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.

Iikka’s guest was Titanium’s Investment Director Carolus Reincke, discussing asset management                    Inderes              Mitä on varainhoito? Vieraana Carolus Reincke | Salkunhoitajat - Inderes    Aika: 28.01.2026 klo 08.09 Titanium tunnetaan tuotetalona, joka on matkalla varainhoitajaksi. Titaniumin sijoitusjohtaja Carolus Reincke kertoo haastattelussa varainhoidosta.                             Topics: 00:00 Introduction  00:38 Asset management  19:53 Titanium  21:10 Private equity

Half of the redemptions due in December, or 6 million, were paid in December. The payment of the other half was deferred. According to the December report, 11 million in loans was taken out, which would have almost been enough to cover the entire redemption amount. The value of the Vilnius property is perhaps around 8 million. It was originally purchased together with another property for 16 million, so the figure could be something else. But it strongly appears now that they weren’t forced to sell the Vilnius property just to cover the redemptions. Rather, it seems more likely that new, better real estate stock is in the pipeline. This is why the Vilnius property was sold.

It’s great that they were able to settle the redemptions immediately! This is how I think redemptions should be handled. Clearly, a process has already been underway during H2 (Titanium knew back in July how many redemptions would be due in January), and measures were taken well in advance so that the redemptions could be paid. It ran over by a couple of weeks, but that’s mainly a minor blemish. It’s also great that the asset moved at book value  For comparison, in Hoiva, there were nearly 18 months between the first information on the redemption volume and the first transaction.

It must be a bit frustrating for the Baltic fund’s portfolio manager if you’ve found a property generating good cash flow, apparently with a reliable/good tenant and a long lease. You’d want to hold onto this asset for the next 10–20 years, as it would be a good long-term investment for the fund’s unit holders. But then, redemptions hit the fund, and you have to let go of a good asset… Well, that’s the name of the game and part of a portfolio manager’s job. If/when more subscriptions flow back into the fund later, they’ll have to get active again in scouting for new acquisition targets. I’m sure good properties will be found to replace it.

Inderes              Erikoissijoitusrahasto Titanium Baltia Kiinteistö toteutti kiinteistökaupan -...    Titanium Oyj | Lehdistötiedote | 21.1.2026 klo 16.55 Erikoissijoitusrahasto Titanium Baltia Kiinteistö toteutti kiinteistökaupanTitanium Rahastoyhtiö Oy:n hallinnoima Erikoissijoitusrahasto ...

Property values can rise nominally even if their value is declining in real terms. And this is certainly most often the case with real estate. That is, even though the nominal value increases, eventually at least the building’s structural value will reach zero. Regarding care properties, a 1.5% increase in value is nearly 10 million, which means a return of over 2% for the unit holder. There has been significant inflation since 2022. Property values, however, have decreased. Granted, in professional real estate trading, where people know how to calculate and are familiar with the concept of yield value, the decline in values has been mostly moderate. In the housing market, where the retail crowd is also out in force, things have been uglier. Currently, the construction industry is in a deep recession. Often, this has meant the industry’s workforce moving into other jobs. When construction has picked up again, it has led to, among other things, labor shortages, and construction costs have risen. This has been followed by an increase in the prices of existing properties. History will likely repeat itself here as well, and we will see significant appreciation over some period of time.

Property construction costs rise roughly in line with inflation, but properties also suffer from wear and tear over time. In my view, it’s very optimistic to think that a property would maintain its value indefinitely, let alone increase it over time. We wouldn’t be talking about housing companies with a maintenance backlog or commercial premises slated for demolition if that were the case. Public service properties are also a different type of investment asset than residential apartments, as they are most often built for the end user’s specific needs, and a long-term lease is signed at that stage. When the lease expires, the original tenant might move out, and the space could remain vacant for a long time. Similarly, the premises wear out faster than apartments during use, so the need for repairs is greater than in residential properties. On the other hand, all this is offset by a higher rental yield compared to residential properties, because in reality, investors want to amortize their acquisition costs during the initial 15-year lease term.

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 %	16.2 %	18.4 %
P/E (adj.)	12.0	5.9	5.5
EV/EBITDA	8.0	3.3	3.0

Titanium: Potential weighs more than the risks

Key Estimate Figures24.08.2023

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