Loading...

We've got a brand new version of Simply Wall St! Try it out

Photocure

OB:PHO
Snowflake Description

Exceptional growth potential with excellent balance sheet.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
PHO
OB
NOK1B
Market Cap
  1. Home
  2. NO
  3. Pharmaceuticals & Biotech
Company description

Photocure ASA, a specialty pharmaceutical company, engages in the research, development, production, distribution, marketing, and sale of pharmaceutical products in Nordic countries and the United States. The last earnings update was 38 days ago. More info.


Add to Portfolio Compare Print
PHO Share Price and Events
7 Day Returns
5.3%
OB:PHO
-2.2%
Europe Pharmaceuticals
2.6%
NO Market
1 Year Returns
-8.8%
OB:PHO
6.8%
Europe Pharmaceuticals
-9.1%
NO Market
PHO Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Photocure (PHO) 5.3% 6.5% 25.3% -8.8% 32.4% 164.7%
Europe Pharmaceuticals -2.2% 0.5% 2.3% 6.8% 10.1% 3.1%
NO Market 2.6% 8% 2.6% -9.1% 31.3% 13.2%
1 Year Return vs Industry and Market
  • PHO underperformed the Pharmaceuticals industry which returned 6.8% over the past year.
  • PHO matched the Norway Market (-9.1%) over the past year.
Price Volatility
PHO
Industry
5yr Volatility vs Market

PHO Value

 Is Photocure undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Photocure to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Photocure.

OB:PHO Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 2 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 6.6%
Perpetual Growth Rate 10-Year NO Government Bond Rate 1.8%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for OB:PHO
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year NO Govt Bond Rate 1.8%
Equity Risk Premium S&P Global 6%
Pharmaceuticals Unlevered Beta Simply Wall St/ S&P Global 0.7
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.703 (1 + (1- 23%) (0.73%))
0.804
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.8
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 1.76% + (0.804 * 5.96%)
6.55%

Discounted Cash Flow Calculation for OB:PHO using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Photocure is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Note: Free cash flow to equity valuations ignore the company's cash or debt.

OB:PHO DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (NOK, Millions) Source Present Value
Discounted (@ 6.55%)
2020 49.00 Analyst x1 45.99
2021 133.00 Analyst x1 117.15
2022 178.00 Analyst x1 147.14
2023 249.00 Analyst x1 193.18
2024 303.67 Est @ 21.96% 221.11
2025 351.95 Est @ 15.9% 240.50
2026 392.98 Est @ 11.66% 252.03
2027 427.12 Est @ 8.69% 257.08
2028 455.35 Est @ 6.61% 257.22
2029 478.82 Est @ 5.15% 253.84
Present value of next 10 years cash flows NOK1,985.00
OB:PHO DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= NOK478.82 × (1 + 1.76%) ÷ (6.55% – 1.76%)
NOK10,168.49
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= NOK10,168.49 ÷ (1 + 6.55%)10
NOK5,390.78
OB:PHO Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= NOK1,985.00 + NOK5,390.78
NOK7,375.78
Equity Value per Share
(NOK)
= Total value / Shares Outstanding
= NOK7,375.78 / 21.78
NOK338.65
OB:PHO Discount to Share Price
Calculation Result
Value per share (NOK) From above. NOK338.65
Current discount Discount to share price of NOK54.00
= -1 x (NOK54.00 - NOK338.65) / NOK338.65
84.1%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Photocure is available for.
Intrinsic value
>50%
Share price is NOK54 vs Future cash flow value of NOK338.65
Current Discount Checks
For Photocure to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Photocure's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Photocure's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Photocure's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Photocure's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
OB:PHO PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-06-30) in NOK NOK-1.23
OB:PHO Share Price ** OB (2019-09-13) in NOK NOK54
Europe Pharmaceuticals Industry PE Ratio Median Figure of 54 Publicly-Listed Pharmaceuticals Companies 23.94x
Norway Market PE Ratio Median Figure of 149 Publicly-Listed Companies 13.32x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Photocure.

