Taaleri: Normalising investment environment ahead - Nordea

Ahead of Taaleri's Q1 results, due on 7 May, we adjust our Q1 estimates to reflect expected fair value changes within the Strategic investments segment, as we pencil in earlier normalisation for the Garantia investment portfolio in 2024. We do not model any performance fees for Q1 in Private asset management. We expect Garantia's strong underlying performance to have continued in Q1, with positive investment operation earnings and fair value changes of EUR 2.6m. We expect continuing earnings of EUR 10.1m for Q1, up 2% y/y. We derive a slightly lower SOTP-based fair value range of EUR 9.7-11.3 (10.3-11.9) per Taaleri share based on our 2024 estimates. Marketing material commissioned by Taaleri.

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