PhotoCure (Buy, TP: NOK95.00) - Overall solid report
Q3 sales were c3% below our estimate, but earnings were stronger, mainly driven by lower than expected operating expenses. The decline in US flex system sales continued as expected, but we believe rigid sales in the US held up well. The company is planning to bring a proprietary flex system to market globally and we expect it to provide more details on this with the Q4 report. We reiterate our BUY, but have cut our target price to NOK95 (100) on forecast adjustments.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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