olivLaw · European equity research
Pandora A/S PNDORA.CO
Denmark · Nasdaq Copenhagen · ISIN DK0060252690 · Vertical: Listed companies from Denmark
Pandora A/S is a Danish maker of accessible jewellery in silver and other materials, sold through its own stores and partners. In Q2 2026 it reported revenue of DKK 7219 million, and it is now reorienting growth toward design, relevance-led marketing and a platinum-plated jewellery transition that could reduce its exposure to silver prices.
At the close of 05 Nov 2026, Pandora A/S (PNDORA.CO) stock was 894.20 DKK (−2.78% on the day), with market capitalisation 68.8 bn DKK, P/E 13.2 on diluted EPS of 67.90 DKK over the last 12 months, dividend yield 2.28%, beta 0.76, 52-week range 434.60–919.80 DKK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 62.5
- strong (55–70)
- Bollinger (20, 2)
- 782.98 – 889.40
- above the upper band · %B 1.05 · band width 12.7%
- SMA 50 / 200
- 826.54 / 661.48
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 13.40 / 6.13
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +14.2% | +0.4% | +13.8 pp | — |
| 3 months | +10.0% | −3.3% | +13.2 pp | — |
| 6 months | +65.4% | +4.0% | +61.5 pp | — |
| Year to date | +26.4% | +8.1% | +18.3 pp | — |
| 1 year | +16.4% | +10.7% | +5.7 pp | −7.7% |
| 3 years | +9.3% | +50.1% | −40.8 pp | +3.3% |
| 5 years | −1.9% | +43.6% | −45.5 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 100 percentile of its own 1-quarter history (min 10.4, median 10.4, max 10.4; quarters with earnings only).
Fiscal years
| Fiscal year | 2025 |
|---|---|
| Revenue | 32.5 bn |
| Revenue YoY | unavailable |
| Net income | 5.2 bn |
| Net income YoY | unavailable |
| Diluted EPS | 67.90 |
| Diluted EPS YoY | unavailable |
| net % | 16.1% |
| Free cash flow | 5.9 bn |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- unavailable DKK
- Financial debt
- 15.0 bn DKK
- Net debt
- unavailable DKK
- Equity
- 5.3 bn DKK
- Total assets
- 29.6 bn DKK
- Debt / equity
- 2.84x
- Current ratio
- 0.91x
- ROE
- unavailable
- ROA
- 17.7%
- FCF margin
- 18.2%
Financial statements (source on every figure)
Revenue and net income (DKK)
Income statement · DKK
| Line | 2025 | Source (latest year) |
|---|---|---|
| Revenue | 32.5 bn | esef· 02 Sept 2026verified |
| Cost of revenue | 6.8 bn | esef· 02 Sept 2026verified |
| Gross profit | 25.7 bn | esef· 02 Sept 2026verified |
| Operating income | 7.8 bn | esef· 02 Sept 2026verified |
| Interest expense | 1.1 bn | esef· 02 Sept 2026verified |
| Pre-tax income | 6.9 bn | esef· 02 Sept 2026verified |
| Income tax | 1.7 bn | esef· 02 Sept 2026verified |
| Net income | 5.2 bn | esef· 02 Sept 2026verified |
| Diluted EPS | 67.90 | esef· 02 Sept 2026verified |
| Dividend per share | 20.36 | esef· 02 Sept 2026derived |
Balance sheet · DKK
| Line | 2025 | Source (latest year) |
|---|---|---|
| Inventories | 4.9 bn | esef· 02 Sept 2026verified |
| Current assets | 10.2 bn | esef· 02 Sept 2026verified |
| Property, plant & equipment, net | 3.8 bn | esef· 02 Sept 2026verified |
| Goodwill | 5.0 bn | esef· 02 Sept 2026verified |
| Total assets | 29.6 bn | esef· 02 Sept 2026verified |
| Short-term debt | 3.1 bn | esef· 02 Sept 2026verified |
| Long-term debt | 11.9 bn | esef· 02 Sept 2026verified |
| Current liabilities | 11.3 bn | esef· 02 Sept 2026verified |
