Rankings Pharma & medtech Flerie

Flerie

Pharma & medtech · SwedenRank 501 of 829Prices 3 Nov 2026Model 1.4

15070100

A good business with a real question mark: the price, a crack, or both.

Biggest deductions

Value creation (NAV return)−10
Capital allocation−8
Portfolio quality−5

Strengths

Net cash with no debt+2
Majority owner transfers value+2

How the score is built

From 100 to 54, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.

100Start

54Score

Hover or select a step to see what drove it. Steps with findings open them below.

Key numbers

As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.

Price: 13.30 SEK
Median analyst target: –
Upside to median: –
Analysts: none
Target range: –
52-week change: −61%
P/E (trailing): n/a
Forward P/E: n/a
PEG: n/a

Findings

Every deduction and every plus, with its source. Open a step to read them.

Business

Is the company getting stronger, not just bigger? · 3 findings−23 of −30

Value creation (NAV return)
NAV per share has fallen from SEK 56.10 (June 2024) and 52.78 (June 2025) to SEK 39.14 as of 30/6-2026: −22.5% in 12 months and −18.9% in 2025. The change in value of the portfolio was −SEK 674m in 2025 and −131m in H1 2026.
storage.mfn.se
−10
Capital allocation
The portfolio cost 3,687m SEK but is carried at 2,849m (−23%); the listed holdings Xspray (cost 365, value 119), Nanologica (254/79), KAHR (418/209) and Mendus (125/81) are far below cost. In February 2026, 2.19m shares were issued at 34.75 SEK against a NAV of 43.60 (dilutive), and the redemption programme drew 183.5m SEK of cash out in Q2.
storage.mfn.se
−8
Portfolio quality
76% of the portfolio is in product development (4 preclinical, 14 clinical companies), and several holdings effectively depend on Flerie's own money: Lipum and Bonsai are 100% owned, Empros 79%, and SEK 207m has been lent to related portfolio companies. Only 6 of 24 companies have commercial revenue.
storage.mfn.se
−5

Price

Today's multiples against the company's own history and its peers. · 1 finding−2 of −35

Price vs own history (P/B)
P/B (price/NAV) is 0.41 vs 0.86 at the end of 2025 and 0.87 in 2024, i.e. historically cheap. The deduction only reflects that the discount has widened every quarter (48% at the end of Q2 according to the company, approx. 59% now) with no trigger to close it.
stockanalysis.com
−2

Cracks

Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 4 findings−19 of −35

Largest listed holding hit
Xspray Pharma (17% stake, SEK 119m at 30/6) received a CRL for Nilopki on 5/6-2026 and again a CRL for Dasynoc on 19/8-2026 due to manufacturing problems at NerPharMa. Xspray cost Flerie SEK −123m in H1 and is not included in NAV after the new CRL.
inderes.dk
−5
Uncertain level 3 values
SEK 2,439m (86%) of the portfolio is level 3. Several unlisted companies are carried above cost under method 3F/3B (Symcel 204 vs cost 110, Atrogi 197/158, Empros 204/167), and AnaCardio, NorthX and Strike are valued on rounds from May 2025 that are over 12 months old, while the listed holdings have fallen sharply.
storage.mfn.se
−5
Control and liquidity
Insiders own 74% and free float is only 22.4m shares; average volume is approx. 25,000 shares a day (approx. SEK 0.4m). The majority owner is chairman, and the CEO invoices via his own company (Roseberry AG).
stockanalysis.com
−4
Funding need
Cash fell from SEK 737m to SEK 306m in a year (redemption 183m, investments). There are investment commitments of SEK 85m plus an underwriting guarantee in Biosergen of 19m, and the portfolio companies need ongoing funding; at the current investment pace cash lasts about 14 months, after which new issues at prices far below NAV are likely.
storage.mfn.se
−5

Plus

Only documented strengths. · 2 findings+4 of +15

Net cash with no debt
SEK 306m in cash and only 1.7m in lease debt; cash equals SEK 3.5 per share, and cash plus listed holdings (410m) equal approx. SEK 8.3 of the price of 16.
stockanalysis.com
+2
Majority owner transfers value
In the 1:7 bonus issue in May 2026, majority owner Thomas Eldered gave back all his 8.41m new shares for cancellation, so minority shareholders' share rose without payment. The redemption programme has been wound up at the same time.
storage.mfn.se
+2

Caveats

What the score does not capture, or where the data is weak.

Flerie is an investment company in life science; industry set to Medicine & medtech as the nearest (no category for investment companies). The net asset value (NAV) of 39.14 SEK per share is as of 30/6-2026 and has not been updated for Xspray Pharma's new CRL on 19/8-2026 or the share price development in other listed holdings; estimated NAV now about 37–38 SEK. 86% of the portfolio is unlisted companies (level 3), valued at the latest round or another method and not tested by the market. Number of shares 86.70 m after bonus issue and cancellation; merger consideration to Biosergen (about 55 m SEK in new shares) is not included, as completion is not verified. Nordnet's market cap (990 m DKK) is higher than calculated (916 m DKK). Classic revenue, margins and FCF are meaningless for an investment company; the score is based on NAV development, capital allocation and NAV discount. Insider trades and short interest have not been reviewed; the largest owner (Thomas Eldered) is not verified with an exact stake. Peer discounts (e.g. Karolinska Development) are not verified with prices.