Taaleri operates in the financial sector. The company is a Nordic private equity fund company that focuses on renewable energy and other alternative investments. The company has two business segments: Equity Funds and Strategic Investments. With its capital funds, Taaleri creates, for example, wind and solar power, biofuels and real estate. The company was founded in 2007 and its head office is located in Helsinki, Finland.
Taaleri's guarantee insurance company Garantia announced on Wednesday that it completed its first credit risk insurance project outside Finland during the fall.
For financial companies, 2025 has been very positive in terms of the operating environment, with strong capital market development and stabilized interest rates. However, the performance of the companies has been varying, and many companies we follow have suffered particularly from the subdued development of alternative investment returns (new sales and performance fees).
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Taaleri's Q3 results came in clearly above our expectations on a group level, and performance on the underlying level was also strong, owing to good performance in all key operative segments. The group's top line and profitability were positively affected...
Taaleri’s Q3 2025 continuing earnings of EUR 10.1m increased by 4% y/y and came 5% above our estimate. The beat was attributable to both Garantia and Private asset management, where continuing earnings were 17% and 3% ahead of our expectations, respectively...
Taaleri reported significantly better figures this morning than we had estimated. The beat was purely due to investment income, and operationally the quarter was fully in line with our expectations.
Before Taaleri's Q3 2025 results on 28 October, we make slight estimate revisions, reflecting the CMD held in September 2025 and the new strategy set for 2026-28. We note, however, that we do not expect the positive impact from the new strategy period...
In this article, we review the quality of earnings of listed asset managers. In summary, the quality of earnings varies significantly within the sector, but on average, the level is quite good. The level has also improved in recent years, as the share of recurring fees has increased. We note that we have made the comparison at the group level, and thus the comparison does not account for the companies' differing business structures. We excluded Aktia from our review as the necessary information on its asset management is not available.
Asset managers' results declined sharply during the first half of the year. However, underlying factors include challenges in the real estate market and a decline in performance fees, and the operational development shown below has been largely positive. The outlook for the sector is positive, and as long as geopolitical risks remain in the background, companies in the sector are poised for robust earnings growth in the second half of the year.
Yesterday's Capital Markets Day clarified Taaleri's previous growth strategy. Regarding capital allocation, the focus remains on investments in the company's own balance sheet, though the emphasis on the bioindustry has shifted to a broader, more opportunistic investment mandate. The company will also maintain its current structure, at least for the time being. While the share is cheap by all measures, we find it difficult to see how the sum of its parts could be realized with the current structure and uncertainty surrounding capital allocation. Therefore, we consider it justified to price the share at a clear discount to the sum of its parts for the time being, and as a result, we are revising our target price to EUR 8.5 (was EUR 9.0) and lowering our recommendation to Accumulate (was Buy).