OB:PHO PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= OB:PHO Share Price ÷ EPS (both in NOK)

= 54 ÷ -1.23

-43.78x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Photocure is loss making, we can't compare its value to the Europe Pharmaceuticals industry average.
  • Photocure is loss making, we can't compare the value of its earnings to the Norway market.
Price based on expected Growth
Does Photocure's expected growth come at a high price?
Raw Data
OB:PHO PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section -43.78x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts
109.4%per year
Europe Pharmaceuticals Industry PEG Ratio Median Figure of 38 Publicly-Listed Pharmaceuticals Companies 1.78x
Norway Market PEG Ratio Median Figure of 110 Publicly-Listed Companies 0.72x

*Line of best fit is calculated by linear regression .

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to calculate PEG ratio for Photocure, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Photocure's assets?
Raw Data
OB:PHO PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-06-30) in NOK NOK7.66
OB:PHO Share Price * OB (2019-09-13) in NOK NOK54
Europe Pharmaceuticals Industry PB Ratio Median Figure of 115 Publicly-Listed Pharmaceuticals Companies 2.87x
Norway Market PB Ratio Median Figure of 238 Publicly-Listed Companies 1.13x
OB:PHO PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= OB:PHO Share Price ÷ Book Value per Share (both in NOK)

= 54 ÷ 7.66

7.05x

* Primary Listing of Photocure.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Photocure is overvalued based on assets compared to the Europe Pharmaceuticals industry average.
X
Value checks
We assess Photocure's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Pharmaceuticals industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Pharmaceuticals industry average (and greater than 0)? (1 check)
  5. Photocure has a total score of 2/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

PHO Future Performance

 How is Photocure expected to perform in the next 1 to 3 years based on estimates from 2 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
109.4%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Photocure expected to grow at an attractive rate?
  • Photocure's earnings growth is expected to exceed the low risk savings rate of 1.8%.
Growth vs Market Checks
  • Photocure's earnings growth is expected to exceed the Norway market average.
  • Photocure's revenue growth is expected to exceed the Norway market average.
Annual Growth Rates Comparison
Raw Data
OB:PHO Future Growth Rates Data Sources
Data Point Source Value (per year)
OB:PHO Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts 109.4%
OB:PHO Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 2 Analysts 28.6%
Europe Pharmaceuticals Industry Earnings Growth Rate Market Cap Weighted Average 13.3%
Europe Pharmaceuticals Industry Revenue Growth Rate Market Cap Weighted Average 4.7%
Norway Market Earnings Growth Rate Market Cap Weighted Average 15.1%
Norway Market Revenue Growth Rate Market Cap Weighted Average 4%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
OB:PHO Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below
All numbers in NOK Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
OB:PHO Future Estimates Data
Date (Data in NOK Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31 427 140 122 1
2020-12-31 301 56 36 2
2019-12-31 245 -23 15 2
2019-09-14
OB:PHO Past Financials Data
Date (Data in NOK Millions) Revenue Cash Flow Net Income *
2019-06-30 199 -14 -27
2019-03-31 192 -21 -39
2018-12-31 182 -24 -37
2018-09-30 171 -28 -38
2018-06-30 162 -26 -43
2018-03-31 156 -31 -31
2017-12-31 151 -24 -35
2017-09-30 150 19 -4
2017-06-30 149 14 6
2017-03-31 145 18 29
2016-12-31 144 19 35
2016-09-30 140 -33 8

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Photocure's earnings are expected to grow significantly at over 20% yearly.
  • Photocure's revenue is expected to grow significantly at over 20% yearly.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
OB:PHO Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below

All data from Photocure Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

OB:PHO Future Estimates Data
Date (Data in NOK Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31 5.60 5.60 5.60 1.00
2020-12-31 1.82 2.00 1.63 2.00
2019-12-31 0.11 0.69 -0.48 2.00
2019-09-14
OB:PHO Past Financials Data
Date (Data in NOK Millions) EPS *
2019-06-30 -1.23
2019-03-31 -1.79
2018-12-31 -1.70
2018-09-30 -1.75
2018-06-30 -2.00
2018-03-31 -1.43
2017-12-31 -1.61
2017-09-30 -0.18
2017-06-30 0.29
2017-03-31 1.38
2016-12-31 1.64
2016-09-30 0.37

