Taaleri: Fund pipeline supporting outlook - Nordea

Ahead of Taaleri's half-year financial report, due on 20 August, we keep our underlying estimates intact. However, we revise our forecasts to reflect its new segment reporting structure, announced on 7 August, and the partial sale of Taaleri's Aktia shareholding. We raise 2024E EBIT by 1%, but trim 2025E-26E by 1%. For Q2, we model no performance fees in Private Asset Management. We expect Garantia's strong underlying performance to continue, with a modest 4% decline in continuing earnings for Q2. At the group level, we model a 2% y/y increase in continuing earnings, to EUR 10.1m. Our SOTP-based fair value range of EUR 9.4-11.0 is unchanged. Marketing material commissioned by Taaleri.

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