Positive news flow drives valuation uplift
Over the past month Karolinska Development has reported a series of positive outcomes for several of its portfolio companies. The most important in terms of impact on our valuation are the encouraging results from Umecrine Cognition’s Phase Ib study and, to a lesser extent, the successful flotation of BioArctic. A number of further value inflection points, across many of the portfolio companies, are expected over the next 12-18 months. Updating our DCF-based model sees our valuation rise from SEK566m (equivalent to SEK8.92 per share) to SEK1,042m (SEK16.44 per share).
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