Privacy preferences
Inderes uses cookies to provide a better user experience and a personalised service. By consenting to the use of cookies, we can develop an even better service and will be able to provide content that is interesting to you.
  • Forum
  • Premium
  • Stock Markets
    • MarketsLive prices, indices, and market performance
    • Morning ReviewDaily market recap and key overnight highlights
    • Stock CalendarUpcoming earnings, listings, and corporate events
    • Dividends CalendarFuture and past dividends
  • Companies
    • CompaniesBrowse and filter the full list of listed companies
    • DiscoveryInspiration for your next investment
    • IPOsNew listings and upcoming public offerings
    • AGM InvitationsAnnual general meeting dates and shareholder info
  • Stock Research
    • ResearchExpert stock analysis and recommendations
    • ArticlesNews, insights, and market commentary
    • PortfolioInderes model portfolio
    • FemmeBreaking barriers and building confidence in investing
  • Learn about investing
    • Analysis SchoolLearn how to read and understand stock analysis
    • Investing SchoolGuides and lessons to grow your investing knowledge
    • Portfolio buildersInvesting knowledge for every level, from first steps to advanced portfolio strategies.
    • inderesTVVideo hub for stock research, analysis, and expert commentary
    • TranscriptsFull text records of earnings calls and investor meetings
    • Stock ComparisonCompare financials and performance across multiple stocks
    • Earnings SeasonCompare EPS estimates to reported results
    • Insider TransactionsTrack buying and selling activity by company insiders
    • Short SellingSee which listed companies have disclosed short interest
    • Virtual Analyst ChatAsk questions and get instant AI-powered investment insights
    • Compound Interest CalculatorSee how your savings grow with the power of compound interest.
Find us on social media
  • Inderes Forum
  • Youtube
  • Facebook
  • Instagram
  • X (Twitter)
  • Tiktok
  • Linkedin
Get in touch
  • info@inderes.fi
  • +358 10 219 4690
  • Porkkalankatu 5
    00180 Helsinki
Inderes
  • About us
  • Our team
  • Careers
  • Inderes as an investment
  • Services for listed companies
Our platform
  • FAQ
  • Q&A
  • Terms of service
  • Privacy policy
  • Disclaimer

Inderes’ Disclaimer can be found here. Detailed information about each share actively monitored by Inderes is available on the company-specific pages on Inderes’ website. © Inderes Oyj. All rights reserved.

Taaleri Extensive Report: Delivering its way out of the bargain bin

TAALAExtensive research02.10.2026 klo 12.22
Sauli VilénAnalyst
Discuss
Download report (PDF)

Summary

  • Taaleri has shifted its strategy to focus on growth, particularly in its guarantee insurance company Garantia and Renewable Energy Private Equity Funds, leading to improved investor returns without relying on large transactions.
  • The company's earnings, which have been declining since 2024, are expected to gradually recover, driven by increased continuing earnings and non-recurring income, with a normal EBIT potential estimated at 30-40 MEUR.
  • Taaleri's stock is considered historically cheap, with a sum-of-the-parts valuation of EUR 11.7 per share and a significant discount of ~40%, which is expected to contract as earnings grow and market confidence is restored.
  • The analyst raises the recommendation to Buy and sets a target price of EUR 9.0, citing a low risk level and potential returns of 10-25% p.a., supported by Garantia's cash flows and potential M&A activities.

This content is generated by AI. You can give feedback on it in the Inderes forum.

Translation: Original published in Finnish on 10/01/2026 at 10:00 pm EEST

After some sluggish years, the company has moved up a gear in executing its strategy. This is critical for investors, as we see clearly better prerequisites for the growth of the sum-of-the-parts value than before. As a result, investors' returns no longer rely on the uncertain materialization of value through larger transactions. The discount relative to the sum of the parts has widened to a historically high level, and we see clear drivers for its contraction over the next 12 months. As the sum-of-the-parts value also has good preconditions for growth, the stock's risk/reward ratio rises to an attractive level. We raise our recommendation to Buy (was Accumulate) and revise our target price to EUR 9.0.