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Photocure is expected to efficiently use shareholders’ funds in the future (Return on Equity greater than 20%).
X
Future performance checks
We assess Photocure's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Europe market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Photocure has a total score of 6/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

PHO Past Performance

  How has Photocure performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Photocure's growth in the last year to its industry (Pharmaceuticals).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Photocure does not make a profit and their year on year earnings growth rate was negative over the past 5 years.
  • Unable to compare Photocure's 1-year earnings growth to the 5-year average as it is not currently profitable.
  • Unable to compare Photocure's 1-year growth to the Europe Pharmaceuticals industry average as it is not currently profitable.
Earnings and Revenue History
Photocure's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Photocure Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

OB:PHO Past Revenue, Cash Flow and Net Income Data
Date (Data in NOK Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-06-30 199.47 -26.81 147.27 16.40
2019-03-31 192.15 -38.62 139.87 17.68
2018-12-31 181.51 -36.71 131.55 19.15
2018-09-30 171.05 -37.74 123.06 22.84
2018-06-30 162.25 -43.06 170.21 42.40
2018-03-31 155.95 -30.77 113.58 27.50
2017-12-31 150.91 -34.70 107.72 32.59
2017-09-30 149.58 -3.84 103.45 32.36
2017-06-30 149.21 6.31 44.55 13.18
2017-03-31 145.29 29.09 92.09 27.37
2016-12-31 143.63 35.31 90.32 22.96
2016-09-30 140.03 8.03 91.35 24.83
2016-06-30 140.67 3.00 90.77 26.29
2016-03-31 139.99 -25.93 87.13 29.85
2015-12-31 134.72 -36.18 83.81 31.34
2015-09-30 126.19 -58.36 53.31 31.10
2015-06-30 147.14 -29.23 56.55 31.37
2015-03-31 137.86 -22.61 59.18 30.93
2014-12-31 128.95 -24.70 63.75 32.55
2014-09-30 129.32 -2.20 65.11 32.75
2014-06-30 91.66 -39.40 64.95 34.31
2014-03-31 88.61 -50.26 71.20 33.57
2013-12-31 83.62 -58.65 76.17 33.98
2013-09-30 104.62 -43.81 78.60 37.50
2013-06-30 108.45 -51.46 84.13 42.03
2013-03-31 116.51 -44.73 84.49 45.19
2012-12-31 133.82 -30.12 82.53 50.08
2012-09-30 128.06 24.61 56.75 55.83

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • It is difficult to establish if Photocure has efficiently used shareholders’ funds last year (Return on Equity greater than 20%) as it is loss-making.
  • It is difficult to establish if Photocure has efficiently used its assets last year compared to the Europe Pharmaceuticals industry average (Return on Assets) as it is loss-making.
  • It is difficult to establish if Photocure improved its use of capital last year versus 3 years ago (Return on Capital Employed) as it is currently loss-making.
X
Past performance checks
We assess Photocure's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Pharmaceuticals industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Photocure has a total score of 0/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

PHO Health

 How is Photocure's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Photocure's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Photocure is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Photocure's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Photocure's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Photocure has no debt, it does not need to be covered by short term assets.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Photocure Company Filings, last reported 2 months ago.

OB:PHO Past Debt and Equity Data
Date (Data in NOK Millions) Total Equity Total Debt Cash & Short Term Investments
2019-06-30 166.74 0.00 86.66
2019-03-31 171.80 0.00 91.41
2018-12-31 176.34 0.00 102.50
2018-09-30 182.62 0.00 92.83
2018-06-30 189.10 0.00 97.90
2018-03-31 203.86 0.00 110.75
2017-12-31 218.08 0.00 125.30
2017-09-30 230.72 0.00 123.09
2017-06-30 240.98 0.00 137.02
2017-03-31 245.91 0.00 155.47
2016-12-31 251.94 0.00 165.33
2016-09-30 234.08 0.00 93.91
2016-06-30 232.95 0.00 104.45
2016-03-31 213.51 0.00 120.62
2015-12-31 210.06 0.00 129.95
2015-09-30 217.69 0.00 139.47
2015-06-30 220.95 0.00 146.68
2015-03-31 233.03 0.00 149.74
2014-12-31 240.06 0.00 161.25
2014-09-30 277.25 0.00 166.85
2014-06-30 261.96 0.00 140.74
2014-03-31 272.92 0.00 149.72
2013-12-31 269.12 0.00 163.23
2013-09-30 271.84 0.00 182.22
2013-06-30 286.87 0.00 198.50
2013-03-31 344.90 0.00 277.35
2012-12-31 380.27 0.00 298.58
2012-09-30 381.38 0.00 273.87
  • Photocure has no debt.
  • Photocure has not taken on any debt in the past 5 years.
CASH RUNWAY ANALYSIS

