Photocure Valuation

Q: What is the Fair Price of 0IMT when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

0IMT (NOK58.6) is trading below our estimate of [[fair value]] (NOK339.58)

Is 0IMT undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

2/6

Valuation Score 2/6

Below Fair Value
Significantly Below Fair Value
Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of 0IMT when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 0IMT (NOK58.6) is trading below our estimate of fair value (NOK339.58)

Significantly Below Fair Value: 0IMT is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 0IMT?

Key metric: As 0IMT is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for 0IMT. This is calculated by dividing 0IMT's market cap by their current earnings.
What is 0IMT's PE Ratio?
PE Ratio	112x
Earnings	NOK 14.16m
Market Cap	NOK 1.59b

0IMT key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	2.5x
Enterprise Value/EBITDA	22.5x
PEG Ratio	1.2x

Price to Earnings Ratio vs Peers

How does 0IMT's PE Ratio compare to its peers?

The above table shows the PE ratio for 0IMT vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PE	Estimated Growth	Market Cap
Peer Average	32.9x
ANCR Animalcare Group	32x	5.3%	UK£147.9m
EAH ECO Animal Health Group	73.1x	39.2%	UK£48.1m
HIK Hikma Pharmaceuticals	19.3x	11.0%	UK£4.4b
HVO hVIVO	7.4x	-29.6%	UK£130.0m
0IMT Photocure	112x	94.9%	NOK 1.6b

Price-To-Earnings vs Peers: 0IMT is expensive based on its Price-To-Earnings Ratio (112x) compared to the peer average (32.9x).

Price to Earnings Ratio vs Industry

How does 0IMT's PE Ratio compare vs other companies in the European Pharmaceuticals Industry?

1 Company	Price / Earnings	Estimated Growth	Market Cap

1 Company		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: 0IMT is expensive based on its Price-To-Earnings Ratio (112x) compared to the European Pharmaceuticals industry average (19.7x).

Price to Earnings Ratio vs Fair Ratio

What is 0IMT's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

0IMT PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	112x
Fair PE Ratio	59.6x

Price-To-Earnings vs Fair Ratio: 0IMT is expensive based on its Price-To-Earnings Ratio (112x) compared to the estimated Fair Price-To-Earnings Ratio (59.6x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst 0IMT forecast and predictions for the stock price in 12 month’s time.
Date	Share Price	Average 1Y Price Target	Dispersion	High	Low	1Y Actual price	Analysts
Current	NOK 58.60	NOK 84.50 +44.2%	0.6%	NOK 85.00	NOK 84.00	n/a	2
Dec ’25	NOK 48.95	NOK 84.50 +72.6%	0.6%	NOK 85.00	NOK 84.00	n/a	2
Nov ’25	NOK 51.60	NOK 86.00 +66.7%	1.2%	NOK 87.00	NOK 85.00	n/a	2
Oct ’25	NOK 55.20	NOK 86.00 +55.8%	1.2%	NOK 87.00	NOK 85.00	n/a	2
Sep ’25	NOK 53.40	NOK 86.00 +61.0%	1.2%	NOK 87.00	NOK 85.00	n/a	2
Aug ’25	NOK 54.30	NOK 86.00 +58.4%	1.2%	NOK 87.00	NOK 85.00	n/a	2
Jul ’25	NOK 59.80	NOK 86.00 +43.8%	1.2%	NOK 87.00	NOK 85.00	n/a	2
Jun ’25	NOK 62.60	NOK 86.00 +37.4%	1.2%	NOK 87.00	NOK 85.00	n/a	2
May ’25	NOK 55.90	NOK 86.00 +53.8%	1.2%	NOK 87.00	NOK 85.00	n/a	2
Apr ’25	NOK 55.17	NOK 86.00 +55.9%	1.2%	NOK 87.00	NOK 85.00	n/a	2
Mar ’25	NOK 55.60	NOK 86.00 +54.7%	1.2%	NOK 87.00	NOK 85.00	n/a	2
Feb ’25	NOK 65.60	NOK 92.50 +41.0%	2.7%	NOK 95.00	NOK 90.00	n/a	2
Jan ’25	NOK 67.30	NOK 92.50 +37.4%	2.7%	NOK 95.00	NOK 90.00	NOK 63.80	2
Dec ’24	NOK 52.60	NOK 92.50 +75.9%	2.7%	NOK 95.00	NOK 90.00	NOK 48.95	2
Nov ’24	NOK 55.95	NOK 95.00 +69.8%	5.3%	NOK 100.00	NOK 90.00	NOK 51.60	2
Oct ’24	NOK 53.80	NOK 90.00 +67.3%	11.1%	NOK 100.00	NOK 80.00	NOK 55.20	2
Sep ’24	NOK 46.20	NOK 90.00 +94.8%	11.1%	NOK 100.00	NOK 80.00	NOK 53.40	2
Aug ’24	NOK 48.71	NOK 100.00 +105.3%	10.0%	NOK 110.00	NOK 90.00	NOK 54.30	2
Jul ’24	NOK 46.70	NOK 102.50 +119.5%	12.2%	NOK 115.00	NOK 90.00	NOK 59.80	2
Jun ’24	NOK 50.80	NOK 102.50 +101.8%	12.2%	NOK 115.00	NOK 90.00	NOK 62.60	2
May ’24	NOK 53.95	NOK 102.50 +90.0%	12.2%	NOK 115.00	NOK 90.00	NOK 55.90	2
Apr ’24	NOK 60.90	NOK 105.00 +72.4%	14.3%	NOK 120.00	NOK 90.00	NOK 55.17	2
Mar ’24	NOK 82.65	NOK 105.00 +27.0%	14.3%	NOK 120.00	NOK 90.00	NOK 55.60	2
Feb ’24	NOK 109.30	NOK 125.00 +14.4%	12.0%	NOK 140.00	NOK 110.00	NOK 65.60	2
Jan ’24	NOK 106.60	NOK 125.00 +17.3%	12.0%	NOK 140.00	NOK 110.00	NOK 67.30	2

Analyst Forecast: Target price is more than 20% higher than the current share price, but there are not enough analysts covering the stock to determine statistical confidence in agreement.

Discover undervalued companies

Company Analysis and Financial Data Status

Data	Last Updated (UTC time)
Company Analysis	2025/01/03 07:41
End of Day Share Price	2025/01/03 00:00
Earnings	2024/09/30
Annual Earnings	2023/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

^* example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .

Analyst Sources

Photocure ASA is covered by 5 analysts. 2 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

Analyst	Institution
Hans Bohn	Beringer Finance AB
null null	Brookline Capital Markets
Patrik Ling	DNB Markets