Taaleri: Aiming to create a more sustainable future - Nordea

Taaleri is a leading Nordic investment and asset manager focusing on sustainability. The company is in a transformational period after divesting its wealth management arm in April. Taaleri's private equity funds centre around renewable energy, real estate, bioindustry and infra. Taaleri also has a strategic ownership stake in Garantia, a non-life insurance company specialising in guarantee insurance. Taaleri targets at least 15% recurring revenue growth, at least 25% operating profit, and at least a 15% return on equity. Its overcapitalised balance sheet should offer strong dividends before an expected expansion of AuM from 2023 onwards. We believe the company is well positioned to capture growth in the sustainability-driven market. We initiate coverage with a fair value range of EUR 11.9-13.9 per Taaleri share. Marketing material commissioned by Taaleri.

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