Malin’s FY19 results were in line with our expectations, with portfolio fair value -5% versus H1 19 following the sale of 3D4Medical. Encouragingly, COVID-19 impacts are expected to be limited on key clinical trials in 2020. The balance sheet is in good shape, with ample cash reserves to finance the business over the next two+ years. There are several key milestones that could uplift fair values in 2020 and potential trade sale/IPO cash exits from priority assets possible over 2020 and 2021. Malin’s stock price is now trading at a very material 80% discount to fair value per share (FVPS) (€7.72), creating a compelling entry point.
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