Flerie - Initiation of coverage - Health is wealth
Flerie is an investment company offering balanced exposure to the structurally growing life sciences sector. With a diversified portfolio of mostly unlisted biotech and pharmaceutical companies, it gives investors access to a rare part of the Nordic healthcare ecosystem. We consider Flerie a ‘good owner’, with NAV outperformance characteristics that warrant a premium to portfolio values. In our view, its prudent valuation methodology and annual redemption programme at NAV could provide a share price cushion. We initiate coverage with a BUY and SEK70 target price based on a 10% premium to NAV and 12-month forward NAV growth of 13%.
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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