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Photocat AS (PCAT) fair value: what the stock is really worth

As of Nov 6, 2026: fair value (intrinsic value) of Photocat AS stock SEK 3.57, price SEK 3.42, upside +4.4%, quality 59 out of 100. Rating: fairly valued. Calculated from audited financials with 12 of our 26 valuation models and 37 quality factors, updated daily.

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Basic Materials SE · Home Denmark · ISIN DK0060668796

PA Photocat AS logo Thin data Nov 7, 2026

Photocat AS

PCAT · ST
Fairly valued, in a downtrend

The stock costs about what our calculation considers fair.

Solidly profitable · 14.4% net margin (TTM)
Low debt
Ranks above peers (8/11)
Costs just 6 times its yearly profit.
Fair value kr 3.57 · Fairly valued
Quality 59/100
Moderate moat 48/100 · thin data
Weak Growth (revenue 5y −0.2 %/yr in DKK)
Negative free cash flow
Thin data
⟳ Cyclical⚠ Thinly traded
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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

kr 20.30 kr 2.48 Fair Value kr 3.57 Jul 2021 Nov 2026

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 2.48 – kr 20.30 · fair‑value band kr 2.50 – kr 4.48 · the kr 3.42 price screens below the kr 3.57 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 5 fiscal years are left out: there the valuation rested on only a fraction of the usual models. As of Nov 7, 2026.

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Company profile

Photocat A/S produces photocatalytic liquids and solutions for building materials and asphalt that reduces harmful matters caused by air pollution worldwide. Its photocatalytic building materials reduces air pollution by using light.

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The company offers NOxOFF, a formulated coating for concrete, bitumen roofing, and asphalt road surfaces; Actifloor, which acts as a giant natural filter for surfaces; Photocat Garden, a concrete impregnation with photocatalytic attributes that helps in reducing air pollutants; and CMA solutions.

It also sells products under the ShineOn brand name. Photocat A/S was founded in 2009 and is based in Roskilde, Denmark.

Stock analysis

Photocat AS (PCAT) currently trades at kr 3.42, while our model-based Fair Value estimate is kr 3.57, so the stock looks roughly fairly valued today (gap 4.2%).

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Valuation

Bull case: the Multiples group reads highest at a median of kr 3.59 per share, and 6 of the 12 models we run sit above the kr 3.42 price.

Bear case: the Earnings-Based group reads lowest at kr 2.53, and 6 of the 12 models stay below the price. Data coverage for this calculation is low.

Scenario range: kr 2.50 (bear) to kr 4.48 (bull), the price of kr 3.42 sits inside 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 59/100 (solid quality), in the Basic Materials sector.

Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.

Photocat AS reported revenue of 13.7M DKK in FY2025 versus 15.7M DKK in FY2021, a compound −3.3%/yr. Reported net income was 859K DKK in FY2025.

Key figures

Market cap 20.5M SEK (≈ $2.1M) Micro · P/E ratio 6.0 · P/S ratio 0.38 · EPS (TTM) kr 0.5700 · Net margin 6.3% · Return on equity 21.9% · Return on assets (EBIT) −3.2% (5-year average) · Operating margin −14.0%.

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 63% below its 52-week high and 38% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Basic Materials peers we cover trades at −43% fair-value upside, at 4%, PCAT screens cheaper than that median.

Fair Value models

Bear kr 2.50 Fair Value kr 3.57 Bull kr 4.48
Price kr 3.42 · Upside +4.4%
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 0.4888 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.
Best data coverage
EPV kr 2.11 kr 2.56 kr 2.97 74
ROIC Compounder kr 2.11 kr 2.56 kr 3.21 72
Residual Income kr 2.36 kr 2.53 kr 2.87 71
All 12 models by family
Earnings-Based
Graham-Dodd kr 1.43 kr 6.62 kr 9.09 64
Lynch FV kr 1.74 kr 2.49 kr 3.24 61
PEG = 1.0 kr 1.74 kr 2.49 kr 3.24 57
EPV kr 2.11 kr 2.56 kr 2.97 74
Multiples
P/E Multiple kr 2.69 kr 3.59 kr 4.48 63
P/S Multiple kr 2.69 kr 3.59 kr 4.48 58
EV/EBIT kr 2.54 kr 3.49 kr 4.44 66
EV/EBITDA kr 5.23 kr 7.08 kr 8.93 67
EV/Revenue kr 2.16 kr 3.22 kr 4.28 53
Economic Profit
Residual Income kr 2.36 kr 2.53 kr 2.87 71
ROIC Compounder kr 2.11 kr 2.56 kr 3.21 72
Growth Earnings
Growth-Adj P/E kr 2.49 kr 3.56 kr 4.63 67

