Company Valuation: Pandora

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 78,157 43,696 76,748 103,820 52,799 56,922 - -
Change - -44.09% 75.64% 35.27% -49.14% 7.81% - -
Enterprise Value (EV) 1 81,039 50,490 86,518 114,828 66,518 70,335 69,541 68,284
Change - -37.7% 71.36% 32.72% -42.07% 5.74% -1.13% -1.81%
P/E 19.6x 9.09x 16.9x 20.4x 10.4x 12.5x 17.5x 13x
PBR 11.2x 6.09x 14.3x 18.8x 10.3x 7.42x 6.06x 5.01x
PEG - 0.3x 6.48x 1.2x 2.04x -2.46x -0.6x 0.4x
Capitalization / Revenue 3.34x 1.65x 2.73x 3.28x 1.62x 1.71x 1.63x 1.55x
EV / Revenue 3.46x 1.91x 3.08x 3.62x 2.04x 2.11x 1.99x 1.87x
EV / EBITDA 10.3x 5.79x 9.49x 11.1x 6.45x 6.77x 7.95x 6.63x
EV / EBIT 13.9x 7.49x 12.4x 14.4x 8.55x 9.28x 12.1x 9.51x
EV / FCF 14.4x 15.6x 14.7x 16.3x 12.2x 24.9x 19.4x 11.7x
FCF Yield 6.96% 6.42% 6.81% 6.13% 8.19% 4.02% 5.14% 8.52%
Dividend per Share 2 16 16 16 20 22 20.56 18.15 21.43
Rate of return 1.96% 3.28% 1.71% 1.52% 3.11% 2.55% 2.25% 2.66%
EPS 2 41.7 53.7 55.1 64.6 67.9 64.46 46.02 62.2
Distribution rate 38.4% 29.8% 29% 31% 32.4% 31.9% 39.4% 34.5%
Net sales 1 23,394 26,463 28,100 31,680 32,549 33,372 34,910 36,607
EBITDA 1 7,838 8,716 9,118 10,327 10,316 10,395 8,752 10,303
EBIT 1 5,839 6,743 7,000 7,974 7,783 7,578 5,724 7,183
Net income 1 4,160 5,029 4,740 5,227 5,241 4,844 3,552 4,694
Net Debt 1 2,882 6,794 9,770 11,008 13,719 13,413 12,619 11,363
Reference price 2 815.40 488.10 933.20 1,317.00 707.60 806.60 806.60 806.60
Nbr of stocks (in thousands) 95,851 89,522 82,242 78,830 74,617 70,570 - -
Announcement Date 09/02/22 08/02/23 07/01/24 04/02/25 04/02/26 - - -
1DKK in Million2DKK
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
24.74x3.98x13.98x2.32% 127B
69.51x4.95x46.21x0.37% 46.55B
11.39x1.3x8.38x6.38% 15.27B
12.51x2.11x6.77x2.55% 8.85B
8.57x1.88x6.64x8.87% 9.04B
11.78x0.19x2.89x5.07% 2.21B
22.36x - - - 2.02B
10.21x1.25x6.31x7.57% 1.74B
10.82x - - 5.46% 1.72B
Average 20.21x 2.24x 13.02x 4.83% 23.84B
Weighted average by Cap. 31.93x 3.77x 19.89x 2.57%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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