For companies that have on average been loss making in the past we assess whether they have at least 1 year of cash runway.

  • Photocure has sufficient cash runway for more than 3 years based on current free cash flow.
  • Unable to confirm if Photocure has at least 1 year of cash runway based on growing free cash flows without relevant data.
X
Financial health checks
We assess Photocure's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Photocure has a total score of 5/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

PHO Dividends

 What is Photocure's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
0%
Current annual income from Photocure dividends. Estimated to be 0% next year.
If you bought NOK2,000 of Photocure shares you are expected to receive NOK0 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Unable to evaluate Photocure's dividend yield against the bottom 25% of dividend payers as the company has not reported any payouts.
  • Unable to evaluate Photocure's dividend against the top 25% market benchmark as the company has not reported any payouts.
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
OB:PHO Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below
Europe Pharmaceuticals Industry Average Dividend Yield Market Cap Weighted Average of 39 Stocks 3%
Norway Market Average Dividend Yield Market Cap Weighted Average of 115 Stocks 4.5%
Norway Minimum Threshold Dividend Yield 10th Percentile 1.5%
Norway Bottom 25% Dividend Yield 25th Percentile 2.5%
Norway Top 25% Dividend Yield 75th Percentile 6.5%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

OB:PHO Future Dividends Estimate Data
Date (Data in NOK) Dividend per Share (annual) Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31
2020-12-31 0.00 1.00
2019-12-31 0.00 1.00
2019-09-14
OB:PHO Past Annualized Dividends Data
Date (Data in NOK) Dividend per share (annual) Avg. Yield (%)
2015-05-06 0.000 0.000
2015-02-12 0.000 0.000
2014-02-27 0.000 0.000
2013-04-30 2.000 5.985
2013-02-28 2.000 5.018

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to perform a dividend volatility check as Photocure has not reported any payouts.
  • Unable to verify if Photocure's dividend has been increasing as the company has not reported any payouts.
Current Payout to shareholders
What portion of Photocure's earnings are paid to the shareholders as a dividend.
  • Unable to calculate sustainability of dividends as Photocure has not reported any payouts.
Future Payout to shareholders
  • No need to calculate the sustainability of Photocure's dividends in 3 years as they are not expected to pay a notable one for Norway.
X
Income/ dividend checks
We assess Photocure's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.5%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Photocure afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Photocure has a total score of 0/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

PHO Management

 What is the CEO of Photocure's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Dan Schneider
TENURE AS CEO 0.8 years
CEO Bio

Mr. Daniel Schneider, also known as Dan, has been President & CEO of PhotoCure ASA since November 1, 2018. He has been Vice President of Sales at Pernix Sleep, Inc. (also known as Somaxon Pharmaceuticals, Inc.) since August 2008 and also served as Regional Account Executive. Mr. Schneider served as General Manager of Ablynx NV since October 16, 2017. He has 25 years of experience in establishing and leading the commercial operations at a number of companies in the life sciences industry. He is deeply involved in the successful launch of many pharmaceutical products, including those for orphan indications. He served as the General Manager of Specialty Pharmaceuticals Business Unit at BTG International Inc. He led a sales force of over 500 representatives and managers. Mr Schneider has also held executive management positions in other pharmaceutical and biotech companies, including BTG International, Somaxon Pharmaceuticals and Sepracor. Mr. Schneider was also integral to the development of the infrastructure of Sepracor's sales organization, including sales training. Mr. Schneider holds an MBA from Washington University and a Bachelor of Science degree in Business Administration from St. Louis University with a double major in Finance and Marketing.

