Pandora A/S (PNDORA.CO) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+51.7%

DKK 1,255.76

vs DKK 828.00 price

Levered DCF

DKK 1,078.25

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

3.63

Safe zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	10.39×	20.31×	16.86×	9×	19.36×	34.1×	9.57×	5.67×
P/B	10.31×	19.27×	14.93×	6.32×	11.5×	8.94×	5.37×	4.45×
P/S	1.67×	3.35×	2.84×	1.71×	3.44×	3.48×	1.29×	1.25×
EV / EBITDA	6.9×	11.49×	10.02×	5.94×	10.99×	13.94×	5.92×	4.44×
Gross margin	76.2%	79.8%	78.6%	76.3%	76.1%	75.6%	72.7%	74.3%
Operating margin	23.9%	25.2%	25.0%	25.5%	25.0%	14.1%	17.5%	28.2%
Net margin	16.1%	16.5%	16.8%	19.0%	17.8%	10.2%	13.5%	22.1%
Current ratio	0.91×	0.93×	0.99×	0.69×	0.73×	0.71×	0.84×	1.36×
Debt / equity	3.64×	2.43×	2.09×	1.06×	0.56×	0.82×	1.91×	1.04×
Interest coverage	7.85×	8.69×	9.83×	21.01×	27.67×	10.61×	20.59×	102.08×
Dividend yield	2.9%	1.4%	1.8%	3.3%	1.8%	1.2%	6.2%	6.8%
Payout ratio	29.9%	28.1%	29.8%	30.1%	35.6%	42.6%	59.6%	38.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	99.2%	94.9%	88.5%	70.2%	59.4%	26.2%	56.1%	78.6%
Return on invested capital	27.5%	30.6%	31.2%	33.9%	36.6%	14.7%	18.6%	35.2%
Return on assets	17.7%	18.8%	19.9%	22.8%	22.4%	9.7%	13.7%	26.2%
Free cash flow yield	10.0%	6.6%	7.4%	7.2%	7.0%	8.3%	21.2%	19.3%
Earnings yield	9.6%	4.9%	5.9%	11.1%	5.2%	2.9%	10.4%	17.6%
Enterprise value	DKK 72.4B	DKK 117.2B	DKK 89.7B	DKK 52.1B	DKK 83.4B	DKK 69.2B	DKK 37.2B	DKK 33.9B
Net debt / EBITDA	1.71×	1.08×	1.09×	0.77×	0.38×	0.63×	1.43×	0.69×
Cash conversion cycle (days)	38	54	88	97	11	-66	-5	100