Taaleri: More stable year ahead - Nordea

Taaleri reported Q4 EBIT of EUR 14.7m, coming 8% below Refinitiv consensus. However, when adjusting for non-recurring personnel costs, Q4 EBIT was 3% above consensus. Recurring revenues increased strongly driven by Garantia, while costs were somewhat elevated due to extra expenses related to the information and communication technology renewal and development projects. The company continues to ramp up its latest real estate fund and investments in SolarWind II. Performance fees and investment gains boosted 2021 EBIT, but we expect a weaker tailwind in 2022. We assume a 9% recurring revenue CAGR for 2021-24E and note the next uplift will come in 2023 when the company should be able to launch SolarWind III. We derive a fair value range of EUR 11.7-13.6 (11.9-13.9) per Taaleri share. Marketing material commissioned by Taaleri.

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