contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  companies {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  tags {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  ... on Video {
    liveTime
    videoUrl
  }
  ... on Webcast {
    liveTime
    videoUrl
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    summary
    companies {
      forum {
        latestPosts {
          ...ForumPosts
        }
      }
      name
      id
      viewerIsFollowing
      pageUrl
      defaultInstrument {
        isin
        id
        marketOpen
        marketClose
        marketplace {
          region
        }
        returns {
          total
        }
      }
    }
    tags {
      viewerIsFollowing
      id
      name
      pageUrl
    }
    createdAt
    ... on Video {
      liveTime
    }
    ... on Webcast {
      liveTime
    }
    slug
    ... on CompanyReport {
      reportUrl
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
  }
  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    name
    pageUrl
    defaultInstrument {
      priceData {
        tradeCurrency
      }
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
    id
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  createdAt
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      name
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Analyst

Sauli Vilén

Kasper Mellas

Titanium operates in the financial services industry. The group offers a wide range of financial services, mainly in asset management, loan financing and pensions. The group also manages a number of investment funds and structured financial products. Titanium was originally founded in 2009 and is headquartered in Helsinki.

It’s probably still too early to strongly predict the start of new sales for Hoiva, but could this news about property sales even trigger new redemptions? Some investors have likely been quite passive in taking any action, as there has been no information about the timing of redemptions. Even a partial start of redemptions might activate those who had intended to redeem.

Due to selling pressure. The buyer is very well aware of the situation Titanium has been in regarding redemptions over the last 18 months. I think it’s very naive to think that this has had no impact on the price at all.

Considering demographic development, it’s quite a good move to sell the daycare properties to Norwegians. The residual value risk in the portfolio decreases.

A few compiled comments:   The market is not restricted by any measure. Titanium has now had 18 months to sell the properties (at the end of June 2024, there was information that redemptions would be paid in January '25). This has certainly been the best possible price currently available on the market.   Real estate valuation is very far from an exact science. In my opinion, hitting that 5% range corresponds very well to valuation reports. @Lisko1’s comment on this is very apt.   The transaction fee is a good point. According to our calculations, the company has not fully taken this 2% transaction fee historically, although it is possible that we have an error in our Excel. Because of this, I don’t dare to directly input that return into Excel. Redemption fees will certainly be mostly at 1%.   A good challenge from @gearloose1 regarding the timing of the sale. Of course, this ultimately depends on what price was available last spring. On the other hand, eQ was able to sell hundreds of millions worth of properties to the market at reasonable valuations during the last 18 months.    Then, finally, a bit of scenario analysis. In my comment, I already painted the best-case scenario, which is that this 35 MEUR sale would be enough to clear the table. A bad, but realistic, alternative is that the company announces it will pay the overdue redemptions from 1/25 in January 2026, but does not comment on their scale. In this scenario, the investor does not know how much of the \~50 MEUR buffer will be used for this, and at the same time, redemptions for 7/25 and 1/26 are in the backlog. Of course, the scale will be seen in the February monthly review, but this would unpleasantly leave open the risk that redemptions are +100 MEUR. If the company only pays a portion of the overdue redemptions, it would be desirable for the company to clearly communicate which portion is being paid (cf. eQ).

The appraiser’s task is to determine the market value of properties. If transaction prices deviate significantly from the values in appraisal reports (whether up or down), then yes, the appraisal reports have been wrong. In addition, the fund has had plenty of time to find a willing buyer for the properties.

Strictly speaking, 9% of the Care Fund’s properties have now been sold by number, not 10% as someone claims. The sold properties account for 5.1% of the value of the properties owned by the fund. The relative change in square meters will be known immediately at the beginning of January. However, it seems quite clear that as a result of the sale, the average unit size, average square meter price, and average lease term of the properties owned by the fund increased. From the sale, Titanium will receive a 2% sales commission, likely still in 2025. If the received sale price is used to pay redemptions, Titanium will receive approximately a 1% redemption commission for the payment of redemptions in 2026. The feared “significant” decrease in commission revenues in these respects will materialize net in the fiscal year 2027. Owners of Care Fund units have enjoyed solid cash yields and even a small appreciation during the worst real estate market turbulence of recent decades. The world is not perfect; redemption payments have been delayed. But perhaps it can now be stated that it would have been quite foolish, both for the soon-to-be former fund owners and for the remaining owners in the fund, to sell care properties off at half price during the worst market turmoil?

Who or what makes this current environment closed or restricted?

Titanium

Titanium published an H1 result clearly below our expectations in terms of the main lines. However, the revenue miss came mainly from non-recurring items, so the significance of the estimate undershoot remained small.

<p>Titanium published an H1 result clearly below our expectations in terms of the main lines. However, the revenue miss came mainly from non-recurring items, so the significance of the estimate undershoot remained small. The cost side also grew as the company increased its selling power. The near-term outlook for real estate funds remains challenging, and we have revised our forecasts downwards in terms of new sales. </p> 

	2022	23e	24e
Revenue	27.9	28.4	30.7
growth-%	18.8 %	1.7 %	8.1 %
EBIT (adj.)	16.9	15.8	16.8
EBIT-% (adj.)	60.4 %	55.5 %	54.9 %
EPS (adj.)	1.30	1.21	1.30
Dividend	1.36	1.15	1.31
Dividend %	8.7 %	14.5 %	16.5 %
P/E (adj.)	12.0	6.5	6.1
EV/EBITDA	8.0	3.8	3.5

Titanium: Potential weighs more than the risks

Key Estimate Figures24.08.2023

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