Photocure (PHO) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Photocure stock NOK 25.33, price NOK 44.60, that is 43.2% below the price, quality 61 out of 100. Rating: strongly overvalued. Calculated from audited financials with 9 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 7, 2026.
How to read this chart
60‑month range kr 40.85 – kr 127.10 · fair‑value band kr 18.16 – kr 37.08 · the kr 44.60 price screens above the kr 25.33 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 7, 2026.
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Photocure ASA, together with its subsidiaries, engages in the research, development, production, distribution, marketing, and sale of pharmaceutical products. It operates through two segments, Commercial Franchise and Development Portfolio.
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The company offers Hexvix/Cysview for the detection and management of bladder cancer. It is also developing Cevira, a photodynamic drug-device combination product candidate for the non-surgical treatment of high-grade cervical dysplasia.
The company has a license agreement with Asieris MediTech Co to develop and commercialize Cevira; and a strategic agreement with Richard Wolf GmbH to develop and commercialize a 4K LED high-definition reusable blue light cystoscope based on Richard Wolf's System blue technology.
It sells its products to pharmaceutical wholesalers, pharmacies, and hospitals through license partners. The company operates in the Nordic countries, Germany, France, Austria, the United Kingdom, the Benelux, Italy, other European countries, Canada, and the United States.
Photocure ASA was founded in 1993 and is headquartered in Oslo, Norway.
Stock analysis
Photocure (PHO) currently trades at kr 44.60, while our model-based Fair Value estimate is kr 25.33, 43% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of kr 28.10 per share, and 0 of the 9 models we run sit above the kr 44.60 price.
Bear case: the Asset-Based group reads lowest at kr 6.04, and 9 of the 9 models stay below the price. Data coverage for this calculation is medium.
Scenario range: kr 18.16 (bear) to kr 37.08 (bull), the price of kr 44.60 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 61/100 (solid quality), in the Healthcare sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Photocure reported revenue of 533M NOK in FY2025 versus 361M NOK in FY2021, a compound +10.2%/yr. Reported net income was −1.5M NOK in FY2025.
Key figures
Market cap 1.2B NOK (≈ $126M) Micro · P/E ratio 24.6 · P/S ratio 1.73 · EPS (TTM) kr 1.81 · Net margin 7.1% · Return on equity 9.1% · Return on assets (EBIT) 0.2% (5-year average) · Operating margin −2.4%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 33 out of 100 (low confidence).
What moves the price
The share trades about 44% below its 52-week high and at its 52-week low, currently below its 200-day average.
For context, the median of 10 Healthcare peers we cover trades at −27% fair-value upside, at −43%, PHO screens richer than that median.
Fair Value models
Bearkr 18.16Fair Value kr 25.33Bullkr 37.08
Price kr 44.60 · Downside -43.2%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (kr 1.55 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.76/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+1.4%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+10.6%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+15.7%
Start year 2020 (pandemic). Over 10 years: +14.7% a year
Revenue growth 16 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+16.2%
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Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
−5.2% (2020) → −0.1% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+61.1%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+5.4%
Yearly sales growth analysts expect, extended to five years.
After inflation (Norway: IMF forecast 2.4% a year to 2030, 3.3% from 2016 to 2025) that is about +57.3% a year for the price and +2.9% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (71 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Very negative
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Drug Manufacturers - Specialty & Generic · 549 stocks
Beats the industry median on 4/14 measures
Overall it trails its industry peers.
Valuation
Quality Score61 · Above median
Fair Value upside−43.2% · Below median
Profitability
Return on equity (12 months)9.1% · Above median
Return on assets−0.2% · Below median
Net margin (12 months)7.1% · Below median
Operating margin (12 months)−2.4% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY)4.4% · Below median
Balance sheet
Debt / equity0.21× · Above median
Valuation Multiplesvs Drug Manufacturers - Specialty & Generic median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Photocure Fair Value". https://www.fairvalue-calculator.com/stock/PHO
Frequently asked questions
Is Photocure (PHO) overvalued or undervalued?
As of Nov 7, 2026, our model estimates a fair value of kr 25.33 versus a price of kr 44.60, about 43% lower (overvalued).
What is the fair value of PHO?
Our model-based fair value for Photocure is kr 25.33 (as of Nov 7, 2026), built from audited fundamentals. The current price: kr 44.60.
What is the quality score of PHO?
Photocure has a Quality Score of 61/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Photocure (PHO)?
Our model-based price target is the fair value of kr 25.33 (as of Nov 7, 2026) from 9 valuation models. Cautious scenario kr 18.16, optimistic scenario kr 37.08. It is a calculation from audited fundamentals, not an analyst target.
What is the Photocure stock forecast for 2026?
Our models put fair value at kr 25.33, about 43% lower versus a price of kr 44.60 (overvalued). Cautious scenario kr 18.16, optimistic scenario kr 37.08. The calculation is refreshed regularly with new filings.
What is the revenue of Photocure (PHO)?
