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
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
        }
      }
      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

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.

Perhaps one reason for the valuation is that Taaleri’s structure still appears confusing. Garantia, investments, and energy. Additionally, I suspect that Taaleri’s relatively weak performance in, for example, real estate funds, Housing, Africa, etc., has actually driven investors away and damaged the company’s reputation; no one talks about these, but performance in some areas has even been abysmally weak. The new strategy should bring a change of pace, and the company should somehow manage to shed this “general store” reputation.

Taaleri’s Q4 report and update have now been released. In my opinion, more important than the earnings figures themselves was the fact that there has finally been a clear change in rhythm in the company’s strategy.  This is more than welcome after a prolonged period of slow progress.  Garantia’s performance in Q4 (and for the full year) was again excellent. The outlook is good as the market begins to recover and the company’s own growth initiatives start to materialize. Garantia also raised its dividend to EUR 18 million (forecast 15m). If this EUR 18 million/year were the new normal, Garantia’s value cannot be brought below EUR 200 million using any reasonable parameters. In fact, with a dividend stream of EUR 18 million/year, even with conservative forecasts, Garantia’s value is equivalent to the group’s current market capitalization. IF Garantia returns to robust growth and the dividend stream starts to grow from that EUR 18 million (a perfectly possible scenario), the value would quickly be closer to EUR 300 million than EUR 200 million.  The value of Renewable Energy is ~EUR 100 million and offsets group costs (~EUR 90 million). It is noteworthy that the value of Renewable Energy is fully justifiable by its current earnings performance and no longer relies on raising the next fund and scaling the results.  On top of this, Taaleri has a portfolio of approximately EUR 90 million, consisting of EUR 60 million in investments and the rest in receivables and cash.  This raises the million-dollar question: Why on earth are investors pricing Taaleri’s other investment portfolio as practically worthless?  In our calculations, the gap between the sum-of-the-parts and the market capitalization is currently very severe. If Taaleri were to announce now that it is selling this ~EUR 90 million portfolio at a -50% discount and stating it would focus only on operational activities in the future, the share price would likely rise by the EUR 45 million turning into cash, which is ~EUR 1.5/share. Some discount on that portfolio is certainly justified, but surely not -100%.  As I wrote in the report’s title, Taaleri is likely the cheapest stock on the exchange right now. P/E under 10x, P/B under 1x (note: 10-year ROE ~24%), the discount to the sum-of-the-parts is historically wide, etc. At the same time, I well understand why investors aren’t getting excited about the case. The potential has been here for the last 10 years, but except for a brief moment, it hasn’t fully materialized. The conglomerate structure, a blank check for unclear investment activities, and recent challenges in the bioindustry do not encourage jumping on board. Furthermore, the potential returns from the investment portfolio are very far in the future. Against this background, it’s also difficult as an analyst to take a stronger view when there are no clear triggers for the value to be unlocked. On the other hand, the strategy has now shifted into a completely new gear, which could be the key to at least a partial unlocking of value.  The report can be found here: Taaleri Q4'25: Pörssin halvin osake? - Inderes Ps. as a reminder that the sum-of-the-parts of our colleagues (Nordea and Carnegie) are in the exact same ballpark as ours (the comparison can be found earlier in the thread).

Bad news, massive write-downs were just made. I would remind you that the investors in the Africa fund are practically all private individuals, and these customers moved to Aktia along with the Asset Management business. Taaleri itself no longer has any links to these customers. Taaleri sells directly to institutions and to private investors through partners. And I do believe that everyone who invested in this fund was aware of the high risk profile

Thanks for the answer. Performance fees roll in from successes, but I wonder how those African private equity funds that performed really poorly are doing; I once heard that they involve a large number of very dissatisfied people. I doubt they’ll be “compensated” in any way, though.

EUR 1.8 million in performance fees from the AT1 fund have been recognized in advance for 2024. This advance recognition reflects the company’s confidence in these performance fees. AT1 is expected to exit its investments over the next 3 years, and performance fees should also be realized during that time. Regarding SolarWind2, potential performance fees will only materialize at the turn of the decade. In the short term, by far the most important performance fee matter is the performance fees from the old wind funds (Wind 2 & 3). EUR 14 million of these were previously recognized in advance, and the Q4 report revealed that the company also has management fee receivables from these funds. According to my calculations, the total pot is around EUR 18 million. There is a clear risk associated particularly with the performance fees, as they were recognized in a significantly more positive market environment. Fortunately, Taaleri applied quite a healthy dose of caution when recognizing them back then, and these safety buffers have prevented write-downs so far. The company itself estimates that the funds will be sold this year, meaning that in the best-case scenario, all these receivables will be realized, and additional performance fees will be earned on top. In a downside scenario, write-downs will be made.

Ruoholahti’s Sauli candidly: The cheapest stock on the exchange? We reiterate our target price of EUR 8.5 and Accumulate recommendation for Taaleri. The Q4 report was operationally largely in line with expectations, and forecast changes have remained limited. The stock is very cheap by all metrics, but short-term price drivers are scarce. A key driver for the stock is activity on the company’s balance sheet, and we remain waiting with a cautious view for increased activity in this area.                   Inderes              Taaleri Q4'25: Pörssin halvin osake? - Inderes    Taalerin Q4-raportti oli pitkälti odotuksiemme mukainen. Osakkeen arvostus on painunut hyvin alhaiselle tasolle, mutta kurssiajurit loistavat poissaolollaan.

Sale interviewed Taaleri’s CEO Ilkka Laurila                    Inderes              Taaleri Q4’25: Pääomia töihin - Inderes    Aika: 11.02.2026 klo 14.26 Taalerin strategian tahti on kiihtynyt. Toimitusjohtaja Ilkka Laurila kommentoi analyytikko Sauli Vilén kommentoi.                             Topics: 00:00 Q4 02:03 Ren-Gas 04:00 Putting capital to work 05:05 The year 2025 06:40 Garantia 07:40 Investment market 09:30 Asset management 11:10 Fundraising 13:10 2026

Taaleri

Taaleri's Q4 results came in clearly above our expectations, owing to good performance in all key operative segments. Relative to our estimates, the top line and profitability beat was mainly...

Taaleri's Q4 results came in clearly above our expectations, owing to good performance in all key operative segments. Relative to our estimates, the top line and profitability beat was mainly driven by the fair value changes in Garantia's investment portfolio (EUR 3.0m; our estimate: EUR 0.9m). Additionally, continuing earnings grew clearly more than our expectation, driven by SolarWind III (SW3) closing fees, resulting in 17% y/y growth. The board proposed a dividend of EUR 0.30 per share in 2025, which was 25% below our estimate. For 2026-27, we make only minor revisions to our estimates and calculate a slightly higher SOTP-based fair value range of EUR 8.6-9.8 (8.5-9.7).