Photocure ASA

LSE:0IMT Stock Report

Market Cap: NOK 1.3b

Photocure Valuation

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 (NOK51.5) is trading below our estimate of fair value (NOK394.73)

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 Ratio92.6x
EarningsNOK 14.16m
Market CapNOK 1.31b

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.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average25.2x
ANCR Animalcare Group
32.1x15.8%UK£148.5m
EAH ECO Animal Health Group
41.4x34.2%UK£43.4m
HIK Hikma Pharmaceuticals
19.3x12.7%UK£4.4b
HVO hVIVO
7.8x-15.2%UK£136.1m
0IMT Photocure
92.6x94.9%NOK 1.3b

Price-To-Earnings vs Peers: 0IMT is expensive based on its Price-To-Earnings Ratio (92.6x) compared to the peer average (25.6x).

Price to Earnings Ratio vs Industry

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

1 CompanyPrice / EarningsEstimated GrowthMarket Cap
0IMT 92.6xIndustry Avg. 20.1xNo. of Companies11PE01632486480+
1 CompanyEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: 0IMT is expensive based on its Price-To-Earnings Ratio (92.6x) compared to the European Pharmaceuticals industry average (20.3x).

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 Ratio92.6x
Fair PE Ratio58.5x

Price-To-Earnings vs Fair Ratio: 0IMT is expensive based on its Price-To-Earnings Ratio (92.6x) compared to the estimated Fair Price-To-Earnings Ratio (58.5x).

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.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentNOK 51.50
NOK 84.50
+64.1%
0.6%NOK 85.00NOK 84.00n/a2
Nov ’25NOK 51.60
NOK 86.00
+66.7%
1.2%NOK 87.00NOK 85.00n/a2
Oct ’25NOK 55.20
NOK 86.00
+55.8%
1.2%NOK 87.00NOK 85.00n/a2
Sep ’25NOK 53.40
NOK 86.00
+61.0%
1.2%NOK 87.00NOK 85.00n/a2
Aug ’25NOK 54.30
NOK 86.00
+58.4%
1.2%NOK 87.00NOK 85.00n/a2
Jul ’25NOK 59.80
NOK 86.00
+43.8%
1.2%NOK 87.00NOK 85.00n/a2
Jun ’25NOK 62.60
NOK 86.00
+37.4%
1.2%NOK 87.00NOK 85.00n/a2
May ’25NOK 55.90
NOK 86.00
+53.8%
1.2%NOK 87.00NOK 85.00n/a2
Apr ’25NOK 55.17
NOK 86.00
+55.9%
1.2%NOK 87.00NOK 85.00n/a2
Mar ’25NOK 55.60
NOK 86.00
+54.7%
1.2%NOK 87.00NOK 85.00n/a2
Feb ’25NOK 65.60
NOK 92.50
+41.0%
2.7%NOK 95.00NOK 90.00n/a2
Jan ’25NOK 67.30
NOK 92.50
+37.4%
2.7%NOK 95.00NOK 90.00n/a2
Dec ’24NOK 52.60
NOK 92.50
+75.9%
2.7%NOK 95.00NOK 90.00n/a2
Nov ’24NOK 55.95
NOK 95.00
+69.8%
5.3%NOK 100.00NOK 90.00NOK 51.602
Oct ’24NOK 53.80
NOK 90.00
+67.3%
11.1%NOK 100.00NOK 80.00NOK 55.202
Sep ’24NOK 46.20
NOK 90.00
+94.8%
11.1%NOK 100.00NOK 80.00NOK 53.402
Aug ’24NOK 48.71
NOK 100.00
+105.3%
10.0%NOK 110.00NOK 90.00NOK 54.302
Jul ’24NOK 46.70
NOK 102.50
+119.5%
12.2%NOK 115.00NOK 90.00NOK 59.802
Jun ’24NOK 50.80
NOK 102.50
+101.8%
12.2%NOK 115.00NOK 90.00NOK 62.602
May ’24NOK 53.95
NOK 102.50
+90.0%
12.2%NOK 115.00NOK 90.00NOK 55.902
Apr ’24NOK 60.90
NOK 105.00
+72.4%
14.3%NOK 120.00NOK 90.00NOK 55.172
Mar ’24NOK 82.65
NOK 105.00
+27.0%
14.3%NOK 120.00NOK 90.00NOK 55.602
Feb ’24NOK 109.30
NOK 125.00
+14.4%
12.0%NOK 140.00NOK 110.00NOK 65.602
Jan ’24NOK 106.60
NOK 125.00
+17.3%
12.0%NOK 140.00NOK 110.00NOK 67.302
Dec ’23NOK 100.40
NOK 125.00
+24.5%
12.0%NOK 140.00NOK 110.00NOK 52.602
Nov ’23NOK 94.40
NOK 130.00
+37.7%
7.7%NOK 140.00NOK 120.00NOK 55.952

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.

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