Pandora Valuation

Q: What is the Fair Price of PNDORA when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

PNDORA (DKK1271) is trading below our estimate of [[fair value]] (DKK1934.89)

Is PNDORA undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

4/6

Valuation Score 4/6

Below Fair Value
Significantly Below Fair Value
Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of PNDORA when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: PNDORA (DKK1271) is trading below our estimate of fair value (DKK1934.89)

Significantly Below Fair Value: PNDORA is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for PNDORA?

Key metric: As PNDORA is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for PNDORA. This is calculated by dividing PNDORA's market cap by their current earnings.
What is PNDORA's PE Ratio?
PE Ratio	20.6x
Earnings	DKK 4.89b
Market Cap	DKK 100.55b

PNDORA key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	3.8x
Enterprise Value/EBITDA	13.5x
PEG Ratio	1.9x

Price to Earnings Ratio vs Peers

How does PNDORA's PE Ratio compare to its peers?

The above table shows the PE ratio for PNDORA vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PE	Estimated Growth	Market Cap
Peer Average	22.3x
GN GN Store Nord	30x	25.1%	DKK 19.7b
RL Ralph Lauren	20.1x	7.1%	US$14.2b
TPR Tapestry	17.9x	8.5%	US$14.9b
MONC Moncler	21.1x	6.8%	€13.7b
PNDORA Pandora	20.6x	10.8%	DKK 100.5b

Price-To-Earnings vs Peers: PNDORA is good value based on its Price-To-Earnings Ratio (20.6x) compared to the peer average (22.6x).

Price to Earnings Ratio vs Industry

How does PNDORA's PE Ratio compare vs other companies in the European Luxury Industry?

4 Companies	Price / Earnings	Estimated Growth	Market Cap

4 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: PNDORA is expensive based on its Price-To-Earnings Ratio (20.6x) compared to the European Luxury industry average (15.2x).

Price to Earnings Ratio vs Fair Ratio

What is PNDORA's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

PNDORA PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	20.6x
Fair PE Ratio	22.1x

Price-To-Earnings vs Fair Ratio: PNDORA is good value based on its Price-To-Earnings Ratio (20.6x) compared to the estimated Fair Price-To-Earnings Ratio (22.1x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst PNDORA forecast and predictions for the stock price in 12 month’s time.
Date	Share Price	Average 1Y Price Target	Dispersion	High	Low	1Y Actual price	Analysts
Current	DKK 1,271.00	DKK 1,240.87 -2.4%	12.0%	DKK 1,500.00	DKK 1,000.00	n/a	15
Dec ’25	DKK 1,136.50	DKK 1,216.93 +7.1%	12.3%	DKK 1,500.00	DKK 1,000.00	n/a	15
Nov ’25	DKK 1,059.50	DKK 1,235.53 +16.6%	12.4%	DKK 1,470.00	DKK 1,010.00	n/a	15
Oct ’25	DKK 1,068.50	DKK 1,227.60 +14.9%	13.0%	DKK 1,470.00	DKK 1,010.00	n/a	15
Sep ’25	DKK 1,181.00	DKK 1,193.93 +1.1%	13.0%	DKK 1,400.00	DKK 920.00	n/a	15
Aug ’25	DKK 1,076.50	DKK 1,201.93 +11.7%	13.1%	DKK 1,400.00	DKK 920.00	n/a	14
Jul ’25	DKK 1,009.00	DKK 1,211.21 +20.0%	11.9%	DKK 1,400.00	DKK 1,010.00	n/a	14
Jun ’25	DKK 1,124.00	DKK 1,200.07 +6.8%	11.2%	DKK 1,400.00	DKK 1,010.00	n/a	14
May ’25	DKK 1,082.50	DKK 1,179.36 +8.9%	12.9%	DKK 1,400.00	DKK 900.00	n/a	14
Apr ’25	DKK 1,114.50	DKK 1,148.67 +3.1%	14.3%	DKK 1,400.00	DKK 900.00	n/a	15
Mar ’25	DKK 1,147.00	DKK 1,104.81 -3.7%	14.8%	DKK 1,360.00	DKK 820.00	n/a	16
Feb ’25	DKK 999.60	DKK 989.81 -1.0%	12.4%	DKK 1,200.00	DKK 720.00	n/a	16
Jan ’25	DKK 933.20	DKK 936.31 +0.3%	11.5%	DKK 1,115.00	DKK 730.00	n/a	16
Dec ’24	DKK 931.60	DKK 928.50 -0.3%	12.0%	DKK 1,115.00	DKK 730.00	DKK 1,136.50	16
Nov ’24	DKK 814.20	DKK 851.14 +4.5%	13.7%	DKK 1,000.00	DKK 630.00	DKK 1,059.50	14
Oct ’24	DKK 731.60	DKK 784.21 +7.2%	16.2%	DKK 950.00	DKK 600.00	DKK 1,068.50	14
Sep ’24	DKK 714.80	DKK 739.60 +3.5%	15.3%	DKK 930.00	DKK 547.00	DKK 1,181.00	15
Aug ’24	DKK 674.00	DKK 727.47 +7.9%	16.0%	DKK 930.00	DKK 540.00	DKK 1,076.50	15
Jul ’24	DKK 609.20	DKK 722.40 +18.6%	15.5%	DKK 930.00	DKK 540.00	DKK 1,009.00	15
Jun ’24	DKK 550.80	DKK 724.47 +31.5%	15.2%	DKK 930.00	DKK 550.00	DKK 1,124.00	15
May ’24	DKK 641.20	DKK 716.73 +11.8%	16.2%	DKK 930.00	DKK 488.00	DKK 1,082.50	15
Apr ’24	DKK 655.40	DKK 707.27 +7.9%	17.4%	DKK 930.00	DKK 488.00	DKK 1,114.50	15
Mar ’24	DKK 659.80	DKK 689.67 +4.5%	19.2%	DKK 930.00	DKK 450.00	DKK 1,147.00	15
Feb ’24	DKK 574.00	DKK 619.33 +7.9%	24.7%	DKK 930.00	DKK 370.00	DKK 999.60	15
Jan ’24	DKK 488.10	DKK 604.00 +23.7%	27.2%	DKK 930.00	DKK 340.00	DKK 933.20	15
Dec ’23	DKK 530.80	DKK 627.07 +18.1%	24.9%	DKK 930.00	DKK 340.00	DKK 931.60	15

Analyst Forecast: Target price is lower than the current share price.

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Company Analysis and Financial Data Status

Data	Last Updated (UTC time)
Company Analysis	2024/12/18 08:53
End of Day Share Price	2024/12/18 00:00
Earnings	2024/09/30
Annual Earnings	2023/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

^* example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .

Analyst Sources

Pandora A/S is covered by 35 analysts. 16 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

Analyst	Institution
Michael Vitfell-Rasmussen	ABG Sundal Collier
Mariana Horn Uribe	Berenberg
Antoine Belge	BNP Paribas Exane