| Total liabilities | 24.3 bn | esef· 02 Sept 2026verified |
| Equity | 5.3 bn | esef· 02 Sept 2026verified |
| Shares outstanding at year end | 77.0 m | esef· 15 Oct 2026derived |
Cash flow · DKK
| Line | 2025 | Source (latest year) |
|---|---|---|
| Operating cash flow | 7.4 bn | esef· 02 Sept 2026verified |
| Capex | 1.4 bn | esef· 02 Sept 2026verified |
| Free cash flow | 5.9 bn ≈ | esef· 02 Sept 2026derived |
| Investing cash flow | -2.3 bn | esef· 02 Sept 2026verified |
| Financing cash flow | -6.1 bn | esef· 02 Sept 2026verified |
| Dividends paid | 1.6 bn | esef· 02 Sept 2026verified |
| Share repurchases | 4.4 bn | esef· 02 Sept 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 52.1% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 68.8 bn DKK
Key indicators
Coverage and freshness
Score by group
52% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 52.1% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 16.1% | 74 (vs peers) | 12% |
| FCF conversion · Quality | 112.8% | 100 (on a fixed band) | 12% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 6.8x | 81 (on a fixed band) | 12% |
| Current ratio · Balance sheet | 0.8x | 3 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | 13.2x | 64 (vs peers) | 20% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 8.6% | 100 (on a fixed band) | 16% |
| Shareholder yield (distributions) · Returns | 8.6% | 100 (on a fixed band) | 12% |
| Payout ratio (FCF) · Returns | 26.5% | 100 (on a fixed band) | 8% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet50/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality87/100 · 2/3 factors with a value
- Returns100/100 · 2/2 factors with a value
- Valuation80/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Pandora A/S (PNDORA.CO). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 32.5 bn DKK in 2025; net margin 16.1%; ROE 133.4%.
The estimated value range is 490.07–928.52 DKK per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 567.46 DKK, the price of 894.20 DKK leaves a potential of -36.5% (value / price − 1) and a margin of safety of -57.6% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 52.1% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 16.1%
- FCF conversion: 112.8%
- Interest coverage: 6.8x
- FCF yield: 8.6%
- Shareholder yield (distributions): 8.6%
- Payout ratio (FCF): 26.5%
What contradicts it
- Current ratio: 0.8x
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA.
Versus the vertical median
Listed companies from Denmark · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| DEMANT.CODemant A | 79.7 bn | 51.6 | 15.0% | 6.7% | +2.5% | +72% / +30% |
| PNDORA.COPandora A | 68.8 bn | 13.2 | 133.4% | 16.1% | unavailable | +16% / −3% |
| NEWCAP.CONewcap Holding A | 65.3 bn | 13,125.0 | 29.1% | 41.6% | −99.9% | +121% / +62% |
| ISS.COIss A | 50.8 bn | 19.8 | 27.7% | 3.1% | +1.1% | +43% / +158% |
| BAVA.COBavarian Nordic A | 19.2 bn | 13.9 | 10.9% | 22.0% | unavailable | +33% / +47% |
| GN.COGn Store Nord A | 18.1 bn | 27.7 | 6.3% | 6.8% | unavailable | +20% / −23% |
| NETC.CONetcompany Group A | 16.8 bn | 66.2 | 7.2% | 3.3% | unavailable | +11% / +64% |
| BIOMAR.COBiomar Group A | 12.1 bn | 16.9 | 28.3% | 4.3% | −0.5% | unavailable / unavailable |
| JDAN.COJeudan A | 11.1 bn | 11.1 | 7.7% | 57.1% | unavailable | +2% / −7% |
| DFDS.CODfds A | 8.7 bn | — | -0.2% | -0.1% | +1.9% | +73% / −25% |
