contentSlug

type

ContentPage_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentPage_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
  createdAt
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
  companies {
    viewerIsFollowing
    id
    name
    pageUrl
    forum {
      threadUrl
    }
    defaultInstrument {
      symbol
      id
    }
  }
  ...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 {
        threadUrl
        latestPosts {
          ...ForumPosts
        }
      }
      name
      id
      viewerIsFollowing
      pageUrl
      defaultInstrument {
        isin
        id
        symbol
        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
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
}

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

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.

Wow! I’ve read many comprehensive reports, but this was one of the best. It was especially delightful to see from how many different angles the company’s various segments have been analyzed. In my opinion, it’s very difficult to remain neutral toward Taaleri. It is completely indisputable that there is far too steep a discount in the company’s sum-of-the-parts valuation, and I couldn’t find any flaw in your thesis that would justify such a massive discount when looking at the business in a vacuum. At the same time, however, one must remember that while a bad company can be a good investment, a good company can also be a bad investment. Historically, I believe Taaleri has made a lot of the right operational moves and managed to adjust its course sensibly. In terms of M&A, they have known how to buy and sell at the right time. When they couldn’t get the wealth management business to work, they sold it. I previously criticized the investments in the bioindustry and Fintoil, and I still didn’t think it seemed like a good focus area, but even the latest Fintoil arrangement looks very smart. At the same time, the company has chronically failed to serve its shareholder-investors and unlock undervaluation, which is why the share price crawls along like my sex life. There are plenty of examples on the stock market of companies that didn’t prioritize shareholder returns, even when the right decisions were completely obvious. Stockmann is the easiest case in point here, where every good and profitable business was sold or attempted to be sold because the owners had a fixation on running an unprofitable department store business. For Taaleri, share buybacks would undeniably be a completely obvious and frictionless way to boost the share price, but personally, I don’t believe the board and major owners will ever prioritize maximizing shareholder value. Dividends practically have to be paid out in Finland, but even those are kept as low as possible, preserving cash for future major M&A transactions. This might turn out to be a smart strategy given Taaleri’s track record, but value won’t be unlocked in the share price quickly—owners will genuinely need that famous long-term patience. Likewise, an IPO for Garantia would be completely obvious and mathematically a free lunch, but it is not on the horizon during the company’s current strategy period. We don’t yet know what the market sentiment will look like during the next strategy period, but the 2021 IPO window for Garantia was missed, and it’s possible that in a couple of years international stock markets will cool down again, pushing Garantia’s listing into the 2030s. Of course, by then they would naturally get an utterly absurd valuation for it, provided the current earnings performance continues. In the short term, the best thing would be if we got an activist investor on board to unlock the undervaluation. Nowadays, everyone is investing in index funds or American megacaps and avoiding small caps on the Helsinki exchange (Hesuli), so the environment isn’t very conducive to undervaluation resolving spontaneously. Thus, I see the company as an exceptionally outstanding value investment (Note! Portfolio Manager @Verneri_Pulkkinen) in every sense of the word. The most blatant undervaluation on the stock market for a profitable, money-making company, combined with a chronically sluggish share price, without a clear timeframe or catalyst for when the market will start pricing the sum-of-the-parts fairly. If you have the patience to stick around for another 3–5 years, I believe the reward for the investor will be excellent for having the stomach to watch boring stagnation in your portfolio year after year, while all the other investors are making big AI money.

This private credit thing is certainly an interesting “move” by Taaleri as well. Have they been reading FT issues from a couple of quarters ago and figured it’s time to jump into another offshoot again? I still can’t wrap my head around it.  Still, it’s great to see the investment community actively joining the discussion, and a big thank you to Sauli & Co for the excellent company report! Here’s hoping for an unlocking of valuation, share buybacks, and successful transactions

In my view, unlocking the sum of the parts probably can’t really happen through a demerger anymore. As stated above, Garantia is a clear piece of the puzzle, but the rest aren’t. As for Taaleri’s ability to allocate capital and make opportunistically right moves, every day they don’t buy back their own shares weakens the case for the management’s competence. If executive management knew how to allocate capital, they would be buying back their own shares. They can’t keep hiding behind the board forever on this.

I made an unbelievable mistake on my end by trusting AI’s claim about a 20% voting power limit per shareholder. The source it provided was real though, so I didn’t think to question and double-check it  So I stand corrected, embarrassed, and I apologize.. It seemed like such specific information that it didn’t even cross my mind to suspect hallucination. At least this articles of association topic got sorted out in the thread.

At least I couldn’t find any voting cap/restriction etc. in the articles of association, what are you referring to with this?

Even though I don’t have hard facts to offer on the matter, I am practically convinced that various exploratory talks regarding corporate transactions have been directed towards Taaleri over the years. Energy is simply too attractive of a piece. At the very least, other asset managers have come knocking on the door. For one reason or another, these haven’t crossed the finish line, but opportunities for deals have certainly existed. There is nothing unusual in Taaleri’s articles of association that would prevent a takeover.  Regarding @Prototyping’s comment, there was actually a sort of generational handover in the nomination committee, as Niko stepped in to represent the Fagernäs family’s Hermitage, replacing his father Peter. Even though the last few years have been frustrating for Taaleri’s owners and major deals have been conspicuous by their absence, it is still worth remembering that historically Taaleri has made truly bold and significant moves. The acquisition of Finsilva was a massive move in terms of the company’s balance sheet, buying Garantia meant jumping into a new line of business and the purchase price was large relative to Taaleri’s size. In asset management, Taaleri sold its very core, and practically all the founders were shipped off to Aktia along with the deal. So when needed, they have certainly been ready to make very bold moves.  As a side note, reading through the articles of association, the line of business description is indeed very Taaleri-like: The company’s line of business is to own and manage shares, other securities, and real estate, as well as to engage in securities trading and other investment activities. The company handles centralized functions for the companies belonging to the group.

Aging is catching up with all the major owners, though, and on the other hand, the Chairman of the Board / major shareholder Elomaa is the creator of the company, so wouldn’t you expect the company to take a really bigger step in one direction or the other during his era?

Taaleri

Ahead of Taaleri's Q3 2026 results on 28 October, we make minor negative estimate changes. For the current year, our estimates changes mainly reflect exit-related costs within Private Asset ...

Ahead of Taaleri's Q3 2026 results on 28 October, we make minor negative estimate changes. For the current year, our estimates changes mainly reflect exit-related costs within Private Asset Management, while our 2028 estimate changes reflect long-term performance fee assumptions. For Q3, we highlight a tough group comparison figure; however, we expect continuing earnings of EUR 10.4m, resulting in 3% growth y/y, which we highlight as the key underlying performance metric. Following our estimate changes, we derive an unchanged  SOTP-based fair value range of EUR 8.4-9.4 per share.

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Taaleri: Preparing for exits - Nordea

Taaleri: Preparing for exits - Nordea