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Photocure ASA (0IMT) fair value: what the stock is really worth
As of Oct 2, 2026: fair value of Photocure ASA NOK 71.57, price NOK 49.10, upside +45.8%, quality 75 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
- Fair value above price? Yes
- Good quality? Yes
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Some data
Sep 24, 2026
Photocure ASA
0IMT · LSEUndervalued, solidFair Value upside is positive and quality is strong.
✓Fair value kr 71.57 · Undervalued (+45.8%)
✓Quality 75/100
!Mixed Growth (revenue 5y +15.7 %/yr)
✓Solidly profitable · 12.6% net margin (TTM)
✓generates free cash flow
✓Wide moat 71/100
!Evidence only medium, so the estimate is less certain
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What runs behind every stock
26
valuation models
8 families, DCF to NCAV
37
quality factors
margins, balance sheet, cashflow, debt
6
AI factors
moat, what no ratio measures
2,000+
data points
verified, per stock, median
69 individual criteria per stock, every one traceable See the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range kr 22.12 – kr 150.00 · fair‑value band kr 53.73 – kr 109.46 · the kr 49.10 price screens below the kr 71.57 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 2 fiscal years are left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Sep 24, 2026.
Company profile
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. The company offers Hexvix/Cysview for the detection and management of bladder cancer.
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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. 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 ASA (0IMT) currently trades at kr 49.10, while our model-based Fair Value estimate is kr 71.57, implying the stock looks roughly 31.4% undervalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of kr 97.76 per share, and 12 of the 14 models we run sit above the kr 49.10 price.
Bear case: the Asset-Based group reads lowest at kr 15.04, and 2 of the 14 models stay below the price. Evidence for this calculation is medium.
Scenario range: kr 53.73 (bear) to kr 109.46 (bull), the price of kr 49.10 sits below 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 75/100 (high quality), in the Healthcare sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Photocure ASA 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 1.3B NOK (≈ $136M) · P/S ratio 2.04 · EPS (TTM) kr −2.53 · Dividend yield 3.1% · Net margin −0.3% · Return on equity 16.1% · Return on assets (EBIT) 10.0% · Operating margin 45.6%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).
What moves the price
The share trades about 38% below its 52-week high and 4% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Healthcare peers we cover trades at −19% fair-value upside, at 46%, 0IMT screens cheaper than that median.
Fair Value models
Bear kr 53.73
Fair Value kr 71.57
Bull kr 109.46
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model.
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.
Evidence ⓘEvidence = 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.
Highest evidence
FCF DCF
kr 41.20
kr 60.69
kr 89.65
78
Growth DCF
kr 40.47
kr 56.93
kr 79.44
76
Owner Earnings
kr 36.66
kr 53.21
kr 77.79
74
All 14 models by family
DCF Models
FCF DCF
kr 41.20
kr 60.69
kr 89.65
78
Owner Earnings
kr 36.66
kr 53.21
kr 77.79
74
5Y Revenue Exit
kr 50.27
kr 82.72
kr 127.68
69
5Y EBITDA Exit
kr 60.20
kr 103.64
kr 159.38
71
10Y Revenue Exit
kr 44.65
kr 71.42
kr 113.86
63
10Y EBITDA Exit
kr 51.54
kr 84.69
kr 137.01
64
Earnings-Based
EPV
kr 43.85
kr 47.79
kr 50.98
70
Multiples
EV/EBIT
kr 76.09
kr 97.76
kr 119.43
63
EV/EBITDA
kr 78.96
kr 101.58
kr 124.21
64
EV/Revenue
kr 57.48
kr 77.36
kr 97.25
52
Asset-Based
NCAV (Graham)
kr 11.22
kr 15.04
kr 22.44
51
Growth DCF
Growth DCF
kr 40.47
kr 56.93
kr 79.44
76
Rev-Margin DCF
kr 50.27
kr 81.59
kr 123.02
69
Economic Profit
ROIC Compounder
kr 46.97
kr 54.88
kr 63.61
70
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Set up alert →Quality Score breakdown
Overall quality
75/100
Of which business quality 70 · Market factors (momentum, volatility) 35
Profitability
39
Margins and returns on capital today
Quality Growth
66
Are margins and returns improving?
