Q2 results on 31st August revealed a further reduction in net portfolio value to SEK143.7m. The stock is currently trading at a price/NAV of 2.4x and an EV/portfolio value of 3.2x, the latter representing a significant premium over the 1.75x average for quoted IP commercialisation companies (when adjusted for quoted company holdings). Although we believe that the portfolio is now conservatively valued, the valuation premium is in our view too wide given the convertible debt (SEK586.4m payable i ....
07 Sep 2016
N+1 Singer - Karolinska Development AB - Forecast update post Q2: portfolio value credible, but stock expensive
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N+1 Singer - Karolinska Development AB - Forecast update post Q2: portfolio value credible, but stock expensive
Karolinska Development AB Class B (0P3C:LON) | 0 0 5.4% | Mkt Cap: 369.6m
- Published:
07 Sep 2016 -
Author:
Dr Jens Lindqvist -
Pages:
3
Q2 results on 31st August revealed a further reduction in net portfolio value to SEK143.7m. The stock is currently trading at a price/NAV of 2.4x and an EV/portfolio value of 3.2x, the latter representing a significant premium over the 1.75x average for quoted IP commercialisation companies (when adjusted for quoted company holdings). Although we believe that the portfolio is now conservatively valued, the valuation premium is in our view too wide given the convertible debt (SEK586.4m payable i ....