Taaleri: We expect solid development in Q1 - Nordea

Ahead of Taaleri's Q1, due on 3 May, we maintain our underlying estimates but adjust for the IFRS 17 transition. On the asset management side, we do not expect any material changes in Q1 as SolarWind II should have its first close and Bio I its final close in Q2. The company is likely to continue to develop the pipeline for SolarWind I, while we note ongoing investments in Bio I. Due to IFRS 17, Garantia's reported figures change materially, although we do not expect this to have a material impact on profitability. However, earnings volatility is likely to increase. We derive a SOTP-based fair value range of EUR 9.9-11.4 per Taaleri share. Marketing material commissioned by Taaleri.

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