| GUBRA.COGubra A | 4.8 bn | 2.9 | 149.6% | 64.1% | +892.2% | −40% / +157% |
| MATAS.COMatas A | 3.1 bn | 12.9 | 6.6% | 2.8% | +4.7% | −31% / −21% |
| CBRAIN.COCbrain A | 2.4 bn | 54.7 | 13.8% | 17.2% | −6.2% | −21% / −52% |
| BO.COBang & Olufsen A | 1.7 bn | — | -10.0% | -4.3% | −3.3% | −24% / +12% |
| COLUM.COColumbus A | 1.2 bn | 84.0 | 2.0% | 0.9% | unavailable | −5% / +30% |
| NNIT.CONnit A | 1.0 bn | — | -3.0% | -1.3% | −3.4% | −16% / −54% |
| NORTHM.CONorth Media A | 873.1 m | 13.2 | 5.5% | 5.1% | −0.4% | +11% / −16% |
| FFARMS.COFirstfarms A | 789.8 m | — | -2.3% | -5.4% | −16.5% | −9% / −1% |
| HUSCO.COHusCompagniet A | 507.2 m | — | -1.3% | -0.9% | +28.7% | −41% / −46% |
| BIOPOR.COBioporto A | 456.2 m | — | -117.6% | -203.8% | +11.2% | −8% / −53% |
| GABR.COGabriel Holding A | 429.4 m | 57.5 | 2.8% | 1.4% | +6.7% | −10% / −29% |
| GREENM.COGreenMobility A | 392.5 m | 11.9 | 74.3% | 21.5% | +20.0% | −19% / +91% |
| EGNETY.COEgnsinvest Ejendomme Tyskland A | 320.0 m | 13.0 | 4.0% | 40.9% | −2.6% | −21% / +11% |
| PFINV.COPapirfabrikken Invest A | 300.9 m | 13.5 | 5.4% | 29.7% | +0.9% | −3% / +36% |
| CEMAT.COCemat A | 213.9 m | 3.5 | 28.7% | 37.5% | +318.0% | −9% / +3% |
1- and 3-year price returns: for PNDORA.CO from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Pandora A/S is a Danish maker of accessible jewellery in silver and other materials, sold through its own stores and partners. In Q2 2026 it reported revenue of DKK 7219 million, and it is now reorienting growth toward design, relevance-led marketing and a platinum-plated jewellery transition that could reduce its exposure to silver prices 1.
SWOT
Strengths
- A globally recognised brand and an integrated value chain that give advantages in speed and quality, supported by a very high gross margin in the latest reported quarter 1.
- Strong growth in Asia-Pacific and Latin America, where the new pricing and marketing approach has been rolled out 1.
- A stable management bench, with a planned finance leadership transition that supports continuity over the long term 1.
Weaknesses
- Like-for-like sales in the Moments collection and in the EMEA region have remained weak in recent quarters 1.
- Exposure to silver prices has weighed on margins, and the platinum transition requires significant investment and time 1.
- Dependence on mature, highly penetrated markets limits growth and requires a change of approach that is not yet fully implemented 1.
Opportunities
- Expansion in less penetrated markets, such as Japan and parts of Asia, could support medium-term growth 1.
- If design and marketing initiatives were scaled up, they could improve brand relevance and like-for-like sales growth 1.
- Reducing raw material exposure through the platinum transition could stabilise margins over the long term 1.
Risks
- Exposure to metal priceshigh
Costs of silver, gold and platinum can influence margins, and the platinum transition does not fully remove this risk in the near term 1.
- Weak like-for-like sales in Europehigh
The EMEA region has recorded declines in like-for-like sales, and a recovery could depend on the success of the strategic reorientation 1.
- Weak consumption in North Americamedium
Store traffic has been affected by low consumer sentiment, particularly among mid- and lower-income consumers 1.
