# Pandora A/S (PNDORA.CO)

Canonical: https://gigainvestors.com/s/PNDORA.CO

Analysis as of: 2026-10-16T07:36:01.051Z. Financial observations: FY2007–FY2025.

Listing currency: DKK. Reporting currency: DKK.

## Verdict

A wonderful business at a fair price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: yes.

Share price: DKK 845.00 per share; close as of 2026-10-15.

Estimated value: low DKK 974.17 per share, central DKK 1,351.11 per share, high DKK 1,584.45 per share. Buy at or below the central value DKK 1,351.11 per share. Valuation as of 2026-10-16T07:36:01.051Z; scenarios are not confidence intervals.

Expected annual return: 14.0% at the stated quote. About 14.0% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; DK 10-year bond 3.2% + 4 points).

## Checklist

### understandable: pass

- 2 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 0

- Operating margin variation: 0.25×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.37×

- FY2017: 0.34×

- FY2018: 0.28×

- FY2019: 0.18×

- FY2020: 0.14×

- FY2021: 0.25×

- FY2022: 0.25×

- FY2023: 0.25×

- FY2024: 0.25×

- FY2025: 0.24×

### moat: pass

- ROIC, median of available years: 54.8%

- ROIC, second-lowest year: 32.5%

- Typical minus recent gross margin: -0.4 pp

- Typical gross margin (annual median): 75.9%

- Recent gross margin (lower of latest and 3-year median): 76.2%

- Years with nonpositive capital: 0

- Capital spending / revenue: 5.1%

- ROIC including acquisitions, ten-year median: 32.5%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 92.0%

- FY2017: 78.6%

- FY2018: 66.4%

- FY2019: 30.0%

- FY2020: 33.1%

- FY2021: 82.6%

- FY2022: 56.8%

- FY2023: 52.4%

- FY2024: 52.9%

- FY2025: 32.5%

### economics: pass

- Owner earnings / net income, 5-yr: 1.00×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: DKK 24B

- Net income, five-year total: DKK 24B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -1.0 pp

- Working capital / revenue, change between three-year averages: -8.0 pp

- Working capital / revenue, final three-year average: 9.3%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.19×

- FY2022: 1.03×

- FY2023: 0.96×

- FY2024: 0.93×

- FY2025: 0.91×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 78.6% vs 52.4%

- Per-share earnings: 51.94 to 64.68 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -4.3%

- Ordinary dilution, 5-year annual growth: -4.1%

- Market cap gain: DKK -50B

- Cumulative retained earnings: DKK -647M

- Diluted shares, 10-year annual growth: -4.3%

- Diluted shares, 5-year annual growth: -4.1%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 2.8%

- Per-share value change: DKK 12.74

- Per-share value, starting three-year median: DKK 51.94

- Per-share value, ending three-year median: DKK 64.68

- Buybacks concentrated in cheaper years (correlation): 0.82

- Average buyback yield: 5.7%

- Buyback history: 10 years

- Debt-funded buybacks: Yes

- Acquisition spending: DKK 3.7B

- Cumulative net income, 10 years: DKK 46B

- ROIC, first three-year median: 78.6%

- ROIC, last three-year median: 52.4%

Chart: Earnings per share; fiscal year observations.

- FY2016: DKK 53.17

- FY2017: DKK 51.94

- FY2018: DKK 47.74

- FY2019: DKK 27.22

- FY2020: DKK 20.34

- FY2021: DKK 41.93

- FY2022: DKK 53.93

- FY2023: DKK 55.46

- FY2024: DKK 64.68

- FY2025: DKK 67.89

### accounting: pass

- Sloan accruals: -7.2%

- Receivables to sales index (DSRI): 1.08×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 1.4%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.40×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.58×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -3.4%

- FY2017: -4.9%

- FY2018: -8.2%

- FY2019: -17.8%

- FY2020: -20.2%

- FY2021: -11.2%

- FY2022: 2.7%

- FY2023: -11.1%

- FY2024: -12.6%

- FY2025: -7.2%

## Holders

## Price story

Down 39% since Jan 2025 · "Pandora Stock Plunges as Tariffs Take Shine Off Jeweler" (finance.yahoo.com, Aug 2025) · sales +2.7%

Story as of 2026-10-16T10:00:06.565Z; price observation 2026-10-15.

Price needs cash profits to grow 0.5% a year for ten years

- 2026-02-05: Pandora shares rise as jeweller plans shift to platinum amid silver challenges ([finance.yahoo.com](https://finance.yahoo.com/news/pandora-misses-growth-target-shares-082805337.html))

- 2026-08-12: Pandora delivers 3% organic growth in Q2 - guidance upgraded ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/pandora-delivers-3-organic-growth-153000025.html))

### Sales · FY2024–2025

sales +2.7%; source https://filings.xbrl.org/5299007OWYZ6I1E46843/2026-06-30/ESEF/DK/0/PAND-2026-06-30-en/reports/PAND-2026-06-30-en.xhtml; observed 2026-09-02.

