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.

Below Fair Value: PHO (NOK51.6) is trading below our estimate of fair value (NOK426.57)

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?

Other financial metrics that can be useful for relative valuation.

The above table shows the n/a ratio for PHO. This is calculated by dividing PHO's market cap by their current preferred multiple.
What is PHO's n/a Ratio?
n/a	0x
n/a	n/a
Market Cap	NOK 1.40b

PHO 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	2.2x
Enterprise Value/EBITDA	19.8x
PEG Ratio	1.2x

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.
Company	Forward PE	Estimated Growth	Market Cap
Peer Average	29x
VISTN Vistin Pharma	18.1x	n/a	NOK 1.2b
NAVA Navamedic	22.5x	27.0%	NOK 554.6m
AZT ArcticZymes Technologies	58.9x	54.1%	NOK 861.1m
506260 Anuh Pharma	16.7x	n/a	₹10.1b
PHO Photocure	108.9x	88.7%	NOK 1.4b

Price-To-Earnings vs Peers: PHO is expensive based on its Price-To-Earnings Ratio (108.9x) compared to the peer average (29x).

Price to Earnings Ratio vs Industry

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

0 Companies	Price / Earnings	Estimated Growth	Market Cap
Industry Avg.	n/a	15.4%
	n/a	n/a	n/a

Fetching data

0 Companies	Price / Earnings	Estimated Growth	Market Cap
Industry Avg.	n/a	15.4%
	n/a	n/a	n/a

No more companies

Price-To-Earnings vs Industry: PHO is expensive based on its Price-To-Earnings Ratio (108.9x) compared to the European Pharmaceuticals industry average (22.5x).

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 Ratio	108.9x
Fair PE Ratio	82.7x

Price-To-Earnings vs Fair Ratio: PHO is expensive based on its Price-To-Earnings Ratio (108.9x) compared to the estimated Fair Price-To-Earnings Ratio (82.7x).

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.
Date	Share Price	Average 1Y Price Target	Dispersion	High	Low	1Y Actual price	Analysts
Current	NOK 51.60	NOK 86.00 +66.7%	1.2%	NOK 87.00	NOK 85.00	n/a	2
Sep ’25	NOK 55.70	NOK 86.00 +54.4%	1.2%	NOK 87.00	NOK 85.00	n/a	2
Aug ’25	NOK 54.70	NOK 86.00 +57.2%	1.2%	NOK 87.00	NOK 85.00	n/a	2
Jul ’25	NOK 59.90	NOK 86.00 +43.6%	1.2%	NOK 87.00	NOK 85.00	n/a	2
Jun ’25	NOK 65.60	NOK 86.00 +31.1%	1.2%	NOK 87.00	NOK 85.00	n/a	2
May ’25	NOK 55.30	NOK 86.00 +55.5%	1.2%	NOK 87.00	NOK 85.00	n/a	2
Apr ’25	NOK 55.00	NOK 86.00 +56.4%	1.2%	NOK 87.00	NOK 85.00	n/a	2
Mar ’25	NOK 57.70	NOK 86.00 +49.0%	1.2%	NOK 87.00	NOK 85.00	n/a	2
Feb ’25	NOK 65.40	NOK 92.50 +41.4%	2.7%	NOK 95.00	NOK 90.00	n/a	2
Jan ’25	NOK 67.40	NOK 92.50 +37.2%	2.7%	NOK 95.00	NOK 90.00	n/a	2
Dec ’24	NOK 53.10	NOK 92.50 +74.2%	2.7%	NOK 95.00	NOK 90.00	n/a	2
Nov ’24	NOK 55.90	NOK 95.00 +69.9%	5.3%	NOK 100.00	NOK 90.00	n/a	2
Oct ’24	NOK 53.80	NOK 90.00 +67.3%	11.1%	NOK 100.00	NOK 80.00	NOK 54.00	2
Sep ’24	NOK 46.20	NOK 90.00 +94.8%	11.1%	NOK 100.00	NOK 80.00	NOK 55.70	2
Aug ’24	NOK 48.50	NOK 100.00 +106.2%	10.0%	NOK 110.00	NOK 90.00	NOK 54.70	2
Jul ’24	NOK 46.70	NOK 102.50 +119.5%	12.2%	NOK 115.00	NOK 90.00	NOK 59.90	2
Jun ’24	NOK 50.80	NOK 102.50 +101.8%	12.2%	NOK 115.00	NOK 90.00	NOK 65.60	2
May ’24	NOK 53.40	NOK 102.50 +91.9%	12.2%	NOK 115.00	NOK 90.00	NOK 55.30	2
Apr ’24	NOK 60.45	NOK 105.00 +73.7%	14.3%	NOK 120.00	NOK 90.00	NOK 55.00	2
Mar ’24	NOK 82.05	NOK 105.00 +28.0%	14.3%	NOK 120.00	NOK 90.00	NOK 57.70	2
Feb ’24	NOK 108.60	NOK 125.00 +15.1%	12.0%	NOK 140.00	NOK 110.00	NOK 65.40	2
Jan ’24	NOK 106.80	NOK 125.00 +17.0%	12.0%	NOK 140.00	NOK 110.00	NOK 67.40	2
Dec ’23	NOK 100.40	NOK 125.00 +24.5%	12.0%	NOK 140.00	NOK 110.00	NOK 53.10	2
Nov ’23	NOK 92.70	NOK 130.00 +40.2%	7.7%	NOK 140.00	NOK 120.00	NOK 55.90	2
Oct ’23	NOK 91.20	NOK 135.00 +48.0%	11.1%	NOK 150.00	NOK 120.00	NOK 53.80	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.