PhotoCure (Buy, TP: NOK110.00) - Keeping an eye on US Flex decline
We expect Q2 to show healthy underlying trends (results due at 08:00 CET on 9 August), but will keep an eye on Flex systems in the US given Karl Storz will stop servicing and supporting these later this year, meaning their numbers are set to decline over time, and therefore also Cysview for those systems. However, as they make up a minority of group sales, we reiterate our BUY, but have lowered our target price to NOK110 (115).Photocure is a Norwegian based specialty pharmaceutical company. Co. develops and commercializes solutions in several disease areas such as bladder cancer, colorectal cancer, HPV and precancerous lesions of the cervix, acne and other dermatologic conditions. Co. has one marketed product that Co. commercializes directly in the U.S. and the Nordic region is Hexvix®/Cysview®, for detection of bladder cancer.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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