Photocure reported trailing-twelve-month revenue of about 685M NOK (latest available figure, as of Nov 7, 2026).
What growth is priced into Photocure (PHO)?
For today's price to be fair in a discounted-cash-flow model, Photocure would have to grow free cash flow by +61.1 % per year for five years (discount rate 11.0 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +15.7 % per year. As of Nov 7, 2026.
What discount rate (WACC) does the fair value of PHO use?
Our models discount Photocure at 11.0 %: a base by market capitalisation (micro), damped by beta 0.32, country premium for Norway. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Photocure that is +61.1 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (11.0 %) and the same formula as our fair value.
How much growth has Photocure (PHO) delivered so far?
Over the past 5 years revenue at Photocure grew +15.7 % a year. The price currently implies free-cash-flow growth of +61.1 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Photocure (PHO) growing?
The median revenue growth in the sector is +6.2 % a year. That is the yardstick for the growth priced into Photocure (+61.1 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Photocure (PHO)?
The free-cash-flow yield on the price is 0.44 %: that much free cash flow Photocure produces per unit of market value. When it exceeds the discount rate of our models (11.0 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Photocure (PHO)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Photocure it is kr 25.33 per share (as of Nov 7, 2026), against a price of kr 44.60. It is the blended result of 9 valuation models in 4 families (DCF Models, Multiples, Asset-Based, Growth DCF).
Is Photocure stock overvalued or undervalued in 2026?
As of Nov 7, 2026, PHO trades above its calculated fair value: price kr 44.60, fair value kr 25.33, a gap of about −43% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of PHO?
No. The price is what the market pays today (kr 44.60); the fair value is what the company's own numbers justify (kr 25.33). For Photocure the two are kr 19.27 per share apart. That gap is exactly why we show both numbers side by side.
How much is Photocure worth?
The market values Photocure at about 1.2B NOK (market capitalisation, as of Nov 7, 2026). Per share that is kr 44.60; our models calculate a fair value of kr 25.33 per share.
What do the bullish and bearish scenarios say about PHO?
Our models span a range for Photocure: cautious scenario kr 18.16, base kr 25.33, optimistic kr 37.08 per share (as of Nov 7, 2026, price kr 44.60). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of PHO?
Photocure trades at a price-to-earnings ratio of 24.6 (as of Nov 7, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of kr 25.33 is built from several models across several years. Other multiples: PEG 14.9, P/B 2.5, P/S 1.7, EV/EBITDA 8.3.
What is the PEG ratio of PHO?
The PEG ratio of Photocure is 14.90 (P/E divided by earnings growth, as of Nov 7, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Photocure (PHO)?
Balance-sheet figures for Photocure (as of Nov 7, 2026): return on equity 9.1%, debt of 0.21 per unit of equity. They feed the Quality Score of 61/100, which measures business quality independently of the share price.
How far is PHO from its 52-week high?
Photocure trades at kr 44.60, about 44% below its 52-week high of kr 79.00 and at the low of kr 44.40 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of kr 25.33 is for.
Which stocks are comparable to Photocure?
From the same area (Healthcare) we also value Merck KGaA, Takeda Pharmaceutical Company, Galderma Group, Teva Pharmaceutical Industries Limited, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Photocure stock attractive at the current price?
The data as of Nov 7, 2026: price kr 44.60, calculated fair value kr 25.33 (−43%), Quality Score 61/100, from 9 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of PHO calculated?
We run Photocure through 9 models from 4 families: DCF Models, Multiples, Asset-Based, Growth DCF. Every model gets the same audited fundamentals; the fair value of kr 25.33 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.3% above its aggregate fair value. Photocure itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Photocure (PHO)?
The closing price on Nov 6, 2026 was kr 44.60. Our model-based fair value is kr 25.33, about 43% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Photocure right now?
The price sits above even our optimistic bull case (kr 37.08). The favourable scenario is already priced in. Solid but not exceptional quality (61/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range (kr 18.16 to kr 37.08) leaves room in how you read the outcome.
Key figures of Photocure
How large is the market capitalisation of Photocure (PHO)?
The market capitalisation of Photocure is 1.2B NOK (≈ $126M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Photocure (PHO)?
The price-to-sales ratio of Photocure is 1.73 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Photocure (PHO)?
Earnings per share at Photocure are kr 1.81 (price ÷ EPS = P/E 24.6). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Photocure (PHO)?
The net margin of Photocure is 7.1% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Photocure (PHO)?
The return on equity (ROE) of Photocure is 9.1% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Photocure (PHO)?
On an EBIT basis the return on assets of Photocure is 0.2% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Photocure (PHO)?
The operating margin of Photocure is −2.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Photocure (PHO)?
Revenue at Photocure is growing +4.4% versus a year earlier (3y avg +10.6%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Photocure (PHO)?
Earnings per share at Photocure are growing −60.0% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Photocure (PHO) hold?
Photocure holds more cash than debt, 225M NOK net (fiscal year 2022). The company holds more cash than debt, a safety cushion.
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Nov 7, 2026