Buy the rumour, sell the news

Through the timing trough

In line

Soft Q4 expected, but long-term case intact

Photocure ASA: 1 director

A director at Photocure ASA maiden bought 13,500 shares at 55.210NOK and the significance rating of the trade was 57/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years ...

Solid report not rewarded enough

Solid report – continued signs of scaling

Stock down 25%, we return to BUY

Too many Cevira dreams priced in

Delivering the goods

Improvements in Q2

Soft quarter, but the penalty has been served

PhotoCure (Buy, TP: NOK80.00) - Generally in line

Photocure reported c7% YOY product revenue growth for Q1, but operating expenses rose substantially, resulting in EBIT of NOK-5.6m, down YOY from NOK0.7m in Q1 2024. The company reiterated its guidance for 2025. A webcast is scheduled for today at 14:00 CET.

Weak US

Tariff proof

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 attractiv...

Re-adjustments & small positives

PhotoCure (Buy, TP: NOK84.00) - On course for continued growth

Photocure reported its highest-ever quarterly product revenues in Q4, but EBIT was significantly lower than we expected due to the timing of project expenses, negative FX, and inflation. For 2025, the company guided for product revenue growth of 7–11% and a YOY EBITDA improvement. We believe several initiatives support continued growth. We still find the valuation attractive and reiterate our BUY and NOK84 target price.

Soft end to the year

Mixed Q4, increased guidance