1、 FLERIE 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 con

2、sider 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 price cushion.We initiate coverage with a BUY and SEK70 target price based on a 10%p

3、remium to NAV and 12-month forward NAV growth of 13%.Offering access to scarce parts of the structurally growing life sciences sector,Fleries unlisted assets(75%of its portfolio)constitute exposure to companies ranging from the preclinical to commercial growth stages.We view the life sciences indust

4、ry as an attractive investment area to capitalise on megatrends such as an ageing population,growing prevalence of chronic disease,and increasing worldwide healthcare expenditure.Employs the Nordic good owner model of investment companies.Our analysis of Nordic investment companies has shown the ben

5、efits of good owners,with incentives to boost long-term value creation(strategically,operationally,structurally and financially)via:1)proven long-term perspectives;2)established governance models with decentralised decision-making across owners,boards of directors,and management teams;and 3)strong b

6、alance sheets providing strategic flexibility.According to our calculations,the Nordic good owner model has generated a consistent and sustainable outperformance versus the market and global peers over time.Leveraging an experienced team to access balanced exposure to biotech/pharma.Owing to the oft