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Swedish company that owns hotel properties across Europe, leasing them to hotel operators rather than running hotels itself.
Swedish company that owns hotel properties across Europe, leasing them to hotel operators rather than running hotels itself.
Owns hotel buildings and mostly leases them to operators, receiving rent that is usually a share of the hotel's revenue with a guaranteed minimum, so it carries less operating risk than the hotel companies. A smaller group of hotels is run directly by Pandox. Property valuations also move its reported profit.
In one line: A hotel-property REIT like a smaller Host Hotels & Resorts.
Moat: narrow (installed base, scale). Large, well-located European hotel property portfolio with long lease contracts to established operators.
Headquarters: Stockholm, Sweden · Founded: 1995 · Employees: 1,494
Size Pandox (PNDX-B.ST) is a Sweden Real Estate company (Real Estate Development) with a market value of $3.43B, the 56th largest of 221 Sweden companies the cockpit tracks. Shares closed at SEK 172.80 on 6 Nov 2026.
Performance Over six months the shares fell 1.3%, against -5.9% for the median peer and +8.2% for the Sweden market (cap-weighted) — 8th highest of 21 in its peer set.
Growth Revenue grew 14.9% over the last twelve months (peer median +3.5%); the operating margin is 58.0% (peer median 20.2%).
Valuation It trades at 14.6× forward earnings against a peer median of 19.0× (8th cheapest of 17).
Next results Next results expected around 4 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | SEK 8.38B | SEK 7.47B | SEK 7.14B | SEK 6.88B | SEK 5.67B |
| Revenue growth | — | +5% | +4% | +21% | — |
| Gross profit | SEK 5.10B | SEK 4.22B | SEK 5.45B | SEK 3.48B | SEK 2.98B |
| EBITDA | SEK 5.18B | SEK 4.33B | SEK 3.96B | SEK 3.58B | SEK 3.18B |
| Net income | SEK 3.58B | SEK 3.14B | SEK 1.69B | -SEK 585M | SEK 4.22B |
| Free cash flow | SEK 3.46B | SEK 2.58B | SEK 1.53B | SEK 1.76B | SEK 1.95B |
| Capital expenditure | SEK 487M | SEK 468M | SEK 292M | SEK 429M | SEK 431M |
| Total debt | SEK 55.9B | SEK 53.0B | SEK 38.7B | SEK 35.6B | SEK 37.1B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Pandox PNDX-B.ST | $3.43B | -1% | +15% | 58% | 14.6× | n/a |
| Host Hotels & Resorts HST | $16.9B | +15% | +5% | 14% | 23.2× | n/a |
| Covivio Hotels SCA COVH.PA | $3.61B | -9% | +5% | 41% | 12.1× | n/a |
| Scandic Hotels SHOT.ST | $2.29B | +16% | +3% | 13% | 17.2× | 3.2% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | PNDX-B.ST | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +16.1% | +3.8% | 4th highest of 21 |
| 6-month return | -1.3% | -5.9% | 8th highest of 21 |
| Distance from 52-week high | -15.7% | -22.4% | 5th highest of 21 |
| Revenue growth (TTM) | +14.9% | +3.5% | 6th highest of 21 |
| Operating margin | 58.0% | 20.2% | 3rd highest of 21 |
| Forward P/E | 14.6× | 19.0× | 8th cheapest of 17 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Pandox PNDX-B.ST | Sweden | $3.43B | -1% | +15% | 58% | 14.6× | n/a | n/a |
| UNITE UTG.L | United Kingdom | $3.41B | +5% | +12% | 46% | 11.9× | n/a | n/a |
| Kerry Properties 0683.HK | Hong Kong | $3.47B | -26% | -22% | 24% | 14.2× | n/a | n/a |
| Hilton Grand Vacations HGV | United States | $3.33B | -10% | +19% | 17% | 9.4× | n/a | n/a |
| China World Trade Center 600007.SS | China | $3.31B | +4% | -4% | 42% | 18.6× | n/a | n/a |
| Cushman & Wakefield CWK | United States | $3.28B | -2% | +10% | 4% | 8.8× | n/a | n/a |
| Quzhou Xin'an Development 600208.SS | China | $3.25B | -43% | -4% | -17% | 52.0× | n/a | n/a |
| Corporacion Inmobiliaria Vesta S.A.B. de C.V. Sponsored ADR VTMX | United States | $3.62B | +6% | +18% | 76% | 19.5× | n/a | n/a |
| Mobimo MOBN.SW | Switzerland | $3.17B | -1% | +15% | 42% | 26.9× | n/a | n/a |
| Singapore Land U06.SI | Singapore | $3.08B | -25% | +4% | 36% | n/a | n/a | n/a |
| Xiangcai 600095.SS | China | $3.07B | -19% | -3% | 12% | 26.5× | n/a | n/a |
| Allreal ALLN.SW | Switzerland | $3.89B | -8% | +3% | 41% | 24.0× | n/a | n/a |
| St. Joe JOE | United States | $3.96B | +6% | +11% | 32% | n/a | n/a | n/a |
| Millrose Properties MRP | United States | $4.00B | -4% | +93% | 85% | 7.9× | n/a | n/a |
| Longfor 0960.HK | Hong Kong | $4.05B | -47% | -42% | 1% | n/a | n/a | n/a |
| C&D International Investment 1908.HK | Hong Kong | $4.11B | -15% | -15% | 7% | 8.2× | n/a | n/a |
| Onewo 2602.HK | Hong Kong | $2.84B | +6% | +8% | 3% | 20.6× | n/a | n/a |
| Shanghai Vital Deeptech 600641.SS | China | $4.20B | +14% | +94% | -27% | n/a | n/a | n/a |
| Frasers Property TQ5.SI | Singapore | $2.80B | -20% | -21% | 29% | 26.8× | n/a | n/a |
| Seazen 601155.SS | China | $4.23B | -15% | -39% | 14% | 31.9× | n/a | n/a |
| Hangzhou Binjiang Real Estate 002244.SZ | China | $4.27B | -2% | -35% | 6% | 12.8× | n/a | n/a |