PhotoCure (Buy, TP: NOK87.00) - Important long-term deal
For the Q2 report (due at 08:00 CET on 7 August), we expect earnings to be in line with our estimates and thus have not changed our forecasts. Focus should be on long-term growth and the deal with Richard Wolf regarding the development of a new flexible blue light cystoscope for the global markets. We believe such a product could be ready for launch in about two years, and the cost to Photocure should be reasonable. We reiterate our BUY and NOK87 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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