Photocure (PHO) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Photocure NOK 26.58, price NOK 50.80, upside -47.7%, quality 65 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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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 40.85 – kr 144.50 · fair‑value band kr 18.72 – kr 39.30 · the kr 50.80 price screens above the kr 26.58 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 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. 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 (PHO) currently trades at kr 50.80, while our model-based Fair Value estimate is kr 26.58, implying the stock looks roughly 91.1% overvalued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of kr 25.36 per share, and 0 of the 10 models we run sit above the kr 50.80 price.
Bear case: the Multiples group reads lowest at kr 7.78, and 10 of the 10 models stay below the price. Evidence for this calculation is medium.
Scenario range: kr 18.72 (bear) to kr 39.30 (bull), the price of kr 50.80 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 65/100 (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 1.6B NOK (≈ $165M) · P/E ratio 16.1 · P/S ratio 2.34 · EPS (TTM) kr 3.15 · Net margin −0.3% · Return on equity 16.1% · Return on assets (EBIT) 0.2% · Operating margin 45.6%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 47 out of 100 (low confidence).
What moves the price
The share trades about 36% 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 −8% fair-value upside, at −48%, PHO screens richer than that median.
Fair Value models
Bear kr 18.72Fair Value kr 26.58Bull kr 39.30
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. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (kr 2.31 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.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.
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 25 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.
+24.7%
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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).
+64.5%
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 +60.6% a year for the price and +2.7% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (70 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 · 630 stocks
Beats the industry median on 8/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score65 · Top 25%
Fair Value upside−49% · Below median
Profitability
Return on equity (TTM)16% · Top 25%
Return on assets11% · Top 25%
Net margin (TTM)13% · Above median
Operating margin (TTM)46% · Top 25%
Growth and dividend
Revenue growth111% · Top 25%
Balance sheet
Debt / equity0.21× · Above median
Valuation Multiplesvs Drug Manufacturers - Specialty & Generic median · lower = cheaper
P/E (TTM)16.1× · Cheaper than median
P/B3.24× · Pricier than median
P/S (TTM)2.34× · Pricier than median
P/FCF31.5× · Priciest 25%
EV/EBITDA9.7× · Cheaper than median
PEG14.90× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 14
FUTURE (revenue growth)100· sector 20
PAST (return on equity)64· sector 27
HEALTH (low debt)90· sector 96
DIVIDEND (yield)0· sector 32
VALUE 0: the price sits above our fair-value range.
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 Sep 24, 2026, our model estimates a fair value of kr 26.58 versus a price of kr 50.80, about −48% upside (overvalued).
What is the fair value of PHO?
Our model-based fair value for Photocure is kr 26.58 (as of Sep 24, 2026), built from audited fundamentals. The current price: kr 50.80.
What is the quality score of PHO?
Photocure has a Quality Score of 65/100. 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 26.58 (as of Sep 24, 2026) from 10 valuation models. Cautious scenario kr 18.72, optimistic scenario kr 39.30. 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 26.58, about −48% upside versus a price of kr 50.80 (overvalued). Cautious scenario kr 18.72, optimistic scenario kr 39.30. The calculation is refreshed regularly with new filings.
What is the revenue of Photocure (PHO)?
Photocure reported trailing-twelve-month revenue of about 672M NOK (latest available figure, as of Sep 24, 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 +64.5 % 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 Sep 24, 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 0.35, 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 +64.5 % per year a year over ten years, 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 +64.5 % 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 (PHO) growing?
The median revenue growth in the sector is +4.2 % a year. That is the yardstick for the growth priced into Photocure (+64.5 % 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 (PHO)?
The free-cash-flow yield on the price is 0.39 %: 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 26.58 per share (as of Sep 24, 2026), against a price of kr 50.80. It is the blended result of 10 valuation models (cash flow, earnings, asset, dividend).
Is Photocure stock overvalued or undervalued in 2026?
As of Sep 24, 2026, PHO trades above its calculated fair value: price kr 50.80, fair value kr 26.58, a gap of about −48% (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 50.80); the fair value is what the company's own numbers justify (kr 26.58). For Photocure the two are kr 24.22 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 1.6B NOK (market capitalisation, as of Sep 24, 2026). Per share that is kr 50.80; our models calculate a fair value of kr 26.58 per share.
What do the bullish and bearish scenarios say about PHO?
Our models span a range for Photocure: cautious scenario kr 18.72, base kr 26.58, optimistic kr 39.30 per share (as of Sep 24, 2026, price kr 50.80). 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 16.1 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of kr 26.58 is built from several models across several years. Other multiples: PEG 14.9, P/B 3.2, P/S 2.3, EV/EBITDA 9.7.
What is the PEG ratio of PHO?
The PEG ratio of Photocure is 14.90 (P/E divided by earnings growth, as of Sep 24, 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 Sep 24, 2026): return on equity 16.1%, debt of 0.21 per unit of equity. They feed the Quality Score of 65/100, which measures business quality independently of the share price.
How far is PHO from its 52-week high?
Photocure trades at kr 50.80, about 36% below its 52-week high of kr 79.00 and 6% above the low of kr 48.10 (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of kr 26.58 is for.
Which stocks are comparable to Photocure?
From the same area (Healthcare) we also value Merck KGaA, Takeda Pharmaceutical Company, Jiangsu Hengrui Pharmaceuticals Co, 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 stock attractive at the current price?
The data as of Sep 24, 2026: price kr 50.80, calculated fair value kr 26.58 (−48%), Quality Score 65/100, from 10 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 10 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 26.58, 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. 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 Sep 24, 2026 was kr 50.80. Our model-based fair value is kr 26.58, about −48% upside (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 39.30). 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 18.72 to kr 39.30) 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 1.6B NOK (≈ $165M). 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 2.34 (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 3.15 (price ÷ EPS = P/E 16.1). 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 −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 (PHO)?
The return on equity (ROE) of Photocure 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 (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 45.6% (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 +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 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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