Taaleri: Waiting for SolarWind III - Nordea

Taaleri's Q4 was a mixed bag with higher-than-anticipated carry, while investment operations fell short of our expectations. Recurring revenue from private asset management was 2% above our expectations; underlying EBIT fell slightly short of our expectations. Taaleri has two funds that are expected to have closings during H1. We expect SolarWind III to have its first close in Q2, boosting recurring revenue, while we assume Bio I to have its final close in Q2. Garantia continued its strong underlying performance with a healthy combined ratio of 23.9%. The dividend proposal fell short of expectations and we believe the company is maintaining high liquidity to conduct M&A if potential targets emerge. We derive a fair value range of EUR 10.0-11.5 (10.8-12.3) per Taaleri share. Marketing material commissioned by Taaleri.

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