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

As of Sep 24, 2026: fair value of Photocat AS SEK 3.64, price SEK 3.76, upside -3.2%, quality 54 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? Yes
  3. Add to watchlist

Basic Materials · SE · Home Denmark · ISIN DK0060668796

PA Thin data Sep 23, 2026

Photocat AS

PCAT · ST

NeutralThe stock looks roughly fairly valued with average quality.

·Fair value kr 3.64 · Fairly valued (−3%)
!Quality 54/100
!Weak Growth (revenue 5y −0.2 %/yr)
✓Solidly profitable · 14.5% net margin (TTM)
!Low debt · negative free cash flow
✓Ranks above peers (10/11)
!Moderate moat 55/100
!Evidence only low, so the estimate is less certain
!Weak on valuation: 29 out of 100
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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 21.80 kr 2.60 Fair Value kr 3.64 Jun 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 23, 2026.

How to read this chart

60‑month range kr 2.60 – kr 21.80 · fair‑value band kr 2.55 – kr 4.58 · the kr 3.76 price screens above the kr 3.64 fair value. Dashed = 300-day average. As of Sep 23, 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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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. 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 3.76, while our model-based Fair Value estimate is kr 3.64, implying the stock looks roughly 3.3% fairly valued today.

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Valuation

Bull case: the Multiples group reads highest at a median of kr 2.44 per share, and 2 of the 14 models we run sit above the kr 3.76 price.

Bear case: the Asset-Based group reads lowest at kr 1.28, and 12 of the 14 models stay below the price. Evidence for this calculation is low.

Scenario range: kr 2.55 (bear) to kr 4.58 (bull), the price of kr 3.76 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 54/100 (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 32.4M SEK (≈ $3.3M) · P/S ratio 1.80 · EPS (TTM) kr −0.0700 · Net margin 6.3% · Return on equity 7.8% · Return on assets (EBIT) −3.2% · Operating margin 22.4% · Revenue (TTM) 17.9M DKK.

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 59% below its 52-week high and 45% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Basic Materials peers we cover trades at −40% fair-value upside, at −3%, PCAT screens cheaper than that median.

Fair Value models

Bear kr 2.55 Fair Value kr 3.64 Bull kr 4.58
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. 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
EPV kr 1.25 kr 1.49 kr 1.70 74
ROIC Compounder kr 1.25 kr 1.49 kr 1.70 72
Residual Income kr 1.54 kr 1.63 kr 1.76 71
All 14 models by family
Earnings-Based
Graham-Dodd kr 0.9700 kr 4.50 kr 6.18 64
Lynch FV kr 1.18 kr 1.69 kr 2.20 61
PEG = 1.0 kr 1.18 kr 1.69 kr 2.20 57
EPV kr 1.25 kr 1.49 kr 1.70 74
Multiples
P/E Multiple kr 1.83 kr 2.44 kr 3.04 63
P/S Multiple kr 1.83 kr 2.44 kr 3.04 58
P/B Multiple kr 1.83 kr 2.44 kr 3.04 55
EV/EBIT kr 1.68 kr 2.33 kr 2.97 66
EV/EBITDA kr 3.86 kr 5.23 kr 6.60 67
EV/Revenue kr 1.42 kr 2.14 kr 2.86 53
Asset-Based
NCAV (Graham) kr 0.9500 kr 1.28 kr 1.91 54
Economic Profit
Residual Income kr 1.54 kr 1.63 kr 1.76 71
ROIC Compounder kr 1.25 kr 1.49 kr 1.70 72
Growth Earnings
Growth-Adj P/E kr 1.70 kr 2.42 kr 3.15 67

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Quality Score breakdown

Overall quality 54/100

Of which business quality 51 · Market factors (momentum, volatility) 28

Profitability 40
Margins and returns on capital today
Quality Growth 76
Are margins and returns improving?
Cashflow 52
Earnings quality: real cash, not paper profit
Fin. Strength 42
Balance sheet, leverage, solvency risk
Investment 61
Disciplined investing over empire-building
Low Volatility 50
Calm price path (market factor)
Momentum 25
Price trend over the last 3–12 months (market factor)
52W Momentum 9
Distance to the 52-week high (market factor)
Net Issuance 50
Share count: buybacks or dilution?

