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PhotoCure

OB:PHO
Snowflake Description

Flawless balance sheet with exceptional growth potential.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
PHO
OB
NOK865M
Market Cap
  1. Home
  2. NO
  3. Pharmaceuticals & Biotech
Company description

Photocure ASA, a specialty pharmaceutical company, engages in the research, development, production, distribution, marketing, and sale of pharmaceutical products and related technical medical equipment in Nordic countries and the United States. The last earnings update was 40 days ago. More info.


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  • PhotoCure has significant price volatility in the past 3 months.
PHO Share Price and Events
7 Day Returns
-0.9%
OB:PHO
1.4%
Europe Pharmaceuticals
-0.5%
NO Market
1 Year Returns
57.9%
OB:PHO
-1.1%
Europe Pharmaceuticals
0.5%
NO Market
PHO Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
PhotoCure (PHO) -0.9% 6.9% -25% 57.9% 3.4% 32.8%
Europe Pharmaceuticals 1.4% -0.8% 1.5% -1.1% -4.3% 14.8%
NO Market -0.5% -6.3% -11.5% 0.5% 30.9% 22.9%
1 Year Return vs Industry and Market
  • PHO outperformed the Pharmaceuticals industry which returned -1.1% over the past year.
  • PHO outperformed the Market in Norway which returned 0.5% over the past year.
Price Volatility
PHO
Industry
5yr Volatility vs Market

PHO Value

 Is PhotoCure undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of PhotoCure to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for PhotoCure.

OB:PHO Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 2 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 8.4%
Perpetual Growth Rate 10-Year NO Government Bond Rate 2%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for OB:PHO
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year NO Govt Bond Rate 2%
Equity Risk Premium S&P Global 8%
Pharmaceuticals Unlevered Beta Simply Wall St/ S&P Global 0.43
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.434 (1 + (1- 23%) (0%))
0.434
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.8
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 1.99% + (0.8 * 8.01%)
8.4%

Discounted Cash Flow Calculation for OB:PHO using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for PhotoCure is arrived at by discounting future cash flows to their present value using the 2 stage method. We use analyst's estimates of cash flows going forward 5 years for the 1st stage, the 2nd stage assumes the company grows at a stable rate into perpetuity.

OB:PHO DCF 1st Stage: Next 5 year cash flow forecast
2019 2020 2021 2022 2023
Levered FCF (NOK, Millions) 24.00 95.00 136.00 206.00 226.72
Source Analyst x1 Analyst x1 Analyst x1 Analyst x1 Est @ 10.06%
Present Value
Discounted (@ 8.4%)
22.14 80.85 106.78 149.20 151.49
Present value of next 5 years cash flows NOK510.45
OB:PHO DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2023 × (1 + g) ÷ (Discount Rate – g)
= NOK226.72 × (1 + 1.99%) ÷ (8.4% – 1.99%)
NOK3,608.89
Present Value of Terminal Value = Terminal Value ÷ (1 + r)5
= NOK3,608.89 ÷ (1 + 8.4%)5
NOK2,411.37
OB:PHO Total Equity Value
Calculation Result
Total Equity Value = Present value of next 5 years cash flows + Terminal Value
= NOK510.45 + NOK2,411.37
NOK2,921.82
Equity Value per Share
(NOK)
= Total value / Shares Outstanding
= NOK2,921.82 / 21.78
NOK134.16
OB:PHO Discount to Share Price
Calculation Result
Value per share (NOK) From above. NOK134.16
Current discount Discount to share price of NOK40.10
= -1 x (NOK40.10 - NOK134.16) / NOK134.16
70.1%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price PhotoCure is available for.
Intrinsic value
>50%
Share price is NOK40.1 vs Future cash flow value of NOK134.16
Current Discount Checks
For PhotoCure to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • PhotoCure's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • PhotoCure's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for PhotoCure's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are PhotoCure's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
OB:PHO PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-09-30) in NOK NOK-1.75
OB:PHO Share Price ** OB (2018-12-18) in NOK NOK40.1
Europe Pharmaceuticals Industry PE Ratio Median Figure of 42 Publicly-Listed Pharmaceuticals Companies 20.59x
Norway Market PE Ratio Median Figure of 129 Publicly-Listed Companies 12.29x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of PhotoCure.

