Taaleri: Solid platform to build on - Nordea

Ahead of Taaleri's Q3 results due on 5 November, we lift our 2024 EBIT estimate by 22% to reflect the EUR 8.3m earnout from a renewable energy development portfolio sale, recognised in the quarter. Otherwise, we leave our underlying estimates intact. We expect continuing earnings to be down 2% y/y, owing to -5% and -3% y/y growth in Garantia and Renewable Energy, respectively. We model EUR 17.7m in performance fees for H2, of which EUR 5.0m we forecast for Q3. We roll our valuation to 2025E and slightly revise our framework. We calculate a lower SOTP-based fair value range of EUR 9.2-10.4 (9.6-11.2) per Taaleri share. Marketing material commissioned by Taaleri.

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