Taaleri: Good performance in Q3 - Nordea

Based on segment reporting, Taaleri reported Q3 sales of EUR 26.9m and operating profit of EUR 18.5m, clearly above Refinitiv consensus. More importantly, underlying operations continued to perform well, with recurring revenues up 14% y/y and Garantia again offering a strong set of operational figures. The company launched its new flagship fund, SolarWind III, and targets first close in early 2023. The current market turmoil creates some uncertainty over the timeline of possible exits of non-strategic investments, while underlying operations are performing well. We derive a fair value range of EUR 10.8-12.3 (11.1-12.5) per Taaleri share. Marketing material commissioned by Taaleri.

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