OB:PHO PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= OB:PHO Share Price ÷ EPS (both in NOK)

= 40.1 ÷ -1.75

-22.97x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • PhotoCure is loss making, we can't compare its value to the Europe Pharmaceuticals industry average.
  • PhotoCure is loss making, we can't compare the value of its earnings to the Norway market.
Price based on expected Growth
Does PhotoCure's expected growth come at a high price?
Raw Data
OB:PHO PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section -22.97x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts
86.3%per year
Europe Pharmaceuticals Industry PEG Ratio Median Figure of 36 Publicly-Listed Pharmaceuticals Companies 1.82x
Norway Market PEG Ratio Median Figure of 100 Publicly-Listed Companies 0.86x

*Line of best fit is calculated by linear regression .

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to calculate PEG ratio for PhotoCure, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on PhotoCure's assets?
Raw Data
OB:PHO PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-09-30) in NOK NOK8.46
OB:PHO Share Price * OB (2018-12-18) in NOK NOK40.1
Europe Pharmaceuticals Industry PB Ratio Median Figure of 95 Publicly-Listed Pharmaceuticals Companies 2.6x
Norway Market PB Ratio Median Figure of 214 Publicly-Listed Companies 1.09x
OB:PHO PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= OB:PHO Share Price ÷ Book Value per Share (both in NOK)

= 40.1 ÷ 8.46

4.74x

* Primary Listing of PhotoCure.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • PhotoCure is overvalued based on assets compared to the Europe Pharmaceuticals industry average.
X
Value checks
We assess PhotoCure's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Pharmaceuticals industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Pharmaceuticals industry average (and greater than 0)? (1 check)
  5. PhotoCure has a total score of 2/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

PHO Future Performance

 How is PhotoCure expected to perform in the next 1 to 3 years based on estimates from 2 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
86.3%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is PhotoCure expected to grow at an attractive rate?
  • PhotoCure's earnings growth is expected to exceed the low risk savings rate of 2%.
Growth vs Market Checks
  • PhotoCure's earnings growth is expected to exceed the Norway market average.
  • PhotoCure's revenue growth is expected to exceed the Norway market average.
Annual Growth Rates Comparison
Raw Data
OB:PHO Future Growth Rates Data Sources
Data Point Source Value (per year)
OB:PHO Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts 86.3%
OB:PHO Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 2 Analysts 26.3%
Europe Pharmaceuticals Industry Earnings Growth Rate Market Cap Weighted Average 8.3%
Europe Pharmaceuticals Industry Revenue Growth Rate Market Cap Weighted Average 4.7%
Norway Market Earnings Growth Rate Market Cap Weighted Average 13.7%
Norway Market Revenue Growth Rate Market Cap Weighted Average 4.7%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
OB:PHO Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below
All numbers in NOK Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
OB:PHO Future Estimates Data
Date (Data in NOK Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2022-12-31 519 1
2021-12-31 412 137 144 1
2020-12-31 343 96 103 1
2019-12-31 245 25 27 2
2018-12-31 180 -40 -28 2
OB:PHO Past Financials Data
Date (Data in NOK Millions) Revenue Cash Flow Net Income *
2018-09-30 171 -28 -38
2018-06-30 162 -26 -43
2018-03-31 156 -31 -31
2017-12-31 151 -24 -35
2017-09-30 150 19 -4
2017-06-30 149 14 6
2017-03-31 145 18 29
2016-12-31 144 19 35
2016-09-30 140 -33 8
2016-06-30 141 -29 3
2016-03-31 140 -18 -26
2015-12-31 135 -21 -36

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • PhotoCure's earnings are expected to grow significantly at over 20% yearly.
  • PhotoCure's revenue is expected to grow significantly at over 20% yearly.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
OB:PHO Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below

All data from PhotoCure Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

OB:PHO Future Estimates Data
Date (Data in NOK Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2022-12-31
2021-12-31 6.70 6.70 6.70 1.00
2020-12-31 4.76 4.76 4.76 1.00
2019-12-31 1.25 1.29 1.20 2.00
2018-12-31 -1.33 -1.31 -1.34 2.00
OB:PHO Past Financials Data
Date (Data in NOK Millions) EPS *
2018-09-30 -1.75
2018-06-30 -2.00
2018-03-31 -1.43
2017-12-31 -1.61
2017-09-30 -0.18
2017-06-30 0.29
2017-03-31 1.38
2016-12-31 1.64
2016-09-30 0.37
2016-06-30 0.14
2016-03-31 -1.18
2015-12-31 -1.69

