PhotoCure (Buy, TP: NOK80.00) - Small forecast adjustments
We have made minor adjustments ahead of the Q1 results (due at 08:00 CET on 8 May), and believe Photocure is continuing to make progress in its core business. In our opinion, the company will meet its 2025 targets, but we have cut our target price to NOK80 (84) due to our lowered sales estimate and EBIT margin. While we do not include future milestone payments in our estimates, we see upside potential from possible Asieris payments in H2. Even without these, we still consider Photocure attractively valued and reiterate our BUY.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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