Photocure ASA

OB:PHO Stock Report

Market Cap: NOK 1.5b

Photocure Valuation

Is PHO 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 PHO when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Discounted Cash Flow
Simply Wall St
NOK 301.98
Fair Value
80.9% undervalued intrinsic discount
2
Number of Analysts

Below Fair Value: PHO (NOK57.6) is trading below our estimate of fair value (NOK301.98)

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

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for PHO. This is calculated by dividing PHO's market cap by their current earnings.
What is PHO's PE Ratio?
PE Ratio109x
EarningsNOK 14.16m
Market CapNOK 1.54b

Price to Earnings Ratio vs Peers

How does PHO's PE Ratio compare to its peers?

The above table shows the PE ratio for PHO vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average40.8x
VISTN Vistin Pharma
16.7xn/aNOK 1.1b
AZT ArcticZymes Technologies
128.2x17.2%NOK 970.4m
ACMELAB ACME Laboratories
6.7xn/a৳15.9b
TMAN T.Man Pharmaceutical
11.7x17.4%฿5.1b
PHO Photocure
109x94.6%NOK 1.5b

Price-To-Earnings vs Peers: PHO is expensive based on its Price-To-Earnings Ratio (109x) compared to the peer average (40.8x).

Price to Earnings Ratio vs Industry

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

1 CompanyPrice / EarningsEstimated GrowthMarket Cap
PHO 109.0xIndustry Avg. 22.6xNo. of Companies9PE01632486480+
1 CompanyEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: PHO is expensive based on its Price-To-Earnings Ratio (109x) compared to the European Pharmaceuticals industry average (22.6x).

Price to Earnings Ratio vs Fair Ratio

What is PHO'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.

PHO PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio109x
Fair PE Ratio25.5x

Price-To-Earnings vs Fair Ratio: PHO is expensive based on its Price-To-Earnings Ratio (109x) compared to the estimated Fair Price-To-Earnings Ratio (25.5x).

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 PHO forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentNOK 57.60
NOK 84.50
+46.7%
0.6%NOK 85.00NOK 84.00n/a2
Feb ’26NOK 57.70
NOK 84.50
+46.4%
0.6%NOK 85.00NOK 84.00n/a2
Jan ’26NOK 62.00
NOK 84.50
+36.3%
0.6%NOK 85.00NOK 84.00n/a2
Dec ’25NOK 49.20
NOK 84.50
+71.7%
0.6%NOK 85.00NOK 84.00n/a2
Nov ’25NOK 51.00
NOK 86.00
+68.6%
1.2%NOK 87.00NOK 85.00n/a2
Oct ’25NOK 54.00
NOK 86.00
+59.3%
1.2%NOK 87.00NOK 85.00n/a2
Sep ’25NOK 55.70
NOK 86.00
+54.4%
1.2%NOK 87.00NOK 85.00n/a2
Aug ’25NOK 54.70
NOK 86.00
+57.2%
1.2%NOK 87.00NOK 85.00n/a2
Jul ’25NOK 59.90
NOK 86.00
+43.6%
1.2%NOK 87.00NOK 85.00n/a2
Jun ’25NOK 65.60
NOK 86.00
+31.1%
1.2%NOK 87.00NOK 85.00n/a2
May ’25NOK 55.30
NOK 86.00
+55.5%
1.2%NOK 87.00NOK 85.00n/a2
Apr ’25NOK 55.00
NOK 86.00
+56.4%
1.2%NOK 87.00NOK 85.00n/a2
Mar ’25NOK 57.70
NOK 86.00
+49.0%
1.2%NOK 87.00NOK 85.00n/a2
Feb ’25NOK 65.40
NOK 92.50
+41.4%
2.7%NOK 95.00NOK 90.00NOK 57.702
Jan ’25NOK 67.40
NOK 92.50
+37.2%
2.7%NOK 95.00NOK 90.00NOK 62.002
Dec ’24NOK 53.10
NOK 92.50
+74.2%
2.7%NOK 95.00NOK 90.00NOK 49.202
Nov ’24NOK 55.90
NOK 95.00
+69.9%
5.3%NOK 100.00NOK 90.00NOK 51.002
Oct ’24NOK 53.80
NOK 90.00
+67.3%
11.1%NOK 100.00NOK 80.00NOK 54.002
Sep ’24NOK 46.20
NOK 90.00
+94.8%
11.1%NOK 100.00NOK 80.00NOK 55.702
Aug ’24NOK 48.50
NOK 100.00
+106.2%
10.0%NOK 110.00NOK 90.00NOK 54.702
Jul ’24NOK 46.70
NOK 102.50
+119.5%
12.2%NOK 115.00NOK 90.00NOK 59.902
Jun ’24NOK 50.80
NOK 102.50
+101.8%
12.2%NOK 115.00NOK 90.00NOK 65.602
May ’24NOK 53.40
NOK 102.50
+91.9%
12.2%NOK 115.00NOK 90.00NOK 55.302
Apr ’24NOK 60.45
NOK 105.00
+73.7%
14.3%NOK 120.00NOK 90.00NOK 55.002
Mar ’24NOK 82.05
NOK 105.00
+28.0%
14.3%NOK 120.00NOK 90.00NOK 57.702
Feb ’24NOK 108.60
NOK 125.00
+15.1%
12.0%NOK 140.00NOK 110.00NOK 65.402
Analyst Price Target
Consensus Narrative from 2 Analysts
NOK 84.50
Fair Value
31.8% undervalued intrinsic discount
2
Number of Analysts

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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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2025/02/16 11:08
End of Day Share Price 2025/02/14 00:00
Earnings2024/09/30
Annual Earnings2023/12/31

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.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* 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.

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 Github.

Analyst Sources

Photocure ASA is covered by 7 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.

AnalystInstitution
Hans BohnBeringer Finance AB
null nullBrookline Capital Markets
Geir HolomDNB Markets