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
      ...ExtensiveCoverage_Company
      defaultInstrument {
        isin
        id
        symbol
        marketOpen
        marketClose
        marketplace {
          region
        }
        returns {
          total
        }
      }
    }
    tags {
      viewerIsFollowing
      id
      name
      pageUrl
    }
    createdAt
    ... on Video {
      liveTime
    }
    ... on Webcast {
      liveTime
    }
    slug
    pageUrl
    ... 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
    ...ExtensiveCoverage_Snapshot
  }
  ...TrendingContent_1jQ2Cn
}

fragment ExtensiveCoverage_Company on Company {
  id
  defaultInstrument {
    estimateData {
      researchCurrency
      estimates {
        date
        recommendation
        targetPrice
      }
    }
    id
  }
}

fragment ExtensiveCoverage_Snapshot on Content {
  __isContent: __typename
  companies {
    id
    defaultInstrument {
      snapshot {
        transaction {
          date
          recommendation
          targetPrice
        }
      }
      id
    }
  }
}

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
      name
      id
    }
  }
}


__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

pageUrl

publishers

authors

reactionGroups

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.

During the earnings call, management seemed visibly annoyed that the head of Fintoil left. He had done an excellent job, so it’s hard to come up with reasons for the change. Furthermore, if the new principal owner wanted to bring in someone of their own, that would have been announced at the same time (the process was only just initiated now). You don’t really get much wiser looking at those Finder numbers for the wind funds. As I understand it, the structures of the whole fund are reasonably complex, and it’s certainly possible to shift earnings around from one place to another there. One must also note that Taaleri refinanced all the parks (Taaleri Energia jälleenrahoittaa 211 megawatin tuulipuistoportfolion Suomessa - Inderes), which can impact the figures. What you certainly can see from those numbers is that these parks were wild cash machines during the 21–22 energy crisis. 23–25, on the other hand, have been difficult, with low electricity prices and wind power cannibalizing itself. As I understand it, cash flow has turned negative in the worst years, and because of this, management fees have also fallen into arrears.

Taaleri’s interim report had both good points and things to ponder. Regarding the latter: Once a competent new leader is found for Fintoil, the production facility’s ramp-up in volumes and shifting the product mix toward higher-margin products can hopefully be realized in the coming years. But somehow this leaves one wondering, why did the previous head leave so soon after the facility got a new main owner? Was moving elsewhere just a matter of career progression, or is there trouble brewing behind the scenes at Fintoil? The biggest concern, however, was the hinted write-downs in the SolarWind operations (see image below). In itself, write-downs on individual assets can be handled, but this may also point to two bigger issues: 1) the exit market in general remains sluggish, making profitable divestments hard to achieve, and 2) will fundraising for SolarWind IV turn out to be an uphill battle? And indeed, the CEO’s answer regarding share buybacks was convoluted, though they weren’t ruled out either. “Hope springs eternal”?

I have never sat on the board of a listed company or discussed the matter with ESMA or the FIN-FSA, but powered by boundless self-confidence, I still believe just like @In_Der_Esche that where there’s a will, there’s a way. I find it very hard to fathom that if Taaleri, for instance, were to outsource share buybacks to an agent without access to inside information—who would then execute the purchases either independently or mechanically in accordance with the company’s stated dividend policy or buyback program—the stock market police would suddenly come knocking on the door and throw the board in the slammer. When such massive risk-free returns on capital are on the table, you have to dare to push back against overcautious lawyers and consultants. As a side note, Finnish law technically prohibits directed share issues except in special, rare, exceptional cases where there is a compelling financial reason to do so. In recent years, listed companies have begun to re-interpret the law to mean that “We wanted to broaden the shareholder base and public offerings are impractical” serves as a perfectly sufficient excuse for a directed issue. Just a few years ago in Hesuli (Helsinki Stock Exchange), we even saw cases where a CEO buys shares right before a positive profit warning and sells immediately afterward, or where a company’s board with a straight face recommends rejecting an overtly overpriced tender offer simply because it goes against the major owner’s interests. Therefore, appealing to the omnipotence of “Rule-Finland” is, to some extent, a cultural quirk akin to believing in Santa Claus. So, in my opinion, it is not at all credible to claim that Finland is supposedly the only EU country where regulatory hurdles prevent share buybacks from being carried out sensibly on the stock exchange. Granted, Taaleri has many interesting and exciting projects constantly underway. So do many other companies, even if Hesuli admittedly has an exceptionally high number of these brain-dead dividend zombies.  Be my guest. Hopefully, a prospective buyer for Taaleri’s offering is found before the discount deepens or that famous food waste starts piling up

Btw, I’m calling dibs on using that “red-tagged” headline theme in the title of one of my reports!

