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Flerie AB (publ) (FLERIE) Fair Value & Analysis

Healthcare · SE · Market cap 1.8B SEK (≈ $184M) · ISIN SE0022447348

FA Flerie AB (publ) FLERIE · ST
Pricekr 18.60
Fair Valuekr 6.93
Upside-62.8%
Quality22/100
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Risks

!Trades 169% ABOVE our fair value of kr 6.93
!Mixed Growth (revenue 5y +202.1 %/yr)
!Thin margins · 0.0% net margin
!negative free cash flow
Mixed Growth (revenue 5y +202.1 %/yr)
Thin margins · 0.0% net margin
negative free cash flow
Mixed vs. peers (3/7)
Narrow moat 14/100
Evidence: Low Range kr 4.57 – kr 8.66 Share as image

Fair value as of: Aug 13, 2026

From 1 valuation models · updated 16 days ago

Share price −6.3% over the past month.

Below-average quality, and trading another 169% above our fair value.

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

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What matters now

  • The price sits above even our optimistic bull case (kr 8.66). The favourable scenario is already priced in.
  • Weak quality (22/100) and above fair value at the same time, the margin of safety is missing on both counts.
  • The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.
  • A fairly wide model range (kr 4.57 to kr 8.66) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

kr 48.83 kr 0.0050 Fair Value kr 6.93 Jun 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range kr 0.0050 – kr 48.83 · fair‑value band kr 4.57 – kr 8.66 · the kr 18.60 price screens above the kr 6.93 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

Flerie AB (publ) (FLERIE) currently trades at kr 18.60, while our model-based Fair Value estimate is kr 6.93, implying the stock looks roughly 62.8% overvalued today. The Quality Score stands at 22/100 (below-average quality), in the Healthcare sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: low).

Trailing-twelve-month revenue stands at 1.8M SEK. Revenue declined 87.5% year over year. It earns a return on equity of -14.9%. The balance sheet holds a net cash position of 537M SEK. Fundamentals as of Aug 13, 2026

Our scenario range runs from kr 4.57 (bear case) to kr 8.66 (bull case); at kr 18.60, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 55% below its 52-week high, currently below its 200-day average. For context, the median of 10 Healthcare peers we cover trades at -59% fair-value upside, at -63%, FLERIE screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
NCAV (Graham) kr 19.48 kr 26.10 kr 38.95 50
All 1 models by family
Asset-Based
NCAV (Graham) kr 19.48 kr 26.10 kr 38.95 50

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Key figures & financial health

EPS (TTM) kr -9.36
Return on equity -22.2% TTM
Return on assets (EBIT) -26.1% avg 5y
Operating margin -746% TTM
Revenue (TTM) −5.6M SEK TTM
Revenue growth (YoY) -85.1%
More key figures
Growth
EPS growth (YoY) +39.8%
Balance sheet & cash flow
Free cash flow −28.1M SEK FY2025
Net cash 537M SEK FY2025

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 22/100

Of which business quality 27 · Market factors (momentum, volatility) 29

Profitability 0
Margins and returns on capital today
Quality Growth 70
Are margins and returns improving?
Cashflow 0
Earnings quality: real cash, not paper profit
Fin. Strength 84
Balance sheet, leverage, solvency risk
Investment 0
Disciplined investing over empire-building
Low Volatility 84
Calm price path (market factor)
Momentum 8
Price trend over the last 3–12 months (market factor)
52W Momentum 0
Distance to the 52-week high (market factor)
Net Issuance 0
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

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. The firm seeks to invest in Europe, Nordic, United States and Israel.

Full company description

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. The firm seeks to invest in Europe, Nordic, United States and Israel. Flerie AB (publ) was founded in 2011 and is based in Stockholm, Sweden with additional office in London, United Kingdom.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2020 – FY2025 · reported fiscal years

Flerie AB (publ) reported revenue of kr 8.8M in FY2025 versus kr 35.0K in FY2020, a compound +202.1%/yr. Reported net income was −kr 757M in FY2025.

Growth Quality 29/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
8.8M SEK
Avg. revenue growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+202.1%
Avg. revenue growth/yr (9Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+54.4%
Value creation/yr We only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed
Revenue +202.1%/yr
FY20 kr 35.0K
FY22 kr 0
FY23 kr 97.5M
FY24 kr 100K
FY25 kr 8.8M
Net income
FY21 −kr 103M
FY22 −kr 100M
FY23 −kr 95.3M
FY24 −kr 228M
FY25 −kr 757M

FLERIE screens 63% overvalued. Compare with Vertex Pharmaceuticals Incorporated →

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Cite: Fair Value Calculator (2026). "Flerie AB (publ) Fair Value". https://www.fairvalue-calculator.com/stock/FLERIE

Peer Group

Biotechnology · 639 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 27 · Bottom 25%
Fair Value upside −63% · Below median
Return on assets -1% · Above median
Net margin (TTM) 0% · Above median
Revenue growth -85% · Bottom 25%

Valuation Multiples vs Biotechnology median · lower = cheaper

P/B 0.05× · Cheaper than 75% of peers

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Biotechnology stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
Vertex Pharmaceuticals Incorporated VRTX $547.55 $278.78 -49%
Regeneron Pharmaceuticals, Inc REGN $807.71 $594.40 -26%
argenx SE ARGX €877.60 €292.84 -67%
Samsung Biologics Co 207940 1,594,000 KRW 1,055,793 KRW -34%
Alnylam Pharmaceuticals, Inc ALNY $228.61 $51.70 -77%
Royalty Pharma plc RPRX $60.58 $24.22 -60%
Celltrion, Inc 068270 190,700 KRW 74,519 KRW -61%
BeOne Medicines AG ONC $362.51 $111.35 -69%
BioNTech SE BNTX $111.40 $45.66 -59%
Incyte Corporation INCY $128.12 $115.79 -10%

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Frequently asked questions

Is Flerie AB (publ) (FLERIE) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of kr 6.93 versus a price of kr 18.60, about −63% (overvalued).
What is the fair value of FLERIE?
Our model-based fair value for Flerie AB (publ) is kr 6.93 (as of Aug 13, 2026), built from audited fundamentals. The current price: kr 18.60.
What is the quality score of FLERIE?
Flerie AB (publ) has a Quality Score of 22/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Flerie AB (publ) (FLERIE)?
Flerie AB (publ) reported trailing-twelve-month revenue of about 1.8M SEK (latest available figure, as of Aug 13, 2026).
What is the net profit margin of FLERIE?
The net profit margin of Flerie AB (publ) is about 0.0%, meaning it keeps roughly 0.0% of revenue as net income. Based on the latest reported figures.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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