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

EBIT below driven by SWE and GP

EBIT -37m vs cons +6m on lower sales in SWE and lower group gross profit. Gross profit hit by unrealized FX as the NOK has strengthened.

Built for resilience

Europris (Buy, TP: NOK95.00) - Strong Q1 masked by late Easter

We are positive ahead of Q1, expecting results in line with consensus and on a par with last year, on solid LFL growth in Norway despite a late Easter. We reiterate our BUY and NOK95 target price, as we continue to find the valuation attractive relative to peers on earnings multiples excluding ÖoB’s long-term value potential.

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

Europris (Buy, TP: NOK95.00) - Norway leading the way

Q4 earnings were above expectations on a strong performance by Norway, while Sweden was soft, primarily due to higher costs, reflecting the ongoing turnaround. We reiterate our BUY and have raised our target price to NOK95 (85) on minor positive estimate revisions. At our target price, Europris would be trading at a 2025e P/E of 15.5x adjusted for ÖoB (which we estimate could add >NOK1 to EPS by 2028).

A tale of two markets

Better, Norway very solid on high GM

EBIT 6% better, Norway particularly strong on higher margins. Somewhat more optimistic outlook

Steady, but no spark

Europris (Buy, TP: NOK85.00) - Stocked up for the holidays

We are slightly positive ahead of the Q4 results, expecting EBITDA 4% above consensus on solid LFL growth and gross margin improvement in Norway. We have upgraded to BUY (HOLD) and raised our target price to NOK85 (73), as we find the valuation increasingly attractive relative to peers on earnings multiples excluding ÖoB’s long-term value potential.

Photocure ASA: 1 director

A director at Photocure ASA bought 20,218 shares at 50.187NOK and the significance rating of the trade was 58/100. 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 clearly...