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • PhotoCure is expected to efficiently use shareholders’ funds in the future (Return on Equity greater than 20%).
X
Future performance checks
We assess PhotoCure's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Europe market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
PhotoCure has a total score of 6/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

PHO Past Performance

  How has PhotoCure performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare PhotoCure's growth in the last year to its industry (Pharmaceuticals).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • PhotoCure does not make a profit even though their year on year earnings growth rate was positive over the past 5 years.
  • Unable to compare PhotoCure's 1-year earnings growth to the 5-year average as it is not currently profitable.
  • Unable to compare PhotoCure's 1-year growth to the Europe Pharmaceuticals industry average as it is not currently profitable.
Earnings and Revenue History
PhotoCure's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from PhotoCure Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

OB:PHO Past Revenue, Cash Flow and Net Income Data
Date (Data in NOK Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-09-30 171.05 -37.74 123.06 22.84
2018-06-30 162.21 -43.10 107.72 32.59
2018-03-31 155.95 -30.77 113.58 27.50
2017-12-31 150.91 -34.70 107.72 32.59
2017-09-30 149.58 -3.84 103.45 32.36
2017-06-30 149.21 6.31 44.55 13.18
2017-03-31 145.29 29.09 92.09 27.37
2016-12-31 143.63 35.31 90.32 22.96
2016-09-30 140.03 8.03 91.35 24.83
2016-06-30 140.67 3.00 90.77 26.29
2016-03-31 139.99 -25.93 87.13 29.85
2015-12-31 134.72 -36.18 83.81 31.34
2015-09-30 126.19 -58.36 53.31 31.10
2015-06-30 147.14 -29.23 56.55 31.37
2015-03-31 137.86 -22.61 59.18 30.93
2014-12-31 128.95 -24.70 63.75 32.55
2014-09-30 129.32 -2.20 65.11 32.75
2014-06-30 91.66 -39.40 64.95 34.31
2014-03-31 88.61 -50.26 71.20 33.57
2013-12-31 83.62 -58.65 76.17 33.98
2013-09-30 104.62 -43.81 78.60 37.50
2013-06-30 108.45 -51.46 84.13 42.03
2013-03-31 116.51 -44.73 84.49 45.19
2012-12-31 133.82 -30.12 82.53 50.08
2012-09-30 128.06 24.61 56.75 55.83
2012-06-30 137.39 38.52 54.89 56.55
2012-03-31 127.62 1.59 66.75 67.20
2011-12-31 114.09 19.26 41.26 64.06

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • It is difficult to establish if PhotoCure has efficiently used shareholders’ funds last year (Return on Equity greater than 20%) as it is loss-making.
  • It is difficult to establish if PhotoCure has efficiently used its assets last year compared to the Europe Pharmaceuticals industry average (Return on Assets) as it is loss-making.
  • It is difficult to establish if PhotoCure improved its use of capital last year versus 3 years ago (Return on Capital Employed) as it is currently loss-making.
X
Past performance checks
We assess PhotoCure's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Pharmaceuticals industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
PhotoCure has a total score of 0/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

PHO Health

 How is PhotoCure's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up PhotoCure's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • PhotoCure is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • PhotoCure's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of PhotoCure's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • PhotoCure has no debt, it does not need to be covered by short term assets.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from PhotoCure Company Filings, last reported 2 months ago.

