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 ...

One hot, one not

'26 ÖoB weaker

EBIT -3% vs cons on a small GM / Opex miss. Sales better. ÖoB below and do not expect EBIT improvement in '26. Unchanged '26 EBIT in ÖoB yoy will take cons '26 EBIT down 6-7%.

Solid report not rewarded enough

Solid report – continued signs of scaling

Stock down 25%, we return to BUY

Solid Q3 expected

Too many Cevira dreams priced in

Delivering the goods

Improvements in Q2

Strong core, Swede needs more

Better on higher sales

EBIT +18% vs cons on 3% better sales. ÖoB better than cons and celar q-o-q improvement

Stable ground, numbers on track

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...

Europris (Buy, TP: NOK90.00) - Well-equipped for a harsher climate

Q1 earnings were below expectations, partly due to negative currency hedging effects in Norway and Sweden, and continued weakness in Sweden. However, we believe Europris is well-positioned for the current market climate and expect a successful turnaround in Sweden by 2028. We reiterate our BUY as we continue to find the valuation attractive, but have cut our target price to NOK90 (95) on lowered estimates.

Sweden fuels the unknown