Cashflow
58
Earnings quality: real cash, not paper profit
Fin. Strength
84
Balance sheet, leverage, solvency risk
Investment
98
Disciplined investing over empire-building
Low Volatility
61
Calm price path (market factor)
Momentum
28
Price trend over the last 3–12 months (market factor)
52W Momentum
16
Distance to the 52-week high (market factor)
Net Issuance
92
Share count: buybacks or dilution?
Revenue & earnings trend
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.
86/100
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 23 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.
+14.2%
’14
’15
’16
’17
’18
’19
’20
’21
’22
’23
’24
’25
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.
−434.2% (2002) → 20.7% (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).
+21.4%
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.
+5.2%
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 +18.6% a year for the price and +2.7% for the forecasts.
Forecast 2026 (sales)+23.9%
Forecast 2027 (sales)+0.8%
Projected 2028 (sales)+0.9%
Projected 2029 (sales)+1.1%
Projected 2030 (sales)+1.2%
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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 · 599 stocks
Beats the industry median on 10/11 measures
Overall it ranks above its industry peers.
Valuation Multiplesvs Drug Manufacturers - Specialty & Generic median · lower = cheaper
Context: sector, industry, market
- Is the Health Care sector expensive or cheap?
- P/E, EV/EBITDA and margins by industry (reference tables)
- Undervalued stocks: UK Stocks
- Valuation of the UK market
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
None of the checked exposures detected
Similar stocks
10 more Drug Manufacturers - Specialty & Generic stocks, each showing price versus our Fair Value estimate.
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Merck KGaA MRK | €134.45 | €108.94 | −19% |
| Takeda Pharmaceutical Company TAK | $18.90 | $11.45 | −39% |
| Teva Pharmaceutical Industries Limited TEVA | $39.31 | $20.88 | −47% |
| Sun Pharmaceutical Industries Limited SUNPHARMA | ₹1,852 | ₹1,979 | +7% |
| Galderma Group GALD | CHF 163.00 | CHF 110.32 | −32% |
| Jiangsu Hengrui Pharmaceuticals Co 600276 | ¥44.86 | ¥49.35 | +10% |
| Haleon plc HLN | $9.26 | $8.49 | −8% |
| Sandoz Group SDZ | CHF 71.16 | CHF 40.32 | −43% |
| Zoetis Inc ZTS | $70.30 | $110.50 | +57% |
| Divi's Laboratories Limited DIVISLAB | ₹9,620 | ₹1,871 | −81% |
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Frequently asked questions
Is Photocure ASA (0IMT) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of kr 71.57 versus a price of kr 49.10, about +46% upside (undervalued).
What is the fair value of 0IMT?
Our model-based fair value for Photocure ASA is kr 71.57 (as of Sep 24, 2026), built from audited fundamentals. The current price: kr 49.10.
What is the quality score of 0IMT?
Photocure ASA has a Quality Score of 75/100. 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 ASA (0IMT)?
Our model-based price target is the fair value of kr 71.57 (as of Sep 24, 2026) from 14 valuation models. Cautious scenario kr 53.73, optimistic scenario kr 109.46. It is a calculation from audited fundamentals, not an analyst target.
What is the Photocure ASA stock forecast for 2026?
Our models put fair value at kr 71.57, about +46% upside versus a price of kr 49.10 (undervalued). Cautious scenario kr 53.73, optimistic scenario kr 109.46. The calculation is refreshed regularly with new filings.
What is the revenue of Photocure ASA (0IMT)?
Photocure ASA reported trailing-twelve-month revenue of about 672M NOK (latest available figure, as of Sep 24, 2026).
Does Photocure ASA pay a dividend?
Photocure ASA currently shows a dividend yield of about 3.10% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Photocure ASA (0IMT)?
For today's price to be fair in a discounted-cash-flow model, Photocure ASA would have to grow free cash flow by +21.4 % per year for five years (discount rate 11.8 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +15.7 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 0IMT use?
Our models discount Photocure ASA at 11.8 %: a base by market capitalisation (micro), damped by beta 0.35, country premium for United Kingdom. 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 ASA that is +21.4 % per year a year over ten years, using the same discount rate (11.8 %) and the same formula as our fair value.