OB:PHO Past Debt and Equity Data
Date (Data in NOK Millions) Total Equity Total Debt Cash & Short Term Investments
2018-09-30 182.62 0.00 92.83
2018-06-30 189.10 0.00 97.90
2018-03-31 203.86 0.00 110.75
2017-12-31 218.08 0.00 125.30
2017-09-30 230.72 0.00 123.09
2017-06-30 240.98 0.00 137.02
2017-03-31 245.91 0.00 155.47
2016-12-31 251.94 0.00 165.33
2016-09-30 234.08 0.00 93.91
2016-06-30 232.95 0.00 104.45
2016-03-31 213.51 0.00 120.62
2015-12-31 210.06 0.00 129.95
2015-09-30 217.69 0.00 139.47
2015-06-30 220.95 0.00 146.68
2015-03-31 233.03 0.00 149.74
2014-12-31 240.06 0.00 161.25
2014-09-30 277.25 0.00 166.85
2014-06-30 261.96 0.00 140.74
2014-03-31 272.92 0.00 149.72
2013-12-31 269.12 0.00 163.23
2013-09-30 271.84 0.00 182.22
2013-06-30 286.87 0.00 198.50
2013-03-31 344.90 0.00 277.35
2012-12-31 380.27 0.00 298.58
2012-09-30 381.38 0.00 273.87
2012-06-30 407.39 0.00 297.52
2012-03-31 430.06 0.00 326.06
2011-12-31 439.34 0.00 351.08
  • PhotoCure has no debt.
  • PhotoCure has not taken on any debt in the past 5 years.
CASH RUNWAY ANALYSIS

For companies that have on average been loss making in the past we assess whether they have at least 1 year of cash runway.

  • Whilst loss making PhotoCure has sufficient cash runway for more than 3 years if it maintains the current positive free cash flow level.
  • Whilst loss making PhotoCure has sufficient cash runway for more than 3 years, even with free cash flow being positive and shrinking by -67.4% per year.
X
Financial health checks
We assess PhotoCure's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. PhotoCure has a total score of 6/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

PHO Dividends

 What is PhotoCure's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
0%
Current annual income from PhotoCure dividends. Estimated to be 0% next year.
If you bought NOK2,000 of PhotoCure shares you are expected to receive NOK0 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Unable to evaluate PhotoCure's dividend yield against the bottom 25% of dividend payers as the company has not reported any payouts.
  • Unable to evaluate PhotoCure's dividend against the top 25% market benchmark as the company has not reported any payouts.
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
OB:PHO Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below
Europe Pharmaceuticals Industry Average Dividend Yield Market Cap Weighted Average of 31 Stocks 3.3%
Norway Market Average Dividend Yield Market Cap Weighted Average of 104 Stocks 4.2%
Norway Minimum Threshold Dividend Yield 10th Percentile 1.8%
Norway Bottom 25% Dividend Yield 25th Percentile 2.6%
Norway Top 25% Dividend Yield 75th Percentile 5.8%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

OB:PHO Future Dividends Estimate Data
Date (Data in NOK) Dividend per Share (annual) Avg. No. Analysts
2022-12-31
2021-12-31
2020-12-31
2019-12-31 0.00 1.00
2018-12-31 0.00 1.00
OB:PHO Past Annualized Dividends Data
Date (Data in NOK) Dividend per share (annual) Avg. Yield (%)
2015-05-06 0.000 0.000
2015-02-12 0.000 0.000
2014-02-27 0.000 0.000
2013-04-30 2.000 5.985
2013-02-28 2.000 5.018

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to perform a dividend volatility check as PhotoCure has not reported any payouts.
  • Unable to verify if PhotoCure's dividend has been increasing as the company has not reported any payouts.
Current Payout to shareholders
What portion of PhotoCure's earnings are paid to the shareholders as a dividend.
  • Unable to calculate sustainability of dividends as PhotoCure has not reported any payouts.
Future Payout to shareholders
  • No need to calculate the sustainability of PhotoCure's dividends in 3 years as they are not expected to pay a notable one for Norway.
X
Income/ dividend checks
We assess PhotoCure's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can PhotoCure afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. PhotoCure has a total score of 0/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

PHO Management

 What is the CEO of PhotoCure's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Dan Schneider
TENURE AS CEO 0.1 years
CEO Bio

Mr. Daniel Schneider, also known as Dan, has been President & CEO of PhotoCure ASA since November 1, 2018. He has been Vice President of Sales at Pernix Sleep, Inc. (also known as Somaxon Pharmaceuticals, Inc.) since August 2008 and also served as Regional Account Executive. Mr. Schneider served as General Manager of Ablynx NV since October 16, 2017. He has 25 years of experience in establishing and leading the commercial operations at a number of companies in the life sciences industry. He is deeply involved in the successful launch of many pharmaceutical products, including those for orphan indications. He served as the General Manager of Specialty Pharmaceuticals Business Unit at BTG International Inc. He led a sales force of over 500 representatives and managers. Mr Schneider has also held executive management positions in other pharmaceutical and biotech companies, including BTG International, Somaxon Pharmaceuticals and Sepracor. Mr. Schneider was also integral to the development of the infrastructure of Sepracor's sales organization, including sales training. Mr. Schneider holds an MBA from Washington University and a Bachelor of Science degree in Business Administration from St. Louis University with a double major in Finance and Marketing.