- FY2016: DKK 20B 

- FY2017: DKK 23B 

- FY2018: DKK 23B 

- FY2019: DKK 22B 

- FY2020: DKK 19B 

- FY2021: DKK 23B 

- FY2022: DKK 26B 

- FY2023: DKK 28B 

- FY2024: DKK 32B 

- FY2025: DKK 33B 

### Gross margin · FY2025

gross margin 76.2%; source https://filings.xbrl.org/5299007OWYZ6I1E46843/2026-06-30/ESEF/DK/0/PAND-2026-06-30-en/reports/PAND-2026-06-30-en.xhtml; observed 2026-09-02.

- FY2016: 75.1% 

- FY2017: 74.5% 

- FY2018: 74.3% 

- FY2019: 72.7% 

- FY2020: 75.6% 

- FY2021: 76.1% 

- FY2022: 76.3% 

- FY2023: 78.6% 

- FY2024: 79.8% 

- FY2025: 76.2% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in luxury goods; annual sales are DKK 32.5 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2025: revenue 32549000000; grossProfit 24808000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); PNDORA.CO: 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.

### Why customers stay

Margins ranged from 76.2% to 79.8% during 2023–25; it earns 54.8% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2023: grossProfit / revenue = 78.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2024: grossProfit / revenue = 79.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2025: grossProfit / revenue = 76.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); 10-year return on capital observations [[2016,0.9201917156321262],[2017,0.7864653328844863],[2018,0.6640523862265374],[2019,0.30020387359836903],[2020,0.3314752609058944],[2021,0.826306902523419],[2022,0.5679674664907531],[2023,0.524148361770681],[2024,0.5285299048504103],[2025,0.324733405073425]]; median 0.5482486856705817. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back DKK 4.4 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2016: growth capex 245733014.880265; upkeep 923266985.119735; owner earnings 5618733014.880265. Growth capex / owner earnings = 0.04373459536687054.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2017: growth capex 188873762.12163115; upkeep 1128126237.8783689; owner earnings 5360873762.121632. Growth capex / owner earnings = 0.035231898847564364.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2018: growth capex 2190412.5703577995; upkeep 1104809587.4296422; owner earnings 4929190412.570358. Growth capex / owner earnings = 0.0004443757264421836.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2019: growth capex 0; upkeep 812000000; owner earnings 3688800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2020: growth capex 0; upkeep 504000000; owner earnings 3137200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2021: growth capex 0; upkeep 585000000; owner earnings 4967000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2022: growth capex 0; upkeep 1191000000; owner earnings 5198400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2023: growth capex 0; upkeep 1488000000; owner earnings 4554800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2024: growth capex 0; upkeep 1679000000; owner earnings 4866400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2025: growth capex 0; upkeep 1911000000; owner earnings 4783400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); Dividend observations: [[2016,1507000000],[2017,3995000000],[2018,1943000000],[2019,1756000000],[2020,825000000],[2021,1479000000],[2022,1514000000],[2023,1412000000],[2024,1471000000],[2025,1567000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2025: cash repurchases 4384000000 DKK.

### Are managers owners

Insiders own 0.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); PNDORA.CO SharesStats.PercentInsiders = 0.628 percentage points; cache date 2026-10-16.

### What could break it

US import tariffs could raise product costs.

- Source: https://filings.xbrl.org/5299007OWYZ6I1E46843/2026-06-30/ESEF/DK/0/PAND-2026-06-30-en/reports/PAND-2026-06-30-en.xhtml (filed 2026-09-02); 2 2026 • EXECUTIVE SUMMARY

PAGE 4 OF 43

EXECUTIVE SUMMARY

PANDORA DELIVERS 3% ORGANIC GROWTH IN Q2 - GUIDANCE

UPGRADED

Q2 2026 highlights

• Pandora delivered organic growth of 3% with LFL growth of 1% and network expansion & other of 2%.

• LFL in North America was -1%, EMEA remained broadly stable at -2%, whilst Asia-Pacific and Latin

America saw continued strong growth at 10% and 18%, respectively.

• LFL growth in the Core was -1%, whilst Fuel with More saw an improvement to 6% LFL growth.

• The gross margin ended at 80.5%. One-off income from a partial refund of Pandora’s US IEEPA tariff

claim positively impacted the gross margin by 230bp. Excluding this, the gross margin remained solid

at 78.2%, down 110bp Y/Y with efficiencies and promotional discipline offsetting a large proportion of

the 270bp external headwinds related to the continuing tariffs, commodities and foreign exchange.