How much growth has Photocure ASA (0IMT) delivered so far?
Over the past 5 years revenue at Photocure ASA grew +15.7 % a year. The price currently implies +21.4 % per year free-cash-flow growth a 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 ASA (0IMT) growing?
The median revenue growth in the sector is +9.2 % a year. That is the yardstick for the growth priced into Photocure ASA (+21.4 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Photocure ASA (0IMT)?
The free-cash-flow yield on the price is 2.87 %: that much free cash flow Photocure ASA produces per unit of market value. When it exceeds the discount rate of our models (11.8 %), 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 ASA (0IMT)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Photocure ASA it is kr 71.57 per share (as of Sep 24, 2026), against a price of kr 49.10. It is the blended result of 14 valuation models (cash flow, earnings, asset, dividend).
Is Photocure ASA stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 0IMT trades below its calculated fair value: price kr 49.10, fair value kr 71.57, a gap of about +46% (undervalued). 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 0IMT?
No. The price is what the market pays today (kr 49.10); the fair value is what the company's own numbers justify (kr 71.57). For Photocure ASA the two are kr 22.47 per share apart. That gap is exactly why we show both numbers side by side.
How much is Photocure ASA worth?
The market values Photocure ASA at about 1.3B NOK (market capitalisation, as of Sep 24, 2026). Per share that is kr 49.10; our models calculate a fair value of kr 71.57 per share.
What do the bullish and bearish scenarios say about 0IMT?
Our models span a range for Photocure ASA: cautious scenario kr 53.73, base kr 71.57, optimistic kr 109.46 per share (as of Sep 24, 2026, price kr 49.10). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Photocure ASA (0IMT)?
Balance-sheet figures for Photocure ASA (as of Sep 24, 2026): return on equity 16.1%. They feed the Quality Score of 75/100, which measures business quality independently of the share price.
How far is 0IMT from its 52-week high?
Photocure ASA trades at kr 49.10, about 38% below its 52-week high of kr 79.10 and 4% above the low of kr 47.35 (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of kr 71.57 is for.
Which stocks are comparable to Photocure ASA?
From the same area (Healthcare) we also value Merck KGaA, Takeda Pharmaceutical Company, Teva Pharmaceutical Industries Limited, Sun 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 ASA stock attractive at the current price?
The data as of Sep 24, 2026: price kr 49.10, calculated fair value kr 71.57 (+46%), Quality Score 75/100, from 14 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 0IMT calculated?
We run Photocure ASA through 14 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of kr 71.57, 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 14.5 % above its aggregate fair value. Photocure ASA currently trades 31 % below its own fair value, and the market average says nothing about that. 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 ASA (0IMT)?
The closing price on Oct 2, 2026 was kr 49.10. Our model-based fair value is kr 71.57, about +46% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Photocure ASA right now?
The rarer combination: high quality (75/100) AND below fair value. That earns a closer look rather than a quick verdict. The price is below even our cautious bear case (kr 53.73). The market is more pessimistic than our downside scenario. A fairly wide model range (kr 53.73 to kr 109.46) leaves room in how you read the outcome.
Key figures of Photocure ASA
How large is the market capitalisation of Photocure ASA (0IMT)?
The market capitalisation of Photocure ASA is 1.3B NOK (≈ $136M). 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 ASA (0IMT)?
The price-to-sales ratio of Photocure ASA is 2.04 (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 ASA (0IMT)?
Earnings per share at Photocure ASA are kr −2.53. Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Photocure ASA (0IMT)?
The dividend yield of Photocure ASA is 3.1%. Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Photocure ASA (0IMT)?
The net margin of Photocure ASA is −0.3% (fiscal year 2025). 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 ASA (0IMT)?
The return on equity (ROE) of Photocure ASA is 16.1% (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 ASA (0IMT)?
On an EBIT basis the return on assets of Photocure ASA is 10.0% (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 ASA (0IMT)?
The operating margin of Photocure ASA is 45.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Photocure ASA (0IMT)?
Revenue at Photocure ASA is growing +111% 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 much net cash does Photocure ASA (0IMT) hold?
Photocure ASA holds more cash than debt, 239M NOK net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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