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Oct 16 2017, 07:30 IST/BST
Since its IPO in 2015, Malin has made significant progress in executing its strategy. It has allocated €372.5m across 18 portfolio companies, offering investors diversification of development and commercial risk and a spread of product/device/service plays through the healthcare life cycle. An uplift in observable fair value since 2015 indicates business model progression and shareholder value creation. Further development and commercial milestones are expected in the coming 12-18 months, which should lead to an increase in the observable fair value. We reiterate our ‘Outperform’ call with a price target of €16.90.