• The Q2 EBIT margin landed at 20.3%, +210bp Y/Y, benefitting by 250bp from above-mentioned one-

off tariff impact. Excluding this, the margin was broadly flat Y/Y despite 300bp of external headwinds.

Strategic highlights

• As previously communicated, Pandora is course-correcting execution in selected areas. This includes a

greater focus on design as a key driver of desirability, evolving the marketing model with stronger local

and cultural relevance and calibrating the growth engine by market.

• Pandora’s new spring theme, “Garden of Dreams”, saw products curated across collections and brought

design led storytelling to life through nature inspired motifs. The theme was supported by marketing

campaigns and more focus on in-store merchandising. The activation contributed to growth in Timeless.

• In July, Pandora launched Pandora Wonders, the multi-year brand platform aimed at driving desirability

and cultural relevance through distinctive design, craftmanship and the reinterpretation of iconic

jewellery materials. The first chapter, co-created with stylist Harry Lambert, was launched in Paris during

Haute Couture week and has driven significant brand buzz.

• The pilot test of a limited range of platinum-plated jewellery was successfully initiated in Netherlands

in July. This followed more than a year of development and consumer testing. The next step is a broader

test of selected designs across markets during Q4 2026, before scaling the rollout in 2027.

2026 guidance and current trading

• The guidance for 2026 is upgraded to “0-3% organic growth” (versus “-1% to 2%” previously) and an

EBIT margin of “22-23%” (versus “21-22%” previously). The new EBIT margin guidance reflects the

expected one-off income from the IEEPA tariff claim.

• Current trading in Q3 2026 shows LFL growth at mid-single digit levels. This was helped by phasing of

commercial activities.

Berta de Pablos-Barbier, President and CEO of Pandora, says:

”We are making 

### What the price says

The price assumes cash profits grow 0.5% yearly over ten years; actual growth was 9.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); Ten-year compound average after fade. Initial solved rate -0.01949174570485669. Price 845; FX 1; discount 0.1; same compounder ten-year fade to terminal 0.03. FY2015 owner earnings/share 25.890644768222824 → FY2025 61.95415801587127. Closing-price date 2026-10-15.

