Valuation Result

Final Brand Value

Pandora — Apparel

Valuation date: 10/30/2026

Total Brand Value

DKK 15.1B

This result turns the selected legal, brand, benchmark and discount-rate assumptions into one reviewable brand value estimate.

Brand Strength

81/100

Royalty Rate

4.0%

Discount Rate

9.0%

Benchmark recommendation not unlocked for this result

Sensitivity snapshot

Quick decision check for discount rate, royalty rate and long-term growth.

Variable

Lower input

Current

Higher input

WACC (Discount Rate)

9.0%

-1.0%

DKK 17.3B

9.0%

DKK 15.1B

+1.0%

DKK 13.3B

Royalty Rate

4.0%

-0.5%

DKK 13.2B

4.0%

DKK 15.1B

+0.5%

DKK 16.9B

Terminal Growth

1.5%

-0.5%

DKK 14.4B

1.5%

DKK 15.1B

+0.5%

DKK 15.9B

Brand Strength changes can also be explored to show their potential effect on brand value. Contact info@brandvaluator.se if you want to explore this for strategy, planning and budgeting.

Revenue Base

DKK 32.5B

Legal Protection

83/100

Long-term Growth

1.5%

Recommendation basis

Brand-strength range • Pro

This reference case derives its royalty rate by applying the brand-strength score to a documented industry royalty ceiling.

This valuation uses benchmark support informed by external market references and curated internal calibration.

Use this section to confirm whether the result reflects unlocked benchmark guidance or a non-benchmark method.

Forecast profile

5 years explicit forecast

High growth: 2.0%

Base growth: 3.0%

Long-term growth: 1.5%

Value build

Value for planning period: DKK 4.4B

Terminal value: DKK 10.6B

How the valuation is built

Valuation Build

Royalty Relief DCF

Year	Revenue	Royalty	After Tax	PV
Y1	DKK 33,199,980,000	DKK 1,344,599,190	DKK 1,048,787,368	DKK 1,004,556,109
Y2	DKK 33,863,979,600	DKK 1,371,491,174	DKK 1,069,763,116	DKK 940,043,331
Y3	DKK 34,541,259,192	DKK 1,398,920,997	DKK 1,091,158,378	DKK 879,673,576
Y4	DKK 35,577,496,968	DKK 1,440,888,627	DKK 1,123,893,129	DKK 831,251,177
Y5	DKK 36,644,821,877	DKK 1,484,115,286	DKK 1,157,609,923	DKK 785,494,232
Explicit PV (Y1–Y5)				DKK 4,441,018,425
Terminal Value (undiscounted)				DKK 15,666,320,959
Terminal PV (discounted)				DKK 10,630,355,270
Total Brand Value				DKK 15,071,373,696

Supporting context

This section explains the evidence and judgment used to support the recommendation and the legal, brand and financial assumptions used in the valuation.

Reference case

Pandora

Prepared reference case

Indicative value of the Pandora jewellery name. Designs, crafting facilities, stores as property and enterprise value are excluded.

Silver prices and US tariffs cut the EBIT margin to 23.9%; like-for-like growth slowed to 2%. The FY2025 results announcement guided 2026 organic growth at -1% to +2%. The 5.00% name-only ceiling and 4.050% selected royalty are analyst assumptions, not an observed licence. Opening hypothetical rent of DKK 1.318bn is about 16.9% of DKK 7.783bn FY2025 EBIT. Legal and behavioural inputs are outside-in estimates, not a trademark opinion or customer survey.

Informed by numerous sources including company reporting, investor materials, analyst research, market data and selected benchmark references where relevant.

Key inputs

Reported = directly sourced • Estimated = selected judgment • Inferred = derived from broader evidence • Assumed = inclusion choice

Revenue base

DKK 32.549bn FY2025 revenuereported

Planning growth

2.00% for 3 years, then 3.00%estimated

Long-term growth

1.50%estimated

Royalty rate selected

4.05%estimated

Discount rate

9.00%estimated

Brand Strength

81/100 (A-)estimated

Legal analysis

83/100estimated

Company disclosures

These links lead to company-issued materials. BrandValuator cross-checks indicative estimates against multiple sources; the final assumptions and judgments are our own. Each input is labeled by evidence status above.

Pandora company announcement 'Pandora delivers 6% organic growth in 2025' (FY2025 results, 4 Feb 2026) / Annual Report 2025

Legal Protection

trademark Status90

scope Of Rights88

risk Profile76

litigation76

contractual Rights80

goodwill Evidence88

regulatory Compliance80

Brand Strength

marketing Investment82

quality82

availability86

distinctive Brand Codes88

mental Availability86

consideration82

trust80

choice Share80

penetration80

price Elasticity66

revenue Premium78

margin Premium82

stability76