CEO Compensation
  • Insufficient data for Dan to compare compensation growth.
  • Insufficient data for Dan to establish whether their remuneration is reasonable compared to companies of similar size in Norway.
Management Team Tenure

Average tenure and age of the Photocure management team in years:

2.3
Average Tenure
62
Average Age
  • The tenure for the Photocure management team is about average.
Management Team

Grete Hogstad

TITLE
Vice President of Strategic Marketing
COMPENSATION
NOK1M
AGE
63

Dan Schneider

TITLE
President & CEO
TENURE
0.8 yrs

Erik Dahl

TITLE
Chief Financial Officer
AGE
62
TENURE
7.1 yrs

Gry Stensrud

TITLE
Vice President of Technical Development & Operations
AGE
49

Espen Njåstad

TITLE
Head of Nordic Cancer Commercial Operations
TENURE
7.7 yrs

Jeremy Bahr

TITLE
Chief Business Officer
TENURE
2.3 yrs

Kari Myren

TITLE
Head of Global Medical Affairs & Clinical Development
TENURE
0.7 yrs

Tolv Hillestad

TITLE
Group Controller
Board of Directors Tenure

Average tenure and age of the Photocure board of directors in years:

2.4
Average Tenure
61
Average Age
  • The average tenure for the Photocure board of directors is less than 3 years, this suggests a new board.
Board of Directors

Jan Egberts

TITLE
Board Chairman
AGE
61
TENURE
2.4 yrs

Tom Pike

TITLE
Director
AGE
59
TENURE
5.7 yrs

Grannum Sant

TITLE
Director
TENURE
3.3 yrs

Johanna Holldack

TITLE
Director
TENURE
2.4 yrs

Gwen Melincoff

TITLE
Director
AGE
67
TENURE
2.4 yrs

Einar Antonsen

TITLE
Director
TENURE
0.3 yrs

Tove Ringvold

TITLE
Director
TENURE
0.3 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month open market individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (NOK) Value (NOK)
02. May 19 Sell KLP Kapitalforvaltning AS Company 02. May 19 02. May 19 -17,792 NOK50.45 NOK-897,606
26. Nov 18 Buy Ambaw Bellete Individual 26. Nov 18 26. Nov 18 1,600 NOK38.14 NOK61,024
13. Nov 18 Buy Jan Egberts Individual 13. Nov 18 13. Nov 18 2,000 NOK39.19 NOK78,376
13. Nov 18 Buy Daniel Schneider Individual 13. Nov 18 13. Nov 18 15,000 NOK37.90 NOK568,500
12. Nov 18 Buy Gwen Melincoff Individual 12. Nov 18 12. Nov 18 1,000 NOK38.10 NOK38,100
X
Management checks
We assess Photocure's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Photocure has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

PHO News

Simply Wall St News

Photocure ASA (OB:PHO): Commentary On Fundamentals

Attractive stocks have exceptional fundamentals. … Flawless balance sheet with exceptional growth potential PHO is an attractive stock for growth-seeking investors, with an expected earnings growth of 99% in the upcoming year. … We aim to bring you long-term focused research analysis driven by fundamental data.

Simply Wall St -

Is PhotoCure's (OB:PHO) 161% Share Price Increase Well Justified?

But on a lighter note, a good company can see its share price rise well over 100%. … View our latest analysis for PhotoCure PhotoCure isn't a profitable company, so it is unlikely we'll see a strong correlation between its share price and its earnings per share (EPS). … We'd argue this growth has been reflected in the share price which has climbed at a rate of 21% per year over in that time.

Simply Wall St -

Are Insiders Buying PhotoCure ASA (OB:PHO) Stock?

As Peter Lynch said, 'insiders might sell their shares for any number of reasons, but they buy them for only one: they think the price will rise.' See our latest analysis for PhotoCure PhotoCure Insider Transactions Over The Last Year President & CEO Daniel Schneider made the biggest insider purchase in the last 12 months. … OB:PHO Recent Insider Trading, June 18th 2019 PhotoCure is not the only stock that insiders are buying. … Insider Ownership of PhotoCure For a common shareholder, it is worth checking how many shares are held by company insiders.

