Forecast

Financial forecast

Project revenue, EBITDA, net income and free cash flow for the next 5 or 10 years. Growth starts at the same rate the valuation uses and fades to the long-run rate, with margins held at today's level. Bear and bull cases move growth by the company's own revenue volatility. It is a model of what the assumptions imply, not a prediction.

Pandora A/S (PNDORA.CO)

Price updated 06 Nov 2026 09:56; TTM through 30 Jun 2026; TTM financials updated 05 Nov 2026 16:06.

Starts from TTM through 30 Jun 2026 financials in DKK and a share price of DKK 888.40. Growth begins at 6.0% a year (the valuation's blended assumption) and fades to 3.1% by year 10. Margins held at EBITDA 32.5%, net 15.9%, free cash flow 20.3% of revenue. Bear and bull move starting growth by 5.0 points and long-run growth by 1 point.

Year 1 uses analyst consensus revenue growth (4.8%); year 2 is halfway back to the model's own path.
DKK 1,185.11Model fair value (Free-cash-flow DCF); range DKK 837.20 to DKK 1,786.00
33%Fair value vs today's price
LowModel confidence
25%Share of the gap to fair value the price closes by year 5

Confidence: Earnings-based DCF is somewhat apart; trailing-twelve-month data; profit and cash flow steady for 3 years; value is more than 1.5x the Earnings-based DCF value.

6.9%/yrModel-implied annual total return over 10 years, base case (price plus dividends). Raw model level; the screener shows a calibrated ranking instead
DKK 49.79BRevenue in year 10 (base)
DKK 7.91BNet income in year 10 (base)
DKK 10.09BFree cash flow in year 10 (base)
DKK 30.69Dividend per share in year 10 (base)
DKK 1,476.85Implied share price in year 10 (base), today DKK 888.40
16.1%Year-10 free cash flow per share vs today's price

Free cash flow over time

DKK 0 DKK 3.35B DKK 6.70B DKK 10.04B DKK 13.39B FY2022 FY2023 FY2024 FY2025 TTM through 30 Jun 2026 +1 +2 +3 +4 +5 +6 +7 +8 +9 +10
Solid: reported Dashed: base projection Shaded: bear to bull range
Free cash flow in year 10 by scenario
CaseStarting growthYear 10Annual growth
Bear -0.2% DKK 7.52B 1.4%
Base 4.8% DKK 10.09B 4.4%
Bull 9.8% DKK 13.39B 7.4%

Base case by year

YearGrowthRevenueEBITDANet incomeFree cash flowEPSFCF / shareDividend / shareBook / shareImplied price
TTM through 30 Jun 2026– DKK 32.45BDKK 10.55BDKK 5.16BDKK 6.57B 73.0393.1420.0060.99888.40
Year 14.8% DKK 34.01BDKK 11.06BDKK 5.40BDKK 6.89B 76.5297.5920.96116.56946.41
Year 25.2% DKK 35.78BDKK 11.64BDKK 5.68BDKK 7.25B 80.52102.6822.05175.031,012.17
Year 35.3% DKK 37.69BDKK 12.26BDKK 5.99BDKK 7.63B 84.82108.1723.23236.621,083.45
Year 45.0% DKK 39.58BDKK 12.87BDKK 6.29BDKK 8.02B 89.08113.6024.39301.301,155.93
Year 54.7% DKK 41.44BDKK 13.48BDKK 6.58BDKK 8.39B 93.26118.9325.54369.021,229.21
Year 64.4% DKK 43.26BDKK 14.07BDKK 6.87BDKK 8.76B 97.35124.1426.66439.711,283.04
Year 74.1% DKK 45.02BDKK 14.64BDKK 7.15BDKK 9.12B 101.30129.1827.74513.271,335.14
Year 83.7% DKK 46.70BDKK 15.19BDKK 7.42BDKK 9.46B 105.09134.0228.78589.581,385.07
Year 93.4% DKK 48.30BDKK 15.71BDKK 7.67BDKK 9.78B 108.68138.6029.76668.501,432.44
Year 103.1% DKK 49.79BDKK 16.19BDKK 7.91BDKK 10.09B 112.05142.9030.69749.871,476.85

EPS and free cash flow per share assume today's share count. Dividends assume today's payout ratio and book value grows with retained earnings. The implied share price follows the valuation models and is not a price target; override growth settings do not change the model fair value. Margins stay at today's level except where the notes say they drift toward their average, so it does not model margin expansion, buybacks, acquisitions or recessions. It is for information and education only and is not investment advice. See the methodology for how the growth rate is blended.