(Kopiert fra Hegnar forum ang Norne):
Photocure will release its 2Q report next Wednesday. Figures are still uncertain due to the pandemic, but we hope for things to gradually get back to normal over the course of the year. Our focus now is on how the reopening affects the US operations and on the ramp-up of the European organisation and sales. We still see Photocure as an attractive investment case and keep our Buy recommendation at a bit higher TP of NOK 160/sh (155).
Uncertainty over figures still high for 2Q
Photocure will release its 2Q21 report on August 11th. We expect revenues of NOK 86m, which is a bit higher QoQ, but not much as reopening takes longer for hospitals than for the broader economy. YoY comparison is difficult, as European Hexvix rights were taken over from Ipsen only from 4Q20. We estimate EBITDA of NOK 8.4m, which is lower vs 1Q, as we see higher costs due to the organisational ramp-up in Europe and generally higher costs due to reopening and slowly getting back to normal operations. Further, we highlight that uncertainty over figures is still high due to the pandemic but also due to volatile FX markets.
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No big news lately â focus on European ramp-up and general reopening
We view Photocure case standing on three growth legs. Short-term growth should come from the US where reopening is happening, and growth should come back towards the second half of the year. In the medium-term, European organisation should deliver strong growth as proper sales efforts are being made in the existing Ipsen territories but also in the new large-potential European territories, where Hexvix was basically non-existent. In the long-term, Photocureâs partner Asieris should launch Hexvix in China, which should further improve long-term growth prospects. In the 2Q report our focus will be on the reopening in the US and how that affects unit sales as well as how is it going with the European business. The company held a live event on June 29th, where the head of European operations was very optimistic about the prospects.
Buy maintained at a tad higher TP of NOK 160/sh
We keep our Buy recommendation ahead of the 2Q report next week. Some upward estimate revisions took place due to the weaker NOK vs USD and EUR lately. Thus, our TP is increased from NOK 155/sh to NOK 160/sh. We still believe Photocure presents an attractive investment case and stay positive on the share.
Se gjerne pÄ Dr. Stasha Gominaks videoer om D3-vitamin og sÞvn det er helt utrolig det hun sier⊠D2 som man fÄr i melk med Ä sette lys pÄ melken (slik som det er gjort med ekstra lettmelk osv.) er det nattlevende dyr som rotter som trenger⊠det trenger ikke vi og er helt unyttig som hormon (det argumenteres for at D3 er et hormon). D2 kan bidra til et bedre skjelett. Dette ble litt avsporing men sÄ er vi jo ogsÄ i smÄprat-delen.