Data sourced from SEC EDGAR filings and third-party price providers. Scores, valuations, and metrics are algorithmic estimates. This is not investment advice. See our Terms and Methodology.
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Data sourced from SEC EDGAR filings and third-party price providers. Scores, valuations, and metrics are algorithmic estimates. This is not investment advice. See our Terms and Methodology.
Photocure ASA is a Norwegian specialty pharmaceutical company specializing in photodynamic technology for cancer diagnostics and treatment. Headquartered in Oslo and founded in 1993, it focuses primarily on bladder cancer solutions, positioning itself as 'The Bladder Cancer Company.' Its flagship product, Hexvix/Cysview, enables the detection of bladder cancer by making cancer cells glow bright pink during cystoscopy procedures, improving diagnosis accuracy and patient outcomes. This product is commercialized through direct sales in key markets like North America and Europe, and via partners in regions including China, Australia, New Zealand, Chile, and Israel. Photocure operates in two segments: Commercial Franchise, generating revenue from Hexvix/Cysview, and Development Portfolio, which includes Cevira for treating HPV-induced cervical precancerous lesions under license with Asieris MediTech. The company also collaborates with Richard Wolf GmbH on advanced cystoscopy systems. With around 100 employees, Photocure sells to wholesalers, pharmacies, and hospitals worldwide, emphasizing innovation in the underserved bladder cancer market.
NOK 57.95
NOK 3.25 (-5.31%)
EOD Jul 1, 2026
The business is unprofitable at the operating level (-0.14% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue growth slowed to 1.4%, essentially flat. Margins also contracted 4.0pp. This is a business that needs a catalyst.
Free cash flow declined 85% versus the prior year, cash generation momentum has weakened. ROIC dropped from 1.98% to -0.11%, capital efficiency is deteriorating.
18.4x earnings, 925.1x FCF. Valuation is in a reasonable range. The main question is whether the business can re-accelerate or if current trajectory is already priced in.
Based on TTM earnings · Diluted shares
Profitability & Returns
Revenue (TTM)
NOK 672M
▲ +1.4% YoY
Net Income (TTM)
NOK 84M
▲ +54.6% YoY
Op. Margin
18.68%
▼ -4.0pp YoY
ROIC
-0.11%
▼ -2.1pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
NOK 2M
▼ -84.7% YoY
Op. Cash Flow (TTM)
NOK 145M
▼ -58.7% YoY
Net Debt
-NOK 224M
Net Cash Position
Cash & Equiv.
NOK 235M
3Y CAGR: +10.6%
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At a P/E of 18.4 and a price-to-free-cash-flow of 925.1, Photocure ASA (PHO.XOSL) trades above a two-stage DCF intrinsic value of about NOK 9.46 per share, so at NOK 57.95 the stock looks overvalued (83.7% above estimated intrinsic value). A high multiple is not the same as overvalued: fast-growing, high-quality businesses can deserve a premium. See the general approach in how to tell if a stock is overvalued.
On quality, Photocure ASA scores 63/100 on Intrinsiqq's quality scorecard (a solid business on these measures), weighing growth, margins, returns on capital, share count, and balance-sheet strength. All figures are computed from SEC filings; read the full methodology. This is analysis, not investment advice.
Intrinsiqq's two-stage DCF estimates an intrinsic value of about NOK 9.46 per share for PHO.XOSL, projecting its recent free cash flow forward with a growth rate that fades toward a long-run rate and discounting it back to today. Applying a 25% margin of safety gives a more conservative fair-value entry around NOK 7.10. At today's NOK 57.95, that puts the stock about 83.7% above estimated intrinsic value. The result is sensitive to the growth and discount-rate inputs, so it is best to run conservative, base and optimistic cases. You can adjust all of them yourself with the sliders on the DCF tab.
Photocure ASA scores 63 out of 100 on Intrinsiqq's quality score, a weighted blend of 8 metrics each scored 0 to 100, which makes it a solid business on these measures. Recent fundamentals include a 18.7% operating margin and a -0.1% return on invested capital. The score weighs revenue and free-cash-flow growth, operating margins, return on invested capital, share-count change, and balance-sheet strength, all computed from SEC filings, not opinion. Because valuation only means something relative to quality, the full metric-by-metric breakdown is on the quality scorecard.
That depends on valuation and quality together, not either alone. PHO.XOSL currently trades above its estimated intrinsic value and scores 63/100 on quality (solid). A cheap price is only a bargain if the business is durable, and a premium can be justified by genuine quality, so the two questions, "is it cheap?" and "is it good?", only make sense side by side. Read the valuation against the quality scorecard, run the DCF on your own assumptions, and decide for yourself. This is analysis from SEC filings, not investment advice.