PhotoCure (Buy, TP: NOK140.00) - BLC placements likely to be strong
We expect PhotoCure’s Q4 results to show strong placements of BLC systems and offer a preview of 2023. Earnings should be decent even though we believe most new BLCs (not part of the OPP) were placed at quarter-end. We forecast placement of 20 new BLCs (15 rigid and 5 flexible) in the US in addition to the remaining OPP systems. We reiterate our BUY and NOK140 target price.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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