Company Valuation: Photocure ASA

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 2,769 2,895 1,827 1,681 1,900 1,375 - -
Change - 4.55% -36.89% -8.01% 13.04% -27.6% - -
Enterprise Value (EV) 1 2,483 2,639 1,567 1,387 1,661 1,206 1,218 1,216
Change - 6.28% -40.61% -11.53% 19.77% -27.36% 0.99% -0.22%
P/E -89.3x -40.2x 6,740x -344x -1,190x 18.1x 65.5x 44.1x
PBR - - - - - 3.82x 3.51x 3.3x
PEG - -0x -67x 0x 17.9x -0x -0.9x 0.9x
Capitalization / Revenue 7.68x 7.73x 4.09x 3.42x 3.57x 2.09x 2.06x 1.91x
EV / Revenue 6.89x 7.05x 3.51x 2.82x 3.12x 1.83x 1.83x 1.69x
EV / EBITDA 136x -107x 28.2x 28.2x 57.8x 11.4x 16.7x 14x
EV / EBIT -426x -53.9x 56.4x 68x -2,229x 10.9x 28.8x 22.2x
EV / FCF 113x -469x 35.4x 18.4x 95x 18.3x 108x 50x
FCF Yield 0.89% -0.21% 2.82% 5.43% 1.05% 5.47% 0.93% 2%
Dividend per Share 2 - - - - - - - -
Rate of return - - - - - - - -
EPS 2 -1.15 -2.66 0.01 -0.18 -0.06 2.83 0.78 1.16
Distribution rate - - - - - - - -
Net sales 1 360.5 374.5 446.2 491.7 532.6 658.3 666.3 720.3
EBITDA 1 18.3 -24.63 55.49 49.19 28.73 105.7 73 86.67
EBIT 1 -5.826 -49 27.81 20.4 -0.745 110.3 42.33 54.67
Net income 1 -30.9 -71.86 0.267 -4.81 -1.519 76.33 21 31.67
Net Debt 1 -285.4 -255.6 -259.5 -293.9 -238.9 -169 -157 -159.7
Reference price 2 102.70 106.80 67.40 62.00 71.40 51.10 51.10 51.10
Nbr of stocks (in thousands) 26,960 27,106 27,106 27,106 26,607 26,917 - -
Announcement Date 23/02/22 23/02/23 21/02/24 19/02/25 18/02/26 - - -
1NOK in Million2NOK
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
32.3x11.75x23.82x0.61% 1,013B
29.72x6.61x18.51x2.01% 644B
33.26x7.79x16.1x2.61% 465B
19.53x4.77x11.83x2.78% 352B
19.64x5.13x12.73x3.13% 264B
20.94x4.32x12.33x2.04% 253B
23.76x6.28x11.19x2.69% 203B
12.28x4.47x9.35x4.09% 188B
-44.25x6.45x25.21x2.25% 181B
Average 16.35x 6.40x 15.67x 2.47% 395.97B
Weighted average by Cap. 23.51x 7.63x 17.62x 2.01%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA


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