PhotoCure (Buy, TP: NOK155.00) - Improved outlook in Europe
Q4 saw slightly stronger sales than consensus and we had forecast, but bottom-line earnings were hit by one-off costs from the Ipsen earn-out. However, the value of future earn-outs should grow as Photocure believes the acquired markets are performing better than it had previously expected. 2022 is set to be back-end-loaded, related to BLC placements in the US. We reiterate our BUY and target price of NOK155, despite our near-term estimate cuts.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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