Taaleri: Solid underlying performance - Nordea

Based on segment reporting, Taaleri reported Q2 sales of EUR 11.9m and operating profit of EUR 2.4m, clearly below Refinitiv consensus expectations. Fair value changes burdened income and earnings, while the EUR 6.7m earn-out from Finsilva supported development. The underlying private asset management operations developed largely in line with our expectations, while Garantia's combined ratio remained strong. SolarWind III will launch in H2 and we expect first closing in H1 2023. We derive a fair value range of EUR 11.1-12.5 (11.0-12.5) per Taaleri share. Marketing material commissioned by Taaleri.

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