Taaleri: Solid end to a turbulent year - Nordea

Taaleri delivered a solid Q4, with continued earnings growth of 6% y/y and EBIT of EUR 9.4m, further boosted by investment income. Both operational segments continued their solid performance, with the main deviations from our estimates coming from investments and carry bookings. Garantia's performance remained solid, with a 26% combined ratio and a EUR 15m dividend announced for 2024, which covers Taaleri's EUR 0.50 DPS fully, both of which were in line with our estimates. We calculate a lower SOTP-based fair value range of EUR 9.6-10.8 (9.7-11.0), based on 2026E. Marketing material commissioned by Taaleri.

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