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
  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
    }
  }
}


taaleri-smooth-sailing-in-rough-waters-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.

The consultants have apparently charged so much for their strategy work that they didn’t have the nerve to propose such a simple and effective concept.

Well, I suppose it’s true that a track record does have an impact on clients and how they view subsequent investments or the company; after all, the circles in Finland are surprisingly small. My understanding is that some funds on the real estate development side have also been underperforming. Let’s hope, however, that the company corrects the situation. Share buybacks would be welcome news.

For my part, what should happen is a full focus on the Energy and Biotech segments (as well as Garantia). The group structure wouldn’t need to be dismantled, but the focus should shift to core areas of strength rather than “hope-for-the-best” private equity investments, where the company lacks a competitive track record, a dedicated team, or a particularly strong market position. This would be a clear model and one that is understandable from an investor’s perspective.

Time to answer comments collectively again! @In_Der_Esche it’s easy to sign off on that comment about the lack of share buybacks. It’s hard to understand why buybacks aren’t seen as an attractive tool to create value. I have to bring this topic up again in the next interview!  @Vilu in practice, performance fees exceeding expectations for the end of the year can only come from the old wind power funds. 14 MEUR was already booked in advance for those, but at the time of the bookings, the company applied significant (around 50%) buffers to them. Now, those buffers have certainly been eaten into significantly, but at least so far, there has been no need to resort to write-downs. I agree with you that performance fees higher than expectations from this source would indeed be a very positive thing. @Iso Ilkka said in the Q2 interview that they have to get exits done by the end of the year to be able to raise the SW4 fund. It’s good to bring some perspective to the unsuccessful funds. The Africa funds were probably around 100 MEUR in total; in the real estate sector, the old housing funds (1-7) were actually very good, but the newest one, 8, has likely faced challenges. In energy, the funds have generally done well (old wind, AT1, etc.). The biggest failure in energy was the Central European Geo funds back in the day, and these were not managed by the current Energy team. Personally, I don’t believe that the failures of certain smaller funds affect Taaleri significantly, as their client base largely consists of private clients from the old Taaleri Wealth Management. @Lohis I’m not involved in the Model Portfolio, so I can’t say. The reason I don’t have a “buy” recommendation myself is purely because I don’t see clear triggers for the unlocking of value. This is undeniably one of the cheapest stocks in my analyst career, but in the absence of catalysts, it’s hard to justify a stronger view. Actually, I am now cautiously optimistic that these catalysts may start to appear as the balance sheet capital finally begins to circulate and earnings growth should turn in the right direction by 2027.  @Hades (and others who also raised this point) it’s easy to agree with you; share purchases by management/the board would be a very necessary and positive signal. I will note that due to this large number of arrangements, Taaleri surely has very limited windows open for insider purchases (I understand Fintoil has been worked on since the beginning of the year, etc.), but of course, this in itself does not explain the low ownership levels.

Let’s keep the commentary remarkably simple.                   Taaleri              Johdon osakkeenomistus - Taaleri    Tutustu johdon omistuksiin tällä sivulla.                             Everything you need to know about why one wouldn’t be excited can be found there. If I want to buy some “black box” in the financial sector with its many moving and undervalued parts, I’ll buy something where the management has their entire net worth or their family company’s value and reputation on the line alongside my own pennies. I won’t buy Taaleri.

I’ll try to answer from my perspective. I’ve had Taaleri in my portfolio for a long time, sometimes more, sometimes less.  Taaleri is a general store where you can get private equity funds, direct growth capital investments, and also Garantia. In my opinion, this creates four challenges: 1) the business is difficult to understand and predict, at least for a regular Joe like me; 2) management’s experience and expertise play a huge role in successful allocation, and poor decisions can wreck earnings for a long time; 3) capital allocation is very hard to predict, as sometimes they launch funds and other times they invest in Fintoil or similar ventures; 4) an investor who wants to invest in private equity funds, for example, might avoid Taaleri because they get a lot of other stuff as a side effect. I think this last point is the most significant, but since I wasn’t allowed to say “dismantling the corporate structure,” I’ll add other reasons as well. Successes fuel successes, and the same applies to share price increases. Many potential investors might look at the stock history and conclude that it has been flat for the last few years and the outlook for the future is the same. The current CEO might be a very competent guy, but from these Inderes appearances, I’ve personally gotten a somewhat conflicting image. The presentation is somehow expressionless and a bit lackluster. Why does this matter at all? I personally view the CEO as the asset manager of my investment. In wealth management, trust is everything.  @Sauli_Vilen, a counter-question for you, since you have pondered Taaleri’s undervaluation a few times. Why doesn’t Taaleri fit into the Inderes model portfolio when you clearly consider it undervalued?

One reason is probably the failed funds where investors have lost quite a bit of money, e.g., Africa I, Africa II, and the real estate funds, and the ripple effect of those is significant when investors talk to each other about them.

Taaleri

Taaleri's Q2 results were largely in line with our expectations on group key figures, although we note that there were pronounced deviations on the segment level, especially in Garantia and ...

Taaleri's Q2 results were largely in line with our expectations on group key figures, although we note that there were pronounced deviations on the segment level, especially in Garantia and Investments. Continuing earnings (EUR 9.8m) came in slightly below our expectation (EUR 10.5m), marking an 8% y/y decline. Segment EBIT of EUR 4.4m was 4% below our estimate, which was explained by negative performance fees in Renewable Energy and negative fair value changes in Investments but balanced by exceptionally strong performance in Garantia. Following our estimate revisions, our SOTP-based fair value range decreases slightly to EUR 8.4-9.4 (8.5-9.6).

Taaleri: Smooth sailing in rough waters - Nordea

Taaleri: Smooth sailing in rough waters - Nordea