Taaleri: Investment operations topped expectations - Nordea

Taaleri's Q2 EBIT of EUR 17.8m came in clearly ahead of our estimate and Refinitiv consensus, driven by EUR 15m investment operations income. Recurring revenues were in line with our expectations, and the company should benefit in Q3 from a catch-up in SolarWind III after the first close with EUR 286m of commitments. Garantia continued its strong performance with a 27.1% combined ratio, which combined with the 260% solvency ratio should secure a strong dividend stream for Taaleri. Interest in SolarWind III appears to be strong, and the company expects strong demand in future closings, with a EUR 700m fund size target. We derive an unchanged SOTP-based fair value range of EUR 10.1-11.6 per Taaleri share.

Marketing material commissioned by Taaleri.

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