CEO Compensation
  • Insufficient data for Dan to compare compensation growth.
  • Insufficient data for Dan to establish whether their remuneration is reasonable compared to companies of similar size in Norway.
Management Team Tenure

Average tenure and age of the PhotoCure management team in years:

6.3
Average Tenure
61
Average Age
  • The average tenure for the PhotoCure management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Grete Hogstad

TITLE
Vice President of Strategic Marketing
COMPENSATION
NOK1M
AGE
62

Kjetil Hestdal

TITLE
Executive Officer
COMPENSATION
NOK2M
AGE
58
TENURE
0.4 yrs

Inger Heglund

TITLE
Vice President of Research & Development
COMPENSATION
NOK1M
AGE
63
TENURE
11.9 yrs

Dan Schneider

TITLE
President & CEO
TENURE
0.1 yrs

Erik Dahl

TITLE
Chief Financial Officer
AGE
61
TENURE
6.3 yrs

Gry Stensrud

TITLE
Vice President of Technical Development and Operations
AGE
48

Ambaw Bellete

TITLE
Head of US Cancer Commercial Operations and President of Photocure Inc
TENURE
6.9 yrs

Espen Njåstad

TITLE
Head of Nordic Cancer Commercial Operations
TENURE
6.9 yrs

Jeremy Bahr

TITLE
Chief Business Officer
TENURE
1.6 yrs

Tolv Hillestad

TITLE
Group Controller
Board of Directors Tenure

Average tenure and age of the PhotoCure board of directors in years:

2.6
Average Tenure
60
Average Age
  • The average tenure for the PhotoCure board of directors is less than 3 years, this suggests a new board.
Board of Directors

Jan Egberts

TITLE
Board Chairman
AGE
60
TENURE
1.7 yrs

Synne Røine

TITLE
Director
AGE
39
TENURE
4.9 yrs

Tom Pike

TITLE
Director
AGE
58
TENURE
4.9 yrs

Xavier Yon

TITLE
Director
AGE
78
TENURE
7.9 yrs

Grannum Sant

TITLE
Director
TENURE
2.6 yrs

Johanna Holldack

TITLE
Director
TENURE
1.7 yrs

Gwen Melincoff

TITLE
Director
AGE
66
TENURE
1.7 yrs
Who owns this company?
Recent Insider Trading
  • More shares have been bought than sold by PhotoCure insiders in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (NOK) Value (NOK)
26. Nov 18 Buy Ambaw Bellete Individual 26. Nov 18 26. Nov 18 1,600 NOK38.14 NOK61,024
13. Nov 18 Buy Jan Egberts Individual 13. Nov 18 13. Nov 18 2,000 NOK39.19 NOK78,376
13. Nov 18 Buy Daniel Schneider Individual 13. Nov 18 13. Nov 18 15,000 NOK37.90 NOK568,500
12. Nov 18 Buy Gwen Melincoff Individual 12. Nov 18 12. Nov 18 1,000 NOK38.10 NOK38,100
07. Jun 18 Buy Jan Egberts Individual 07. Jun 18 07. Jun 18 12,500 NOK27.67 NOK345,859
X
Management checks
We assess PhotoCure's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. PhotoCure has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

PHO News

External News
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Simply Wall St News

PhotoCure ASA (OB:PHO) Has Attractive Fundamentals

As an investor, I look for investments which does not compromise one fundamental factor for another. … By this I mean, I look at stocks holistically, from their financial health to their future outlook. … financial health as well as

Simply Wall St -

What You Must Know About PhotoCure ASA's (OB:PHO) Financial Strength

The direct benefit for PhotoCure ASA (OB:PHO), which sports a zero-debt capital structure, to include debt in its capital structure is the reduced cost of capital. … However, the trade-off is PHO will have to adhere to stricter debt covenants and have less financial flexibility. … Is PHO right in choosing financial flexibility over lower cost of capital.