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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. 23/100
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 · 709 stocks

Beats the industry median on 9/10 measures
Overall it ranks above its industry peers.
Valuation
Quality Score 54 · Above median
Fair Value upside +10% · Above median
Profitability
Return on equity (TTM) 8% · Above median
Return on assets 3% · Above median
Net margin (TTM) 15% · Top 25%
Operating margin (TTM) 22% · Top 25%
Growth and dividend
Revenue growth 56% · Top 25%
Balance sheet
Debt / equity 0.17× · Above median

Valuation Multiplesvs Specialty Chemicals median · lower = cheaper

P/B 0.29× · 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 (TTM) 0.18× · Cheapest 25%
EV/EBITDA 1.0× · Cheapest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)29 · sector 0
FUTURE (revenue growth)100 · sector 21
PAST (return on equity)31 · sector 23
HEALTH (low debt)91 · sector 95
DIVIDEND (yield)0 · sector 29

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
Linde plc LIN $469.72 $441.28 −6%
The Sherwin-Williams Company SHW $326.46 $148.97 −54%
Ecolab Inc ECL $276.72 $96.18 −65%
Air Products and Chemicals, Inc APD $286.97 $122.14 −57%
Nan Ya Plastics Corporation 1303 238.00 TWD 235.25 TWD −1%
Givaudan SA GIVN CHF 3,406 CHF 1,523 −55%
Wanhua Chemical Group 600309 ¥71.60 ¥68.03 −5%
Sika AG SIKA CHF 182.10 CHF 98.89 −46%
Asian Paints Limited ASIANPAINT ₹2,455 ₹1,479 −40%
PPG Industries, Inc PPG $107.20 $77.06 −28%

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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 Sep 23, 2026, our model estimates a fair value of kr 3.64 versus a price of kr 3.76, about −3% upside (fairly valued).
What is the fair value of PCAT?
Our model-based fair value for Photocat AS is kr 3.64 (as of Sep 23, 2026), built from audited fundamentals. The current price: kr 3.76.
What is the quality score of PCAT?
Photocat AS has a Quality Score of 54/100. 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 3.64 (as of Sep 23, 2026) from 14 valuation models. Cautious scenario kr 2.55, optimistic scenario kr 4.58. 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 3.64, about −3% upside versus a price of kr 3.76 (fairly valued). Cautious scenario kr 2.55, optimistic scenario kr 4.58. 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 17.9M DKK (latest available figure, as of Sep 23, 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 3.64 per share (as of Sep 23, 2026), against a price of kr 3.76. It is the blended result of 14 valuation models (cash flow, earnings, asset, dividend).
Is Photocat AS stock overvalued or undervalued in 2026?
As of Sep 23, 2026, PCAT trades above its calculated fair value: price kr 3.76, fair value kr 3.64, a gap of about −3% (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 3.76); the fair value is what the company's own numbers justify (kr 3.64). For Photocat AS the two are kr 0.1200 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 32.4M SEK (market capitalisation, as of Sep 23, 2026). Per share that is kr 3.76; our models calculate a fair value of kr 3.64 per share.
What do the bullish and bearish scenarios say about PCAT?
Our models span a range for Photocat AS: cautious scenario kr 2.55, base kr 3.64, optimistic kr 4.58 per share (as of Sep 23, 2026, price kr 3.76). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Photocat AS (PCAT)?
Balance-sheet figures for Photocat AS (as of Sep 23, 2026): return on equity 7.8%, debt of 0.17 per unit of equity. They feed the Quality Score of 54/100, which measures business quality independently of the share price.
How far is PCAT from its 52-week high?
Photocat AS trades at kr 3.76, about 59% below its 52-week high of kr 9.25 and 45% above the low of kr 2.60 (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of kr 3.64 is for.
Which stocks are comparable to Photocat AS?
From the same area (Basic Materials) we also value Linde plc, The Sherwin-Williams Company, Ecolab Inc, Air Products and Chemicals, Inc, 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 Sep 23, 2026: price kr 3.76, calculated fair value kr 3.64 (−3%), Quality Score 54/100, 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 PCAT calculated?
We run Photocat AS 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 3.64, 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 13.0 % above its aggregate fair value. Photocat AS 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 Photocat AS (PCAT)?
The closing price on Sep 24, 2026 was kr 3.76. Our model-based fair value is kr 3.64, about −3% 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 32.4M SEK (≈ $3.3M). 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 1.80 (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 Photocat AS (PCAT)?
Earnings per share at Photocat AS are kr −0.0700. 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 7.8% (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 22.4% (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 +56.4% 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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