Personally, I interpreted this as a small glimmer of hope, since historically the responses to share buybacks have been a much more direct “not interested”. This time, I feel the door was clearly left open and it was implied that the board is genuinely considering the matter.  To give them some slack regarding those open trading windows, having served on the board of a listed company myself, those windows are actually open quite rarely. There are regularly official projects ongoing that legally prevent share buybacks. Taaleri likely has these projects underway constantly, as they are making a major overhaul in their strategy. As I understand it, Fintoil was negotiated for 6 months. NSI was negotiated for some time. The largest exit processes can be insider projects because they impact the share price. The official window has hardly been open for many weeks during 2026. Then there are separate, informal projects that don’t technically pose restrictions according to the law at that exact moment, but could become problematic later on if things take a different turn. Let me give a hypothetical example: party X approaches Taaleri with an idea of a merger. This is not an official proposal, but rather preliminary soundings, perhaps directed at the chairman of the board or the CEO. The matter doesn’t progress at that moment, but the counterparty doesn’t outright say “this is off the table” either. Do you dare to start buying back shares? The law says go ahead, but IF an official merger proposal were to arrive from the counterparty 1 month after that decision, the board members’ legal position could become quite uncomfortable, as someone might interpret it as them having had knowledge of this merger and utilizing it in the buyback decision. Note that this doesn’t even have to be on the scale of a merger; something much smaller is already enough. But of course, I too would hope the message was “there’s no better investment target than our super-undervalued stock, let’s even return the empty bottles to the store so we can buy back as much stock as possible,” and as long as shares are not being repurchased, concerns about the board’s capital allocation priorities are inevitably raised.

Comrade Eka is preaching the gospel strongly. Perhaps the thread title should be changed to “Taaleri - aaleri - bargain bin?”. The stock’s balance sheet-based undervaluation hasn’t been a short-lived seasonal flu, but a chronic lifestyle disease. I find it hard to believe that amidst all the tinkering there hasn’t been a window for share buybacks. Where there’s a will, there tends to be a way. What’s essential to me—and I believe the market interprets it the same way—is demonstrated effort to maximize shareholder value. Right now, money is willingly being left on the table. It’s unpleasant to say this as a shareholder, but the whole thing reeks of old-money arrogance. That’s why the bargain bin is exactly where the stock belongs.

Indeed, a lot in this story is “trapped” behind those exits. As I understand it, it’s hard to start raising SolarWind4 until there is a track record of exits from the older ones. In addition, those large receivables from Tuuli2&3, the potential performance fee from Aurinkotuuli1, and recycling capital from the Texas wind farm are all key factors for the investment case. This latest rise in interest rates certainly came at a bad time, as it inevitably drags these processes out a bit longer while buyers recalibrate their calculations.

Taaleri

Taaleri's Q3 results were above our expectations on all group key figures, supported mainly by positive fair value changes. Continuing earnings (EUR 12.0m) were above our expectation (EUR 10...

Taaleri's Q3 results were above our expectations on all group key figures, supported mainly by positive fair value changes. Continuing earnings (EUR 12.0m) were above our expectation (EUR 10.4m), and grew by 18% y/y. Segment EBIT of EUR 9.4m was 29% ahead of our estimate, due to larger-than-expected positive fair value changes in Investments and Garantia. Following our estimate revisions and including the impact of a larger investment portfolio, we marginally raise our SOTP-based fair value range to EUR 8.4-9.6 (8.4-9.4).

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Taaleri: Pushing ahead - Nordea

Taaleri: Pushing ahead - Nordea