Simply Wall St -

What Kind Of Shareholder Owns Most PhotoCure ASA (OB:PHO) Stock?

Taking a look at our data on the ownership groups (below), it's seems that institutions own shares in the company. … Insider Ownership Of PhotoCure The definition of company insiders can be subjective, and does vary between jurisdictions. … Sometimes insiders or other related parties have an interest in shares in a public company through a separate private company.

Simply Wall St -

A Holistic Look At PhotoCure ASA (OB:PHO)

PhotoCure ASA (OB:PHO) is a stock with outstanding fundamental characteristics. … When we build an investment case, we need to look at the stock with a holistic perspective. … In the case of PHO, it

Simply Wall St -

Have Insiders Been Buying PhotoCure ASA (OB:PHO) Shares?

We've lost count of how many times insiders have accumulated shares in a company that goes on to improve markedly. … So we'll take a look at whether insiders have been buying or selling shares in PhotoCure ASA (OB:PHO). … But logic dictates you should pay some attention to whether insiders are buying or selling shares.

Simply Wall St -

PhotoCure ASA (OB:PHO): Time For A Financial Health Check

PhotoCure ASA (OB:PHO), which has zero-debt on its balance sheet, can maximize capital returns by increasing debt due to its lower cost of capital. … Is financial flexibility worth the lower cost of capital … There are well-known benefits of including debt in capital structure, primarily a lower cost of capital.

Simply Wall St -

Investors Are Undervaluing PhotoCure ASA (OB:PHO) By 21.38%

by taking the expected future cash flows and discounting them to today's value. … discounted cash flows (DCF). … If you want to learn more about discounted cash flow, the basis for my calcs can be read in detail in the Simply Wall St analysis model

Simply Wall St -

PhotoCure ASA (OB:PHO) Has Attractive Fundamentals

As an investor, I look for investments which does not compromise one fundamental factor for another. … By this I mean, I look at stocks holistically, from their financial health to their future outlook. … financial health as well as

Simply Wall St -

What You Must Know About PhotoCure ASA's (OB:PHO) Financial Strength

The direct benefit for PhotoCure ASA (OB:PHO), which sports a zero-debt capital structure, to include debt in its capital structure is the reduced cost of capital. … However, the trade-off is PHO will have to adhere to stricter debt covenants and have less financial flexibility. … Is PHO right in choosing financial flexibility over lower cost of capital.

Simply Wall St -

PHO Company Info

Description

Photocure ASA, a specialty pharmaceutical company, engages in the research, development, production, distribution, marketing, and sale of pharmaceutical products in Nordic countries and the United States. The company offers Hexvix/Cysview for the detection and management of bladder cancer. It is also developing Visonac that has completed Phase II study for the treatment of moderate to severe acne; and Cevira, which has completed Phase II study for the treatment of human papilloma virus infection and precancerous lesions of the cervix. The company sells its products to license partners, pharmaceutical wholesalers, and hospitals. Photocure ASA was founded in 1997 and is headquartered in Oslo, Norway.

Details
Name: Photocure ASA
PHO
Exchange: OB
Founded: 1997
NOK1,176,107,202
21,779,763
Website: http://www.photocure.com
Address: Photocure ASA
Hoffsveien 4,
Oslo,
Oslo, 0275,
Norway
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
OB PHO Ordinary Shares Oslo Bors NO NOK 07. Mar 2000
OTCPK PHCU.F Ordinary Shares Pink Sheets LLC US USD 07. Mar 2000
DB PHS Ordinary Shares Deutsche Boerse AG DE EUR 07. Mar 2000
LSE 0IMT Ordinary Shares London Stock Exchange GB NOK 07. Mar 2000
BATS-CHIXE PHOO Ordinary Shares BATS 'Chi-X Europe' GB NOK 07. Mar 2000
Number of employees
Current staff
Staff numbers
71
Photocure employees.
Industry
Pharmaceuticals
Pharmaceuticals & Biotech
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/09/14 20:36
End of day share price update: 2019/09/13 00:00
Last estimates confirmation: 2019/08/15
Last earnings filing: 2019/08/07
Last earnings reported: 2019/06/30
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.