confidence).
What moves the price
For context, the median of 10 Consumer Cyclical peers we cover trades at −3% fair-value upside, at 77%, PNDZF screens cheaper than that median.
Fair Value models
Bear $139.10Fair Value $222.41Bull $284.92
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.
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
+2.5%
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.
+11.3%
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%
’14
’15
’16
’17
’18
’19
’20
’21
’22
’23
’24
’25
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.
+22.1%
Earnings growth per share plus dividend.
Earnings per share, growth per year+17.6%
Dividend (yield on the price)4.5%
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.17.6% 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%
Start year 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).
+2.1%
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.
+3.2%
Yearly sales growth analysts expect, extended to five years.
After inflation (figures in DKK, Denmark: IMF forecast 2.1% a year to 2030, 2.0% from 2016 to 2025) that is about +0.0% a year for the price and +1.1% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (43 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.
Price, fair value, quality and upside side by side.
Free, no sign-up
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 10/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score72 · Top 25%
Fair Value upside+79.9% · Top 25%
Profitability
Return on equity (TTM)129.4% · Top 25%
Return on assets17.3% · 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)4.5% · Above median
Balance sheet
Debt / equity1.47× · Highest 25%
Valuation Multiplesvs Luxury Goods median · lower = cheaper
P/E (TTM)12.2× · Cheaper than median
P/B12.21× · 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.
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/PNDZF
Frequently asked questions
Is Pandora A/S (PNDZF) overvalued or undervalued?
As of Oct 3, 2026, our model estimates a fair value of $222.41 versus a price of $125.61, about +77% upside (undervalued).
What is the fair value of PNDZF?
Our model-based fair value for Pandora A/S is $222.41 (as of Oct 3, 2026), built from audited fundamentals. The current price: $125.61.
What is the quality score of PNDZF?
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 price target for Pandora A/S (PNDZF)?
Our model-based price target is the fair value of $222.41 (as of Oct 3, 2026) from 24 valuation models. Cautious scenario $139.10, optimistic scenario $284.92. 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 $222.41, about +77% upside versus a price of $125.61 (undervalued). Cautious scenario $139.10, optimistic scenario $284.92. The calculation is refreshed regularly with new filings.
What is the revenue of Pandora A/S (PNDZF)?
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 4.49% relative to its recent price (as of Oct 3, 2026).
What growth is priced into Pandora A/S (PNDZF)?
For today's price to be fair in a discounted-cash-flow model, Pandora A/S would have to grow free cash flow by +2.1 % per year for five years (discount rate 10.4 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +11.3 % per year. As of Oct 3, 2026.
What discount rate (WACC) does the fair value of PNDZF use?
Our models discount Pandora A/S at 10.4 %: a base by market capitalisation (mid), damped by beta 1.26, country premium for USA. 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 +2.1 % per year a year over ten years, using the same discount rate (10.4 %) and the same formula as our fair value.
How much growth has Pandora A/S (PNDZF) delivered so far?
Over the past 5 years revenue at Pandora A/S grew +11.3 % a year. The price currently implies +2.1 % per year free-cash-flow growth a 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 (PNDZF) growing?
The median revenue growth in the sector is +3.9 % a year. That is the yardstick for the growth priced into Pandora A/S (+2.1 % per year a 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 (PNDZF)?
The free-cash-flow yield on the price is 9.16 %: that much free cash flow Pandora A/S produces per unit of market value. When it exceeds the discount rate of our models (10.4 %), 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 (PNDZF)?
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 $222.41 per share (as of Oct 3, 2026), against a price of $125.61. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is Pandora A/S stock overvalued or undervalued in 2026?
As of Oct 3, 2026, PNDZF trades below its calculated fair value: price $125.61, fair value $222.41, a gap of about +77% (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 PNDZF?
No. The price is what the market pays today ($125.61); the fair value is what the company's own numbers justify ($222.41). For Pandora A/S the two are $96.80 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 $9.7B (market capitalisation, as of Oct 3, 2026). Per share that is $125.61; our models calculate a fair value of $222.41 per share.
What do the bullish and bearish scenarios say about PNDZF?
Our models span a range for Pandora A/S: cautious scenario $139.10, base $222.41, optimistic $284.92 per share (as of Oct 3, 2026, price $125.61). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of PNDZF?
Pandora A/S trades at a price-to-earnings ratio of 12.2 (as of Oct 3, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $222.41 is built from several models across several years. Other multiples: PEG 4.1, P/B 12.2, P/S 2.0, EV/EBITDA 8.4.
What is the PEG ratio of PNDZF?
The PEG ratio of Pandora A/S is 4.11 (P/E divided by earnings growth, as of Oct 3, 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 (PNDZF)?
Balance-sheet figures for Pandora A/S (as of Oct 3, 2026): return on equity 129.4%, debt of 1.47 per unit of equity. They feed the Quality Score of 72/100, which measures business quality independently of the share price.
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 $125.61, calculated fair value $222.41 (+77%), Quality Score 72/100, 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 PNDZF calculated?
We run Pandora A/S through 24 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 $222.41, 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 currently trades 44 % 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 (PNDZF)?
The closing price on Oct 2, 2026 was $125.61. Our model-based fair value is $222.41, about +77% 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?
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 ($139.10). The market is more pessimistic than our downside scenario. A fairly wide model range ($139.10 to $284.92) leaves room in how you read the outcome.
Where does the earnings growth of Pandora A/S (PNDZF) 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 (PNDZF)?
The market capitalisation of Pandora A/S is $9.7B. 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 (PNDZF)?
The price-to-sales ratio of Pandora A/S is 1.96 (P/E × margin). 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 (PNDZF)?
Earnings per share at Pandora A/S are $10.33 (price ÷ EPS = P/E 12.2). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Pandora A/S (PNDZF)?
The dividend yield of Pandora A/S is 4.5% (payout 54.6%). 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 (PNDZF)?
The net margin of Pandora A/S is 16.1% (fiscal year 2025). 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 (PNDZF)?
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 (PNDZF)?
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 (PNDZF)?
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 (PNDZF)?
Revenue at Pandora A/S is growing −3.2% 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 (PNDZF)?
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.
How much net debt does Pandora A/S (PNDZF) carry?
The net debt of Pandora A/S is 13.7B DKK (fiscal year 2025, ≈ 2.3 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
Free · no account needed
Watch Pandora A/S in the live analysis
One click puts Pandora A/S on your watchlist: fair value and trend at a glance, plus comparison, the diversification check and the 35,000+ stock screener. You can also try 14 days of Pro there, no card.
Broad data
Oct 3, 2026