reports
- Linus Sigurdson
Flerie (Buy, TP: SEK57.00) - Entering tougher times with care
Entering tougher times with care Q1 saw a 6% decline QOQ in Flerie’s NAV, as FX movements and valuation overshadowed progress across its portfolio (e.g. positive results for Lipum and AnaCardio). We have lowered our target price to SEK57 (68) to reflect a more challenging environment for early-stage life science assets, but reiterate our BUY as we continue to like the diversified, conservatively valued portfolio and the share redemption scheme at NAV (set for end-Q2). Flerie is set to take liste...
- Linus Sigurdson
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 discou...
- Linus Sigurdson
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, underpin...
- Linus Sigurdson
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 p...
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