## Monthly share-price history (DKK per share)

- 2016-10: DKK 882.00 per share

- 2016-11: DKK 835.50 per share

- 2016-12: DKK 924.00 per share

- 2017-01: DKK 901.50 per share

- 2017-02: DKK 800.00 per share

- 2017-03: DKK 772.00 per share

- 2017-04: DKK 738.00 per share

- 2017-05: DKK 627.50 per share

- 2017-06: DKK 607.50 per share

- 2017-07: DKK 723.00 per share

- 2017-08: DKK 664.00 per share

- 2017-09: DKK 621.50 per share

- 2017-10: DKK 603.00 per share

- 2017-11: DKK 626.50 per share

- 2017-12: DKK 675.50 per share

- 2018-01: DKK 568.40 per share

- 2018-02: DKK 640.00 per share

- 2018-03: DKK 649.80 per share

- 2018-04: DKK 687.40 per share

- 2018-05: DKK 501.20 per share

- 2018-06: DKK 445.80 per share

- 2018-07: DKK 453.00 per share

- 2018-08: DKK 383.70 per share

- 2018-09: DKK 401.10 per share

- 2018-10: DKK 412.10 per share

- 2018-11: DKK 356.10 per share

- 2018-12: DKK 265.30 per share

- 2019-01: DKK 282.40 per share

- 2019-02: DKK 344.20 per share

- 2019-03: DKK 311.60 per share

- 2019-04: DKK 279.20 per share

- 2019-05: DKK 248.30 per share

- 2019-06: DKK 233.50 per share

- 2019-07: DKK 259.80 per share

- 2019-08: DKK 289.00 per share

- 2019-09: DKK 274.90 per share

- 2019-10: DKK 329.40 per share

- 2019-11: DKK 273.00 per share

- 2019-12: DKK 289.80 per share

- 2020-01: DKK 349.40 per share

- 2020-02: DKK 303.70 per share

- 2020-03: DKK 220.90 per share

- 2020-04: DKK 241.90 per share

- 2020-05: DKK 333.70 per share

- 2020-06: DKK 360.30 per share

- 2020-07: DKK 400.10 per share

- 2020-08: DKK 455.60 per share

- 2020-09: DKK 457.70 per share

- 2020-10: DKK 506.20 per share

- 2020-11: DKK 625.00 per share

- 2020-12: DKK 681.00 per share

- 2021-01: DKK 593.20 per share

- 2021-02: DKK 599.60 per share

- 2021-03: DKK 679.60 per share

- 2021-04: DKK 702.00 per share

- 2021-05: DKK 823.60 per share

- 2021-06: DKK 843.00 per share

- 2021-07: DKK 812.00 per share

- 2021-08: DKK 754.00 per share

- 2021-09: DKK 780.00 per share

- 2021-10: DKK 898.60 per share

- 2021-11: DKK 814.00 per share

- 2021-12: DKK 815.40 per share

- 2022-01: DKK 714.00 per share

- 2022-02: DKK 685.60 per share

- 2022-03: DKK 647.60 per share

- 2022-04: DKK 629.00 per share

- 2022-05: DKK 559.60 per share

- 2022-06: DKK 446.50 per share

- 2022-07: DKK 537.60 per share

- 2022-08: DKK 447.10 per share

- 2022-09: DKK 359.10 per share

- 2022-10: DKK 397.10 per share

- 2022-11: DKK 527.60 per share

- 2022-12: DKK 488.10 per share

- 2023-01: DKK 566.00 per share

- 2023-02: DKK 667.40 per share

- 2023-03: DKK 655.40 per share

- 2023-04: DKK 624.20 per share

- 2023-05: DKK 555.00 per share

- 2023-06: DKK 609.20 per share

- 2023-07: DKK 678.40 per share

- 2023-08: DKK 713.80 per share

- 2023-09: DKK 731.60 per share

- 2023-10: DKK 798.20 per share

- 2023-11: DKK 924.20 per share

- 2023-12: DKK 933.20 per share

- 2024-01: DKK 1,009.00 per share

- 2024-02: DKK 1,113.00 per share

- 2024-03: DKK 1,114.50 per share

- 2024-04: DKK 1,069.50 per share

- 2024-05: DKK 1,124.00 per share

- 2024-06: DKK 1,051.00 per share

- 2024-07: DKK 1,081.00 per share

- 2024-08: DKK 1,181.00 per share

- 2024-09: DKK 1,102.50 per share

- 2024-10: DKK 1,034.00 per share

- 2024-11: DKK 1,136.50 per share

- 2024-12: DKK 1,317.00 per share

- 2025-01: DKK 1,380.50 per share

- 2025-02: DKK 1,267.50 per share

- 2025-03: DKK 1,054.00 per share

- 2025-04: DKK 972.20 per share

- 2025-05: DKK 1,196.50 per share

- 2025-06: DKK 1,112.00 per share

- 2025-07: DKK 1,085.50 per share

- 2025-08: DKK 881.00 per share

- 2025-09: DKK 828.40 per share

- 2025-10: DKK 867.60 per share

- 2025-11: DKK 769.20 per share

- 2025-12: DKK 707.60 per share

- 2026-01: DKK 509.00 per share

- 2026-02: DKK 500.00 per share

- 2026-03: DKK 453.70 per share

- 2026-04: DKK 483.80 per share

- 2026-05: DKK 601.00 per share

- 2026-06: DKK 750.60 per share

- 2026-07: DKK 812.00 per share

- 2026-08: DKK 850.20 per share

- 2026-09: DKK 830.60 per share

- 2026-10: DKK 818.00 per share

## Annual estimated value (DKK per share)

- FY2016: low DKK 468.93 per share, central DKK 532.99 per share, high DKK 618.26 per share

- FY2017: low DKK 712.17 per share, central DKK 1,036.68 per share, high DKK 1,217.67 per share

- FY2018: low DKK 746.30 per share, central DKK 1,084.65 per share, high DKK 1,273.36 per share

- FY2019: low DKK 640.11 per share, central DKK 931.15 per share, high DKK 1,093.48 per share

- FY2020: low DKK 518.25 per share, central DKK 587.00 per share, high DKK 678.58 per share

- FY2021: low DKK 732.71 per share, central DKK 1,066.21 per share, high DKK 1,252.21 per share

- FY2022: low DKK 812.34 per share, central DKK 1,183.72 per share, high DKK 1,390.85 per share

- FY2023: low DKK 816.06 per share, central DKK 1,185.97 per share, high DKK 1,392.28 per share

- FY2024: low DKK 928.66 per share, central DKK 1,298.93 per share, high DKK 1,520.91 per share

- FY2025: low DKK 951.63 per share, central DKK 1,317.87 per share, high DKK 1,544.59 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original ESEF filing](https://filings.xbrl.org/5299007OWYZ6I1E46843/2026-06-30/ESEF/DK/0/PAND-2026-06-30-en/reports/PAND-2026-06-30-en.xhtml); period 2026-06-30, filed 2026-09-02.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations