Flerie (Buy, TP: SEK68.00) - NAV redemption approaching
Q4 saw a 2% decline QOQ in Flerie’s NAV, driven mainly by the listed portfolio, where Flerie has made opportune investments of ~SEK150m. We see ample room to grow the unlisted portfolio over the near- to medium-term, as evidenced by e.g. the recent funding round in AnaCardio. We like the company’s diversified portfolio, which gives balanced access to the growing life sciences sector, underpinned by the conservative NAV valuation. We reiterate our BUY and SEK68 target price, and expect the discount to NAV to narrow in H1 as the 2025 redemption scheme moves closer (end-June).
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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