Flerie (Buy, TP: SEK68.00) - Quiet quarter, much yet to come
Q3 saw a 3% decline QOQ in Flerie’s NAV, driven mainly by the listed portfolio (FDA feedback for portfolio company Xspray). We reiterate our BUY, but have lowered our target price to SEK68 (70), reflecting our updated NAV estimates. We see ample room to grow the unlisted portfolio over the near to medium term, and are puzzled by the 21% discount given the redemption scheme at NAV. We like the company’s diversified portfolio that gives balanced access to the growing life sciences sector, underpinned by the conservative NAV valuation.
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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