Karolinska Development: Portfolio progress validates investment philosophy
The strategic shift in investment strategy implemented since 2014 appears to be bearing fruit. The greater emphasis on commercial considerations means Karolinska Development is now focussed on nine active investments in mid- and late-stage opportunities. A number of major value inflection points, across several of the portfolio companies, are expected over the next 12-18 months. The convertible debt remains an issue, as does the complexity of the Rosetta Capital share-out. However, our DCF valuation based on the five primary investments suggests a value of SEK1,055m, SEK16.65 per share, with other portfolio assets and earn-outs representing further possible upside.
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