Simply Wall St -

Why PhotoCure ASA (OB:PHO) Is Truly A Standout Investment

PhotoCure ASA (OB:PHO) is a stock with outstanding fundamental characteristics. … When we build an investment case, we need to look at the stock with a holistic perspective. … In the case of PHO, it

Simply Wall St -

March Insights Into Healthcare Stocks: PhotoCure ASA (OB:PHO)

However this rate still came in below the growth rate of the NO stock market as a whole. … Below, I will examine the sector growth prospects, as well as evaluate whether PhotoCure is lagging or leading its competitors in the industry. … If PhotoCure has been on your watchlist for a while, now may be the time to enter into the stock, if you like its growth prospects and are not highly concentrated in the pharmaceutical industry.

Simply Wall St -

Why PhotoCure ASA's (OB:PHO) Investor Composition Impacts Your Returns

View our latest analysis for PhotoCure OB:PHO Ownership_summary Mar 19th 18 Institutional Ownership In PHO's case, institutional ownership stands at 43.72%, significant enough to cause considerable price moves in the case of large institutional transactions, especially when there is a low level of public shares available on the market to trade. … This level of insider ownership has been found to have a negative impact on companies with consistently low PE ratios (underperformers), while it has been positive in the case of high PE ratio firms (outperformers). … Thus, potential investors should look into these business relations and check how it can impact long-term shareholder returns.Next Steps: PHO's considerably high level of institutional ownership calls for further analysis into its margin of safety.

Simply Wall St -

Breakeven On The Horizon For PhotoCure ASA (OB:PHO)

PhotoCure ASA's (OB:PHO): Photocure ASA, a specialty pharmaceutical company, engages in the research, development, production, distribution, marketing, and sale of pharmaceutical products and related technical medical equipment in Norway, Sweden, Denmark, Finland, and the United States. … OB:PHO Past Future Earnings Mar 9th 18 Given this is a high-level overview, I won’t go into detail the detail of PHO’s upcoming projects, however, keep in mind that typically a pharma company has lumpy cash flows which are contingent on the drug and stage of product development the business is in. … This means that a high growth rate is not unusual, especially if the company is currently in an investment period.

Simply Wall St -

PHO Company Info

Map
Description

Photocure ASA, a specialty pharmaceutical company, engages in the research, development, production, distribution, marketing, and sale of pharmaceutical products and related technical medical equipment in Nordic countries and the United States. The company offers Hexvix/Cysview for the detection and management of bladder cancer. It is also developing Visonac that has completed Phase IIb study for the treatment of moderate to severe acne; and Cevira, which has completed Phase IIb study for the treatment of human papilloma virus infection and precancerous lesions of the cervix. The company sells its products to license partners, pharmaceutical wholesalers, and hospitals. Photocure ASA was founded in 1997 and is headquartered in Oslo, Norway.

Details
Name: PhotoCure ASA
PHO
Exchange: OB
Founded: 1997
NOK864,626,617
21,779,008
Website: http://www.photocure.com
Address: PhotoCure ASA
Hoffsveien 4,
Oslo,
Oslo, 0275,
Norway
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
OB PHO Ordinary Shares Oslo Bors NO NOK 07. Mar 2000
OTCPK PHCU.F Ordinary Shares Pink Sheets LLC US USD 07. Mar 2000
DB PHS Ordinary Shares Deutsche Boerse AG DE EUR 07. Mar 2000
LSE 0IMT Ordinary Shares London Stock Exchange GB NOK 07. Mar 2000
BATS-CHIXE PHOO Ordinary Shares BATS 'Chi-X Europe' GB NOK 07. Mar 2000
Number of employees
Current staff
Staff numbers
60
PhotoCure employees.
Industry
Pharmaceuticals
Pharmaceuticals & Biotech
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2018/12/18 20:45
End of day share price update: 2018/12/18 00:00
Last estimates confirmation: 2018/11/29
Last earnings filing: 2018/11/08
Last earnings reported: 2018/09/30
Last annual earnings reported: 2017/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

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.