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Photocure ASA
OSE:PHO

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Photocure ASA
OSE:PHO
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Price: 70.7 NOK -1.94% Market Closed
Market Cap: kr1.9B

EV/EBITDA

60.6
Current
122%
More Expensive
vs 3-y median of 27.3

Enterprise Value to EBITDA (EV/EBITDA) ratio compares a company`s total enterprise value to its earnings before interest, taxes, depreciation, and amortization. It shows how much investors are paying for each dollar of the company`s earnings, including both equity and debt.

EV/EBITDA
60.6
=
Enterprise Value
kr1.7B
/
EBITDA
kr28.7m

Enterprise Value to EBITDA (EV/EBITDA) ratio compares a company`s total enterprise value to its earnings before interest, taxes, depreciation, and amortization. It shows how much investors are paying for each dollar of the company`s earnings, including both equity and debt.

EV/EBITDA
60.6
=
Enterprise Value
kr1.7B
/
EBITDA
kr28.7m

Valuation Scenarios

Photocure ASA is trading above its 3-year average

If EV/EBITDA returns to its 3-Year Average (27.3), the stock would be worth kr31.79 (55% downside from current price).

Statistics
Positive Scenarios
0/4
Maximum Downside
-87%
Maximum Upside
No Upside Scenarios
Average Downside
53%
Scenario EV/EBITDA Value Implied Price Upside/Downside
Current Multiple 60.6 kr70.7
0%
3-Year Average 27.3 kr31.79
-55%
5-Year Average 27.3 kr31.79
-55%
Industry Average 52 kr60.68
-14%
Country Average 7.8 kr9.05
-87%

Forward EV/EBITDA
Today’s price vs future ebitda

Today's Enterprise Value EBITDA Forward EV/EBITDA
kr1.7B
/
Jan 2026
kr28.7m
=
60.6
Current
kr1.7B
/
Dec 2026
kr99m
=
17.3
Forward
kr1.7B
/
Dec 2027
kr117.2m
=
14.6
Forward
kr1.7B
/
Dec 2028
kr118.5m
=
14.4
Forward

Forward EV/EBITDA shows whether today’s EV/EBITDA still looks high or low once future ebitda are taken into account.

Peer Comparison

All Multiples
EV/EBITDA
P/E
All Countries
Close
Market Cap EV/EBITDA P/E
NO
Photocure ASA
OSE:PHO
1.9B NOK 60.6 -1 238.4
US
Eli Lilly and Co
NYSE:LLY
875.9B USD 28.7 42.4
US
Johnson & Johnson
NYSE:JNJ
563.9B USD 17.2 26.8
UK
AstraZeneca PLC
LSE:AZN
234.5B GBP 16.8 30.4
CH
Roche Holding AG
SIX:ROG
248.4B CHF 11.5 19.4
CH
Novartis AG
SIX:NOVN
225.3B CHF 12.6 20.3
US
Merck & Co Inc
NYSE:MRK
294.7B USD 10 16.1
IE
Endo International PLC
LSE:0Y5F
244.4B USD 386.8 -83.6
DK
Novo Nordisk A/S
CSE:NOVO B
1.1T DKK 8.3 11.3
US
Pfizer Inc
NYSE:PFE
156.7B USD 7.7 20.2
US
Bristol-Myers Squibb Co
NYSE:BMY
121.1B USD 7.2 17.2
EV/EBITDA Multiple
EBITDA Growth EV/EBITDA to Growth
NO
Photocure ASA
OSE:PHO
Average EV/EBITDA: 51.6
60.6
60%
1
US
Eli Lilly and Co
NYSE:LLY
28.7
21%
1.4
US
Johnson & Johnson
NYSE:JNJ
17.2
8%
2.1
UK
AstraZeneca PLC
LSE:AZN
16.8
12%
1.4
CH
Roche Holding AG
SIX:ROG
11.5
6%
1.9
CH
Novartis AG
SIX:NOVN
12.6
5%
2.5
US
Merck & Co Inc
NYSE:MRK
10
4%
2.5
IE
E
Endo International PLC
LSE:0Y5F
386.8
N/A N/A
DK
Novo Nordisk A/S
CSE:NOVO B
8.3
2%
4.2
US
Pfizer Inc
NYSE:PFE
7.7
-8%
N/A
US
Bristol-Myers Squibb Co
NYSE:BMY
7.2
-10%
N/A
P/E Multiple
Earnings Growth PEG
NO
Photocure ASA
OSE:PHO
Average P/E: 22.7
Negative Multiple: -1 238.4
N/A N/A
US
Eli Lilly and Co
NYSE:LLY
42.4
32%
1.3
US
Johnson & Johnson
NYSE:JNJ
26.8
8%
3.4
UK
AstraZeneca PLC
LSE:AZN
30.4
25%
1.2
CH
Roche Holding AG
SIX:ROG
19.4
14%
1.4
CH
Novartis AG
SIX:NOVN
20.3
14%
1.5
US
Merck & Co Inc
NYSE:MRK
16.1
14%
1.2
IE
E
Endo International PLC
LSE:0Y5F
Negative Multiple: -83.6 N/A N/A
DK
Novo Nordisk A/S
CSE:NOVO B
11.3
0%
N/A
US
Pfizer Inc
NYSE:PFE
20.2
22%
0.9
US
Bristol-Myers Squibb Co
NYSE:BMY
17.2
16%
1.1

Market Distribution

Higher than 91% of companies in Norway
Percentile
91th
Based on 539 companies
91th percentile
60.6
Low
0.1 — 2.2
Typical Range
2.2 — 16.6
High
16.6 —
Distribution Statistics
Norway
Min 0.1
30th Percentile 2.2
Median 7.8
70th Percentile 16.6
Max 40 612.5

Photocure ASA
Glance View

Market Cap
1.9B NOK
Industry
Pharmaceuticals

Photocure ASA delivers transformative solutions to improve the lives of bladder cancer patients. The company is headquartered in Oslo, Oslo. The company went IPO on 2000-05-29. The company operates in the field of photodynamic diagnosis, cosmetics and treatment of acne, bladder cancer, colon cancer, as well as human papilloma virus (HPV) and precancerous lesions of the cervix. The Company’s activities comprise research, development and commercialization of pipeline projects within two segments: Cancer and Dermatology. Its brand portfolio includes: Hexvix and Cysview, for detection and management of bladder cancer; Visonac, for acne treatment; Cevira, used in HPV and precancerous lesions of the cervix treatment; and Lumacan, applied in colorectal cancer treatment. Furthermore, It owns a Photocure Technology platform, which develops photodynamic technology for diagnosis and therapy. The firm is a parent of a wholly owned entity, Photocure Inc.

PHO Intrinsic Value
52 NOK
Overvaluation 26%
Intrinsic Value
Price kr70.7
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