- Strategy executionmedium
Design and marketing initiatives are not yet fully implemented, and their effects could arrive later than expected 1.
- Currency effectslow
Depreciation of some currencies against the reporting currency can reduce reported revenue even when local sales are stable 1.
Investment thesis
What would need to be true (bull case)
- If the reorientation toward design and relevance-led marketing produced results at scale, like-for-like growth could recover, supported by high margins and a solid brand base 1.
- The platinum transition could reduce margin volatility, and the lower silver price assumed for 2027 with hedging in place could add a further benefit 1.
- Asia-Pacific and Latin America continue to grow strongly, and expansion in less penetrated markets could complement growth from mature markets 1.
What would break the thesis
- If like-for-like sales stayed weak in Europe and North America, total growth could depend too heavily on network expansion 1.
- The costs and investment required for the platinum transition could temporarily weigh on margins, and benefits could arrive later than estimated 1.
- Weak consumer sentiment and geopolitical uncertainty could prolong a period of slow growth in important markets 1.
What to watch
- Q3 results and strategic update on the 2027 EBIT margin directionQ3 2026
- Platinum transition and margin update, including the extended pilot in the NetherlandsQ4 2026
- Handover of the CFO role to the incoming finance chief1 December 2026
- Development of like-for-like sales in EMEA and the US after the strategic reorientation2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Pandora designs, produces and sells accessible, hand-crafted jewellery, with a focus on silver and, from 2026, a new platinum-plated alloy. The company runs an integrated value chain from upstream to downstream, which gives it advantages in speed, quality and scale 1. Sales come through own stores, shop-in-shops, online channels and partners.
The current strategy, prepared ahead of a new phase after the Phoenix programme launched in 2021, focuses on three priorities: design-led product leadership, a marketing model oriented toward brand relevance, and go-to-market approaches adapted to market maturity 1. Initiatives are still scaling and their effects are not yet fully visible.
The company is expanding its network through concept stores while closing unprofitable shop-in-shops, mainly in China and Brazil. A new CFO, Paulo Garcia, is due to take over on 1 December 2026, while the outgoing CFO stays until 31 March 2027 for the handover 1.
Segments
Core
The Core segment includes the Moments, Playful, Pandora ME and Talisman collections and accounts for most revenue. In Q2 2026 like-for-like sales declined slightly, held back by softness in Moments and partly offset by Talisman 1.
Fuel with more
The Fuel with more segment brings together newer products with more distinctive design and was the strongest part of the business in Q2 2026, with like-for-like growth accelerating, led by Timeless 1. The company sees this segment as an important part of its future expansion.
Market context
Pandora operates across EMEA, North America, Asia-Pacific and Latin America. In Q2 2026, EMEA like-for-like sales declined, while Asia-Pacific and Latin America grew strongly and North America was broadly stable 1. The consumer backdrop remains difficult, with low sentiment in the US and Europe that could weigh on store traffic.
Highly penetrated markets such as Italy and the UK require a locally differentiated approach, while less penetrated markets such as Japan are treated as growth sources through expansion and marketing investment 1. This balance shapes how investment is allocated over the medium term.
Trends
- Silver costs and the platinum transitionmixed
Silver, gold and platinum prices remain materially above historical levels. The planned shift to platinum-plated jewellery between 2027 and 2028 could reduce exposure to these prices and margin volatility 1.
- Macroeconomic and geopolitical uncertaintyheadwind
The company notes recent geopolitical events and elevated macroeconomic uncertainty that could weigh on consumer confidence and store traffic, particularly in North America and Europe 1.
- Cultural relevance in brand marketingtailwind
Accessible luxury brands that invest in storytelling, creative collaborations and cultural relevance may gain attention. The Pandora Wonders launch and the Garden of Dreams campaign illustrate this direction 1.
- Store closures in large marketsmixed
Net store closures in China and Brazil reflect a reshaping of the network. If such adjustments continued, they could slow expansion-led growth but might improve returns from the remaining network 1.
