Taaleri: Positive recurring revenue trend to continue - Nordea

Taaleri's Q4 results were well in line with LSEG Data & Analytics consensus, while the dividend proposal of EUR 1.00 was far above expectations. Recurring revenue declined due to a lower insurance service result while investment gains were strong in Q4. The company is still fundraising for its flagship fund SolarWind III and should continue with a positive recurring revenue trajectory in 2024. We make only minor estimate revisions on an underlying basis, while we shift our carry expectations into 2024. We derive a fair value range of EUR 10.3-11.9 per Taaleri share. Marketing material commissioned by Taaleri.

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