Pandox AB (publ) (PNDX-B.ST) | Investment Case

1. Company Snapshot

1.a. Company Description

Pandox AB (publ) owns, operates, and leases hotel properties.The company operates through Property Management and Operator Activities segments.As of March 11, 2022, it operated 157 hotels with approximately 35,500 hotel rooms in 15 countries.

The company was founded in 1932 and is based in Stockholm, Sweden.

Show Full description

1.b. Last Insights on PNDX

Pandox AB's recent momentum is fueled by a 22% surge in net operating income, driven by strategic expansion, notably the Dalata acquisition. This growth underscores the company's ability to navigate currency challenges and rising UK business rates. The acquisition has bolstered Pandox's portfolio, enhancing its market position and revenue streams, with the latest earnings release highlighting the company's resilience and adaptability in a dynamic market environment.

1.c. Company Highlights

Last Price	192.4
Change Percentage	0.42%
Open	191
Previous Close	191.6
Market Cap ( Millions)	37442
Volume	34319
Year High	205
Year Low	145.2
M A 50	196.06
M A 200	180.12

FCF Yield	3.66%
Dividend Yield	2.21%
ROE	9.58%
Debt / Equity	168.37%
Net Debt / EBIDTA	1288.02%
Price To Book	1.11
Price Earnings Ratio	11.92
Price To FCF	27.35
Price To sales	5.01
EV / EBITDA	21.55

2. Pandox's Q4 2025 Earnings: A Strong Finish to a Busy Year

Pandox reported a robust Q4 2025, with total revenues increasing by 9% and net operating income rising by 22%. The company's like-for-like revenues grew by 5% in own operations, driven by improved demand in the Nordics, while Finland remained stable. Earnings per share (EPS) came in at 3.6, significantly beating estimates of 0.963. Adjusted for non-recurring items, cash earnings and profit before changes in value increased by 23% and 35%, respectively.

Publication Date: Feb -08

                                    📋 Highlights
                                    Acquisition Impact::
                                                Dalata acquisition added 31+1 properties (NOK 16.9B) and boosted cash earnings by 23% YoY to SEK 666M.
Financial Growth::
                                                Group revenue up 9%, net operating income rose 22%, driven by acquisition and 5% like-for-like growth in Leases.
EPRA NAV Increase::
                                                EPRA NAV per share grew 7.7% to NOK 3.4B, with a 17.70/share increase from Dalata’s contribution.
Portfolio Strength::
                                                193 hotels, 43K rooms, and a 6.37% blended yield, with LTV at 52.7% within policy (45-60%).
RevPAR Trends::
                                                Nordic markets led growth (up to 3.7% in Dublin), while UK and Europe face challenges from new supply and exchange rates.

                                

Operational Highlights

The acquisition of Dalata, completed on November 7, 2025, added 31+1 investment properties worth approximately NOK 16.9 billion, contributing to a significant increase in Pandox's hotel property portfolio. The company's RevPAR growth was mixed across markets, with the Nordic region showing strong growth, while other European markets had a more muted outlook. Pandox's upper mid-scale segment focus positions it well for 2026, with a diverse portfolio of 193 hotels in 11 markets.

Financial Position and Outlook

Pandox's financial position remains strong, with a liquidity reserve of close to SEK 3.2 billion and a loan-to-value ratio of 52.7%, within its policy range of 45-60%. The company expects RevPAR growth of 2-4% in 2026, driven by improving macroeconomic data. With a hedging policy that minimizes translation effects, Pandox is well-positioned to manage its financial leverage. The company's EPRA NAV per share grew 7.7% annually, adjusted for paid dividends.

Valuation and Estimates

Using the current P/E Ratio of 12.4 and EV/EBITDA of 21.9, it appears that Pandox's valuation is reasonable, considering its strong financial performance and growth prospects. Analysts estimate next year's revenue growth at -3.3%, but Pandox's diversified portfolio and strong financial position are expected to drive long-term growth. With a ROE of 9.58% and ROIC of 3.45%, the company is generating returns above its cost of capital.

3. NewsRoom

Pandox AB (FRA:POX) Q4 2025 Earnings Call Highlights: Strong Revenue and Income Growth Amid ...

Feb -05

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (12.92%)

6. Segments

Rental Agreement

Expected Growth: 12%

Pandox AB's 12% growth in Rental Agreement is driven by increasing demand for hotel rooms, strategic acquisitions, and effective yield management. Additionally, the company's focus on rebranding and refurbishing existing hotels, as well as expanding into new markets, contributes to the growth. Furthermore, Pandox's strong relationships with hotel operators and efficient cost management also support the segment's growth.

Own Operations

Expected Growth: 14%

Pandox AB's 14% growth in Own Operations is driven by strategic acquisitions, increasing RevPAR (Revenue per Available Room) through effective yield management, and cost savings from operational efficiencies. Additionally, the company's focus on rebranding and refurbishing its hotel portfolio has enhanced customer experience, leading to higher occupancy rates and revenue growth.

