Added to YB: 2026-08-26
Pitch date: 2026-08-24
FLERIE.ST [bullish]
Flerie AB (publ)
+0.26%
current return
Author Info
No bio for this author
Company Info
Flerie AB (publ) is a venture capital firm specializing in early-stage investments. The firm seeks to invest in life science, biotech and pharma companies engaged in drug development and associated tools or applications tackling major medical challenges of our time.
Market Cap
SEK 1.7B
Pitch Price
SEK 19.20
Price Target
N/A
Dividend
N/A
EV/EBITDA
-35.19
P/E
-2.04
EV/Sales
-250.70
Sector
Pharmaceuticals
Category
value
Flerie AB: A Private Biotech Portfolio at 46 Cents on the Krona
FLERIE.ST: Founder-controlled Swedish life-science holdco trades ~SEK21 vs SEK39.26 NAV (Jul'26), a 46% discount—~55% on the operating portfolio once ~16% cash is stripped out. Thesis: private marks (last-round/listed) are penalized more than warranted; either NAV recovery or discount close pays off, both together compounds. Eldered (Recipharm founder) owns ~2/3 and waived a bonus issue, handing minorities +15.5%; co-investors put in ~3.3x Flerie's capital; cost ratio 1.2% of NAV, no lock-up. ~2 dozen holdings across early-stage/commercial. Author scenarios: bear SEK14.3 (-12%/yr), base SEK29.5 (+12%), bull SEK44.1 (+28%), blue-sky single-exit >40%. Key risks: stale marks (Q4'25 -13.8% write-down), thin liquidity, and no visible catalyst to close the discount—which could persist for years. NAV declining but stabilizing (Jul +0.3%). Near-term watch: Xspray Dasynoc PDUFA 25-Aug (only 4% of NAV but first commercial validation).
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