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
  createdAt
  changedAt
  isPremium
  authors {
    __typename
    name
    pageUrl
    id
  }
  companies {
    name
    pageUrl
    id
  }
  tags {
    name
    id
  }
  ... on Video {
    liveTime
    videoUrl
    videoEmbedUrl(location: "inderes")
  }
  ... on Webcast {
    liveTime
    videoUrl
    videoEmbedUrl(location: "inderes")
  }
}

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
      researchContentUrl
      researchContent {
        title
        lang
        pdfUrl
        relatedContent {
          __typename
          ...PublishingDetails
          ...Reactions
          id
        }
        content {
          title
          lang
          htmlBody
          publishedAt
          createdAt
          changedAt
          isOutdated
          isPremium
        }
      }
    }
    ... 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
    }
  }
}


taaleri-garantia-holding-up-strong-nordea

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

changedAt

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.

sttinfo.fi              Eden Asunnot sijoittaa toiseen asuntokohteeseen Helsingin Laajasalossa |...    TAALERI KIINTEISTÖT | LEHDISTÖTIEDOTE | 16.6.2026 KLO 9.00 Eden Asunnot sijoittaa toiseen asuntokohteeseen Helsingin Laajasalossa Eden Asunnot sijoittaa Helsingin Laajasaloon rakennutettavaan asuinkohteeseen. Sijoitus on yhteisyrityksen toinen...                             Eden Asunnot is investing in a residential development to be built in Laajasalo, Helsinki. The investment is the joint venture’s second project in the centrally located Laajasalo area, which offers comprehensive services and constantly increasing amenities. The recently opened Kruunuvuorensilta bridge already provides an effortless connection to the city center for light traffic. The tram connection, which will be completed on the bridge in the near future, will make commuting even easier. The project will consist of 68 high-quality rental apartments. Construction of the site will begin immediately and will be carried out by Pohjola Rakennus Oy.

I don’t really see Taaleri as a very favorable target for activist investing. Even though the ownership is fragmented, building a significant position would practically be a long process and would require a rather long time horizon. In my opinion, Elliott’s case with Sampo was also different. There, a value vacuum was created following Wahlroos’s withdrawal, the Nordea ownership dominated the entity, and there was extensive discussion regarding capital allocation. I don’t see a similar situation with Taaleri. Also, the board’s recent decisions, such as increasing loan authorizations, point more toward growth orientation than preparing the company for a divestment or breakup of its parts. While I also believe the sum of the parts is higher than the current market capitalization, I would prefer to see that value unlocked through share buybacks rather than the sale of high-quality assets. If the stock trades at a clear discount, buying back shares is often very lucrative capital allocation. Furthermore, I generally prefer for a euro to work inside the company with a good return rather than it being recycled to me as a dividend via the taxman. Selling Garantia could certainly release value in the short term, but at the same time, a stable source of income would disappear—one that has enabled the building of the renewable energy business. And even though Garantia is currently being viewed through the lens of a weak housing market, I wouldn’t be surprised if, in a few years, the Finnish housing market is significantly more active than it is now. At that point, Garantia’s earnings power could also look better than it does today. Therefore, I wouldn’t personally rush to sell one of the group’s highest-quality assets right now.

Elliott got Juurikki to sell their Sampos. Those undervalued sales of Nordea were just so awful. It didn’t even help no matter how much Juurikki complained in the Inderes discussion forum.  Fortunately, as an active investor, Juurikki is not an activist investor of the “everything-now-to-me” variety. Taaleri was and actually is an ideal case, where one part chugs along generating steady returns and the other part uses those profits to build a renewable energy fund management business that is already successful and only in the early stages of scaling. Let’s say it straight. Garantia is the heart of Taaleri, pumping blood into Taaleri’s other operations. Sell the heart, shall we? Sell your mother first, bitte. When Trump II came to power, the global sentiment changed, and everything that was previously good and taught as such both at home and at school was suddenly evil. And suddenly evil, malice, and dishonesty were a good thing. A “green hangover” (viherkrapula) set in. For example, the EU’s environmental policy hasn’t changed anywhere, no matter how much Trump and Putin bluster. The EU will likely fund a quarter of the next SolarWind, just as it probably funded a decent slice of the previous one. Therefore, before the Inderes forum votes that Garantia must be sold, could we at least wait long enough for Taaleri to benefit from all that hard work in developing expertise and growing into one of the most significant players in the field at the EU level? There are already so many proofs of this, yet those billion-scale deeds are still undone. Rights reserved and escape from liability clause: For obvious reasons, Juurikki is a partial owner of Taaleri - over here in the corner, look, here in the corner we’re squeaking, and cornering, look, I’m waving my hand.

I’ll weigh in briefly on Taaleri’s investment portfolio. Truscott, Fintoil, and the Turku market square parking facility (Turun toriparkki) are all holdings to which I attribute significant value looking toward the future. There is considerable room for multiple expansion in these when a divestment situation eventually arises. As for the company’s overall situation, as a shareholder, I wouldn’t want to see any more activist investors coming on board at this point, seeking to maximize short-term profits. I might consider the sale of Garantia for sums starting with 300 million euros. I just can’t quite figure out which insurance company a successful firm like this would suit right now; for most, Garantia is “on the wrong side of the decimal point” (too small), and from a cultural perspective, executing the deal could be a difficult equation overall. Since there has been a focus on recurring income starting from the reporting, I believe that it will finally be comfortable to stay on board with the Energy segment.

@Sauli_Vilen, what is your opinion on Taaleri’s recent acquisition and their intention to enter the private credit product space? Is there a larger connection to be seen here between a private credit fund product + Garantia’s potential to build some sort of capital protection + using that to attract large amounts of idle cash/cash deposits into long-term savings, or what would be the underlying logic there?

This is a mystery to me as well—asset managers are happy to preach about efficient capital allocation, yet they leave a low-risk option for building shareholder value unused. Even though one would hope the generation of empire-builders and their hostile takeovers were a relic of the 80s boom years, it can—much like 80s music—make a comeback as a new generation measures their egos using shareholders’ money. An overcapitalized balance sheet and a board that has grown weary of its targets are vulnerable to those making “ambitious” strategic moves. Sauli has asked several times why Taaleri isn’t attracting interest, but fresh evidence is lacking. The fear of 80s-style maneuvers is keeping investors off the dance floor.

What could theoretically happen is that an activist investor takes a corner (nurkka) in Taaleri and begins pushing for changes or value unlocking. Much like Elliott did with Sampo five years ago.

Taaleri

Taaleri’s Q1 2026 continuing earnings of EUR 10.5m increased by 13% y/y and came 6% above our estimate. The beat in continuing earnings was attributable to Garantia, where continuing earnings...

Taaleri’s Q1 2026 continuing earnings of EUR 10.5m increased by 13% y/y and came 6% above our estimate. The beat in continuing earnings was attributable to Garantia, where continuing earnings came 27% ahead of our expectations, driven mainly by a clearly lower combined ratio of 21.8% (-10.8pp y/y). Total segment reporting income of EUR 12.6m improved by 46% y/y against a rather soft comparison period. Segment reporting EBIT of EUR 2.1m was slightly above our EUR 1.9m estimate, explained mainly by the stronger overall performance in Garantia. In regards to Private Asset Management, results were largely in line with our expectations. Given the profitability miss relative to consensus, we expect the share to trade slightly down today.

Taaleri: Garantia holding up strong - Nordea

Taaleri: Garantia holding up strong - Nordea