Competitive position
The accessible jewellery market is competitive, with global brands and fashion retailers offering similar products at comparable prices. Pandora differentiates through its recognised brand, its integrated value chain and its extensive distribution network 1.
Competitors vary by market and channel, and the intensity of competition in physical stores and online could influence Pandora's ability to sustain margins and like-for-like sales in weaker periods 1.
- Global accessible jewellery brands
Competitors offering similar products with comparable design and distribution strategies across several regions.
- Fashion retailers with accessories
Retailers selling jewellery as part of a broader accessories range at competitive prices.
- Local jewellery brands
Regional producers competing on price and local presence, especially in mature markets.
- Online jewellery sellers
Digital platforms competing on price and convenience, affecting Pandora's online channel.
News & filings
In the press
- Greek Tax Scandals Open Pandora’s Box in Food Service SectorTo Vima International (GR, EN) · 02 Nov 2026 · EN
- Pandora Bets on Vietnam With New $150 Million FactoryBloomberg Markets · 27 Oct 2026 · EN
- A dispărut într-un accident rutier, iar familia a căutat-o șase ani. Cum a fost găsită pisica PandoraLibertatea.ro · 26 Oct 2026 · RO
- O pisică a dispărut în 2020, într-un accident rutier grav. După șase ani, un microcip a ajutat-o pe Pandora să-și regăsească familiaAntena 3 CNN · 26 Oct 2026 · RO
- Gigantul bijuteriilor Pandora își deschide o nouă fabrică și face o mutare-cheie pe piața diamantelor create în laboratorAntena 3 CNN · 02 Oct 2026 · RO
- Pandora открыла во Вьетнаме крупнейший в мире ювелирный заводKommersant (RU) · 02 Oct 2026 · RU
- Jewelry giant Pandora is getting on lab-grown diamonds and hoping a new Vietnam plant helps growth in AsiaCNBC — Top News · 02 Oct 2026 · EN
- Pandora opens $150m Vietnam plant to diversify beyond ThailandNikkei Asia · 01 Oct 2026 · EN
- Denmark's Pandora opens world's largest jewellery factory in VietnamCNA (Channel NewsAsia) · 01 Oct 2026 · EN
- Pandora CEO Says US Demand Dampening as Inflation Worries GrowBloomberg Markets · 01 Oct 2026 · EN
- As Trump and Xi meet, Chinese automakers could be a Pandora's box for U.S. auto industryCNBC World · 23 Sept 2026 · EN
- AI is a Pandora’s box that some CEOs seem wary of opening — at least with investorsMarketWatch — Top Stories · 21 Sept 2026 · EN
- Scris în stele: Pandora Talisman descoperă puterea poveștilor inspirate de zodiacLibertatea.ro · 31 Aug 2026 · RO
- Putin: Ukraine opened ‘Pandora’s box’ with strikes on economic targetsModern Diplomacy · 23 Aug 2026 · EN
- Putin warns Ukraine has opened ‘Pandora’s box’, rejects peace proposalsAl Jazeera English · 22 Aug 2026 · EN
- ‘Russia opened Pandora’s box first, and now it’s paying for it’: Are Wildberries warehouses legitimate targets? Meduza readers weigh in on Ukraine’s strikes.Meduza English (independent RU/exile) · 27 Jul 2026 · EN
- HARVEST: The labelling Pandora’s boxEuractiv · 27 May 2026 · RO
- Noua colecție de vară de la Pandora reflectă spiritul liber al sezonuluiLibertatea.ro · 21 May 2026 · RO
Annual reports (ESEF)
- Annual report 202602 Sept 2026
- Annual report 202502 Sept 2026
- Annual report 202515 Oct 2026
Sources
- [1] Annual report, fiscal year ended 2026-06-30 (ESEF) · SEC / Pandora A/S · 30 Jun 2026
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.