Rankings Food, drinks & restaurants Pandora
Pandora
65
15070100
A view of the same findings, not a new score. How it works
A good business with a real question mark: the price, a crack, or both.
Biggest deductions
- Commodities (silver)−8
- Quality of growth−5
- Multiples vs own history−4
Strengths
- FCF and buybacks+3
- Improving trading+2
- Raised guidance+1
How the score is built
From 100 to 65, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 830.60 DKK
- Median analyst target
- 850.00 DKK
- Upside to median
- +2.3%
- Analysts
- 19
- Target range
- 440.00 – 1,300 DKK
- 52-week change
- −3%
- P/E (trailing)
- 12.2
- Forward P/E
- 14.9
- PEG
- n/a
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 3 findings−9 of −30
- −5Quality of growthRevenue is flat (−0.1% TTM); Q2 like-for-like only 1%, with North America −1% and EMEA −2%, so growth comes from more stores. The core product Core Moments fell from DKK 19.9bn to 19.6bn.
- −2ROICROIC has fallen from 43.8% (2021) and 38.0% (2024) to 28.7% (TTM); still high, but the trend is clearly down.
- −2Capital allocationBuybacks are partly debt-funded: net debt rose from DKK 2.9bn to 15.6bn since 2021 (net debt/EBITDA 0.4 → 1.8), and shares were bought back at prices around DKK 1,200 in 2024.
Price
Today's multiples against the company's own history and its peers. · 2 findings−6 of −35
- −4Multiples vs own historyEV/EBITDA 7.2 and P/FCF 8.8 are at the bottom of its own history (7.0–13.2), but on analysts' 2027 EPS (DKK 48.9) the P/E is about 17 – in the upper part of the 8.7–19.9 range for 2021–2025.
- −2PeersForward P/E 14.7 vs 8.2 for Signet (EV/EBITDA both about 7.2–7.3); Pandora trades at a premium to mass-market jewellery despite falling earnings.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 4 findings−15 of −35
- −8Commodities (silver)The silver price went from USD 30 to 117 and was most recently about USD 76; analysts have halved 2027 earnings since May 2025. 2027 is hedged at about USD 65/oz – far above the historical level.
- −3Tariffs and the USTariffs, commodities and currency were a 270 bp headwind to gross margin in Q2; without the one-off refund of IEEPA tariffs the gross margin was 78.2% (−110 bp). The US was flat in Q2 with weak store traffic.
- −2Debt and balance sheetDebt/equity 3.85, equity only DKK 4.3bn, current ratio 0.84 and quick ratio 0.27.
- −2Management changeNew CEO Berta de Pablos-Barbier took over on 1 January 2026 (two months ahead of plan) in the middle of the silver crisis; the new strategy is not yet proven.
Plus
Only documented strengths. · 3 findings+6 of +15
- +3FCF and buybacksFCF yield 11.4%; the share count fell 4% over the last year and 4–8% a year since 2022.
- +2Improving tradingLike-for-like in Q3 to date is at a mid-single-digit level vs 1% in Q2; the 2027 margin is expected about 200 bp above earlier assumptions because of lower silver prices.
- +1Raised guidance2026 guidance raised to 0–3% organic growth and a 22–23% EBIT margin, but the margin lift is mostly a one-off tariff refund.
Caveats
What the score does not capture, or where the data is weak.
The silver price drives earnings (analysts expect EPS −25% in 2027); Q2 margin lifted by a one-off tariff refund; jewellery does not fit the industry list (placed under Food, drinks & restaurants)
Also in Food, drinks & restaurants
The highest scores in the same industry.