Open the full fair value analysis →

Quality Score breakdown

Overall quality 59/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 40
How much profit the company makes from its sales and capital
Quality Growth 76
Are margins and returns getting better?
Cashflow 52
Do the profits arrive as real cash?
Financial strength 36
Debt, balance sheet and risk of trouble
Investment 61
Does it invest with discipline instead of growing at any price?
Low Volatility 50
How calm the share price moves, does not count
Price momentum 4
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 12
Distance to the 52-week high, does not count
New shares 88
Buys back shares or issues new ones?

Open the full quality analysis →

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. 28/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
+13.5%
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.
−6.7%
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.
−0.2%
Start year 2020 (pandemic). Over 10 years: +19.3% a year
Revenue growth 15 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.
+12.5%
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.
−3.0% (2020) → 8.1% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: no profitable base year
not computed

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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.Specialty Chemicals · 728 stocks

Beats the industry median on 8/11 measures
Overall it ranks above its industry peers.
Valuation
Quality Score 59 · Above median
Fair Value upside +4.4% · Above median
Profitability
Return on equity (12 months) 21.9% · Top 25%
Return on assets 3.5% · Above median
Net margin (12 months) 14.4% · Top 25%
Operating margin (12 months) −14.0% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY) 0.1% · Below median
Balance sheet
Debt / equity 0.17× · Above median

Valuation Multiplesvs Specialty Chemicals median · lower = cheaper

P/E (12 months) 6.0× · Cheapest 25%
P/B 1.21× · book value is mostly goodwill ⓘGoodwill and other intangible assets are larger than the equity. The book value mainly reflects prices paid for past acquisitions, so we do not rank this P/B against the peer group.
P/S (12 months) 0.86× · Cheaper than median
EV/EBITDA 3.4× · Cheapest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)39 · sector 0
FUTURE (revenue growth)1 · sector 67
PAST (return on equity)88 · sector 27
HEALTH (low debt)91 · sector 95
DIVIDEND (yield)0 · sector 31

Context: sector, industry, 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 Specialty Chemicals stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Nan Ya Plastics Corporation 1303 263.00 TWD 420.80 TWD +60% vs PCAT
Wanhua Chemical Group 600309 ¥72.65 ¥68.03 −6% vs PCAT
Linde plc LIN $515.25 $446.62 −13% vs PCAT
PPG Industries, Inc PPG $122.38 $77.68 −37% vs PCAT
DSM-Firmenich AG DSFIR CHF 100.50 CHF 57.70 −43% vs PCAT
The Sherwin-Williams Company SHW $344.10 $146.37 −57% vs PCAT
Givaudan SA GIVN CHF 4,054 CHF 1,554 −62% vs PCAT
EMS-CHEMIE HOLDING AG EMSN CHF 848.50 CHF 284.63 −66% vs PCAT
Ecolab Inc ECL $300.68 $96.56 −68% vs PCAT
Air Products and Chemicals, Inc APD $304.84 $75.33 −75% vs PCAT

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Photocat AS: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Photocat AS Fair Value". https://www.fairvalue-calculator.com/stock/PCAT