7. Detailed Products

Hotel Properties

Pandox owns and operates a portfolio of hotel properties across Europe, offering a range of accommodation options to guests.

Leisure Properties

Pandox owns and operates a portfolio of leisure properties, including restaurants, bars, and nightclubs, offering entertainment and dining options to guests.

Conference and Meeting Facilities

Pandox offers conference and meeting facilities, providing a range of event spaces and services for corporate and social events.

Food and Beverage Services

Pandox offers a range of food and beverage services, including restaurants, bars, and room service, catering to guests' culinary needs.

Hotel Management Services

Pandox provides hotel management services, including operational management, marketing, and revenue management, to hotel owners and investors.

8. Pandox AB (publ)'s Porter Forces

Forces Ranking

Threat Of Substitutes

Pandox has a diversified portfolio of hotels, which reduces the threat of substitutes. However, the hotel industry is highly competitive, and customers may choose alternative accommodations.

Bargaining Power Of Customers

Pandox's customers have a high bargaining power due to the competitive nature of the hotel industry. Customers have many options to choose from, which gives them the power to negotiate prices.

Bargaining Power Of Suppliers

Pandox has a strong negotiating position with its suppliers due to its large portfolio of hotels. This gives the company bargaining power to negotiate better prices and terms.

Threat Of New Entrants

The hotel industry has moderate barriers to entry, and new entrants may face challenges in terms of financing, regulations, and brand recognition. However, the industry is not immune to new entrants, and Pandox must remain competitive to maintain its market share.

Intensity Of Rivalry

The hotel industry is highly competitive, with many established players and new entrants vying for market share. Pandox must differentiate itself through its brand, service, and amenities to maintain its competitive edge.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

	Value
Debt Weight	52.59%
Debt Cost	3.95%
Equity Weight	47.41%
Equity Cost	14.69%
WACC	9.04%
Leverage	110.91%

11. Quality Control: Pandox AB (publ) passed 2 out of 9 key points

Strong Liquidity

Low Deb

Strong Interest Coverage

Healthy Cash Flow

Operating Inefficiency

Strong Return On Equity

Consistent Revenue Growth

Consistent Operating Cash Flow Growth

Margin Improvement

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Pirelli

A-Score: 6.6/10

Value: 7.6

Growth: 3.7

Quality: 5.7

Yield: 6.9

Momentum: 6.5

Volatility: 9.3

1-Year Total Return ->

InterContinental Hotels

A-Score: 5.1/10

Value: 3.8

Growth: 6.2

Quality: 6.3

Yield: 1.9

Momentum: 4.0

Volatility: 8.3

1-Year Total Return ->

Whitbread

A-Score: 4.9/10

Value: 4.8

Growth: 5.9

Quality: 3.9

Yield: 5.0

Momentum: 4.0

Volatility: 6.0

1-Year Total Return ->

Accor

A-Score: 4.9/10

Value: 3.1

Growth: 6.2

Quality: 5.3

Yield: 3.1

Momentum: 5.0

Volatility: 6.7

1-Year Total Return ->

Barratt Developments

A-Score: 4.6/10

Value: 3.5

Growth: 2.4

Quality: 4.6

Yield: 7.5

Momentum: 3.0

Volatility: 6.3

1-Year Total Return ->

Pandox

A-Score: 4.5/10

Value: 3.0

Growth: 5.4

Quality: 4.5

Yield: 2.5

Momentum: 4.0

Volatility: 7.3

1-Year Total Return ->

Peers Metrics

12.e Scoring ^Insights

12.f DCF ^BETA

Parameters

Short Term Growth

14.18%

Short term Time

10.0

Long-Term Growth

2.00%

WACC

9.04%

Pandox AB (publ) - SE0007100359

1. Company Snapshot

1.a. Company Description

1.b. Last Insights on PNDX

1.c. Company Highlights

Expensive

Strong Momentum

Average Quality

Earnings Miss

Medium Volatility

Revenues Miss

Average Yield

Fairly Valued

Stable Momentum

Revenues Beats

Earnings Beats

2. Pandox's Q4 2025 Earnings: A Strong Finish to a Busy Year

Operational Highlights

Financial Position and Outlook

Valuation and Estimates

3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (12.92%)

6. Segments

Rental Agreement

Expected Growth: 12%

Own Operations

Expected Growth: 14%

7. Detailed Products

Hotel Properties

Leisure Properties

Conference and Meeting Facilities

Food and Beverage Services

Hotel Management Services

8. Pandox AB (publ)'s Porter Forces

Forces Ranking

Threat Of Substitutes

Bargaining Power Of Customers

Bargaining Power Of Suppliers

Threat Of New Entrants

Intensity Of Rivalry

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

11. Quality Control: Pandox AB (publ) passed 2 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

192.4$

Current Price

192.4$

Potential

-0.00%

Expected Cash-Flows

12.e Scoring ^Insights

12.f DCF ^BETA