Photocure ASA (PHO) Fair Value & Analysis

Healthcare · NO · Market cap 1.6B NOK

A solid business, but screening 55% overvalued on our models.

What matters now

• The price sits above even our optimistic bull case (kr 27.36). The favourable scenario is already priced in.
• Solid but not exceptional quality (65/100) and above fair value, neither a clear bargain nor a standout compounder.
• A fairly wide model range (kr 13.87 to kr 27.36) leaves room in how you read the outcome.

Price vs Fair Value (5 years)

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 13, 2026.

How to read this chart

60‑month range kr 40.85 – kr 150.90 · fair‑value band kr 13.87 – kr 27.36 · the kr 52.60 price screens above the kr 23.58 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 13, 2026.

Full chart & analysis →

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Analysis

Photocure ASA (PHO) currently trades at kr 52.60, while our model-based Fair Value estimate is kr 23.58, implying the stock looks roughly 55.2% overvalued today. The Quality Score stands at 65/100 (solid quality), in the Healthcare sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: medium).

Over the trailing twelve months, Photocure ASA generated revenue of 672M NOK at a net margin of 12.6%. Revenue grew 111.1% year over year. It earns a return on equity of 16.1%. The balance sheet holds a net cash position of 225M NOK. Fundamentals as of Jul 13, 2026

Our scenario range runs from kr 13.87 (bear case) to kr 27.36 (bull case); at kr 52.60, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 34% below its 52-week high and 6% above its 52-week low, currently below its 200-day average. For context, the median of 10 Healthcare peers we cover trades at -49% fair-value upside, at -55%, PHO screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Widest divergence: Dividend Discount (kr 20.42) versus Multiples (kr 7.78). Highest evidence: Growth DCF (80).

Key figures & financial health

Quality Score breakdown

About the company

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.

Full company description

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.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Photocure ASA reported revenue of kr 533M in FY2025 versus kr 361M in FY2021, a compound +10.2%/yr. Reported net income was −kr 1.5M in FY2025.

PHO screens 55% overvalued. Compare with Jiangsu Hengrui Pharmaceuticals Co →

Peer Group

Drug Manufacturers - Specialty & Generic · 623 stocks

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.

Valuation Multiples vs Drug Manufacturers - Specialty & Generic median · lower = cheaper

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 0: the price sits above our fair-value range.

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

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Frequently asked questions

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.