Frequently asked questions

Is Photocat AS (PCAT) overvalued or undervalued?
As of Nov 7, 2026, our model estimates a fair value of kr 3.57 versus a price of kr 3.42, about +4% upside (fairly valued).
What is the fair value of PCAT?
Our model-based fair value for Photocat AS is kr 3.57 (as of Nov 7, 2026), built from audited fundamentals. The current price: kr 3.42.
What is the quality score of PCAT?
Photocat AS has a Quality Score of 59/100. 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 Photocat AS (PCAT)?
Our model-based price target is the fair value of kr 3.57 (as of Nov 7, 2026) from 12 valuation models. Cautious scenario kr 2.50, optimistic scenario kr 4.48. It is a calculation from audited fundamentals, not an analyst target.
What is the Photocat AS stock forecast for 2026?
Our models put fair value at kr 3.57, about +4% upside versus a price of kr 3.42 (fairly valued). Cautious scenario kr 2.50, optimistic scenario kr 4.48. The calculation is refreshed regularly with new filings.
What is the revenue of Photocat AS (PCAT)?
Photocat AS reported trailing-twelve-month revenue of about 16.1M DKK (latest available figure, as of Nov 7, 2026).
What is the intrinsic value of Photocat AS (PCAT)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Photocat AS it is kr 3.57 per share (as of Nov 7, 2026), against a price of kr 3.42. It is the blended result of 12 valuation models in 4 families (Earnings-Based, Multiples, Economic Profit, Growth Earnings).
Is Photocat AS stock overvalued or undervalued in 2026?
As of Nov 7, 2026, PCAT trades below its calculated fair value: price kr 3.42, fair value kr 3.57, a gap of about +4% (fairly valued). 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 PCAT?
No. The price is what the market pays today (kr 3.42); the fair value is what the company's own numbers justify (kr 3.57). For Photocat AS the two are kr 0.1500 per share apart. That gap is exactly why we show both numbers side by side.
How much is Photocat AS worth?
The market values Photocat AS at about 20.5M SEK (market capitalisation, as of Nov 7, 2026). Per share that is kr 3.42; our models calculate a fair value of kr 3.57 per share.
What do the bullish and bearish scenarios say about PCAT?
Our models span a range for Photocat AS: cautious scenario kr 2.50, base kr 3.57, optimistic kr 4.48 per share (as of Nov 7, 2026, price kr 3.42). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of PCAT?
Photocat AS trades at a price-to-earnings ratio of 6.0 (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 3.57 is built from several models across several years. Other multiples: P/B 1.2, P/S 0.9, EV/EBITDA 3.4.
How solid is the balance sheet of Photocat AS (PCAT)?
Balance-sheet figures for Photocat AS (as of Nov 7, 2026): return on equity 21.9%, debt of 0.17 per unit of equity. They feed the Quality Score of 59/100, which measures business quality independently of the share price.
How far is PCAT from its 52-week high?
Photocat AS trades at kr 3.42, about 63% below its 52-week high of kr 9.25 and 38% above the low of kr 2.48 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of kr 3.57 is for.
Which stocks are comparable to Photocat AS?
From the same area (Basic Materials) we also value Linde plc, Ecolab Inc, The Sherwin-Williams Company, Nan Ya Plastics Corporation, 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 Photocat AS stock attractive at the current price?
The data as of Nov 7, 2026: price kr 3.42, calculated fair value kr 3.57 (+4%), Quality Score 59/100, from 12 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 PCAT calculated?
We run Photocat AS through 12 models from 4 families: Earnings-Based, Multiples, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of kr 3.57 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. Photocat AS currently trades 4% 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 Photocat AS (PCAT)?
The closing price on Nov 6, 2026 was kr 3.42. Our model-based fair value is kr 3.57, about +4% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Photocat AS right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.

Key figures of Photocat AS

How large is the market capitalisation of Photocat AS (PCAT)?
The market capitalisation of Photocat AS is 20.5M SEK (≈ $2.1M). 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 Photocat AS (PCAT)?
The price-to-sales ratio of Photocat AS is 0.38 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Photocat AS (PCAT)?
Earnings per share at Photocat AS are kr 0.5700 (price ÷ EPS = P/E 6.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Photocat AS (PCAT)?
The net margin of Photocat AS is 6.3% (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 Photocat AS (PCAT)?
The return on equity (ROE) of Photocat AS is 21.9% (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 Photocat AS (PCAT)?
On an EBIT basis the return on assets of Photocat AS is −3.2% (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 Photocat AS (PCAT)?
The operating margin of Photocat AS is −14.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Photocat AS (PCAT)?
Revenue at Photocat AS is growing +0.1% versus a year earlier (3y avg −6.7%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How much free cash flow does Photocat AS (PCAT) generate?
The free cash flow of Photocat AS is −350K DKK (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Photocat AS (PCAT) carry?
The net debt of Photocat AS is 1.3M DKK (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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