Higher gear engaged in the strategy

Taaleri has two operational businesses: the guarantee insurance company Garantiaand Private Equity Funds, the majority of which comes from Renewable Energy. Additionally, we estimate that the company has an investment portfolio of approximately 90 MEUR. The company updated its strategy in fall 2025, with key changes being investment activities returning to the previously very opportunistic approach, a stronger growth orientation for Garantia, and emphasizing its role as the most valuable part of the group. The company has achieved a clear change of pace in its operations, and in our view, it has accomplished more in its strategy over the past year than during the entire previous strategy period. Key visible changes have been turning Garantia to clear growth and the Fintoil arrangement. We expect better strategy implementation to be reflected increasingly clearly in the numbers over the coming year as the fundraising for Renewable Energy progresses and the older investments on the balance sheet are exited.

The earnings trend should finally start to turn around

Taaleri's revenue has been on a downward trend since 2024. Earnings should slowly bottom out, and we expect earnings to gradually return to growth driven by the increased continuing earnings and, in particular, the return of non-recurring income (investment income and performance fees). Our view of Taaleri's normal EBIT potential is 30-40 MEUR, which is also the average of our estimates for the coming years Unlike other financial sector companies, the dividend stream plays a minor role in the investment story, as capital is allocated to growth.

The share is historically cheap

Taaleri should be valued using the sum of the parts due to the differing nature of the group's segments. Our view on the sum of the parts has increased marginally to EUR 11.7 per share (was EUR 11.1). The increase is explained by Garantia, whose share of the total sum-of-the-parts value is already around half. The rest of the value is split roughly evenly between investments and Private Equity Funds. The discount relative to the sum of the parts is ~40%, which is the highest level in history. Although the stock should, given its current structure, trade below its sum of the parts, the discount is glaringly larger than the 15-20% we find acceptable. We see clear drivers for the contraction of the sum-of-the-parts discount over the next 12 months, as earnings finally turn to growth, exits from legacy balance sheet assets are made, and capital is allocated to new assets. In addition, the successful launch of fundraising for the SolarWind 4 fund is an important milestone in restoring market confidence. Based on our calculations, the expected return offered by the share is 10-25% p.a. The range is very wide as it depends heavily on the recovery of market confidence We believe the risk level is very low, as the valuation is very low across all metrics, and the current valuation can be justified by Garantia's cash flows alone. In addition, investors naturally get a free option on the sudden unlocking of sum-of-the-parts value through M&As, as we remain convinced that Taaleri's structure will look different in the long term.

Login required

This content is only available for logged in users

Create account

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.

Read more on company page

Key Estimate Figures01.10.

202526e27e
Revenue63.757.560.4
growth-%-12.3 %-9.7 %5.1 %
EBIT (adj.)26.020.025.0
EBIT-% (adj.)40.9 %34.8 %41.4 %
EPS (adj.)0.590.450.65
Dividend0.300.300.40
Dividend %3.9 %4.1 %5.4 %
P/E (adj.)12.916.411.4
EV/EBITDA8.210.77.8

Forum discussions

Tämän sivun haluaisin vielä erikseen nostaa raportista. Jos laskelmani eivät ole aivan pielessä, voisi Taaleri välittömästi nostaa Garantiasta...
3 hours ago
by Sauli Vilen
17
In Finland, insolvency regarding mortgages is still quite rare, and collateral protects lenders in problem situations. In addition, Garantia...
4 hours ago
by Sauli Vilen
11
How has Garantia managed to only improve its profit level in recent years, even though one would think claims expenses would have accumulated...
4 hours ago
by Karhu Hylje
2
Taalerin laaja raportti vihdoin pihalla! Melkoinen 60s tiiliskivi tuli En muista koska olen käyttänyt näin paljon ajatustyötä johonkin raporttiin...
6 hours ago
by Sauli Vilen
33
Sale has written an extensive report on Taaleri, and as with other comprehensive reports, it is freely accessible for everyone to read. The ...
14 hours ago
by Sijoittaja-alokas
13
There’s been quite a few pointless posts lately… As that Yle news article shows, the subsidence doesn’t affect Toriparkki.
21 hours ago
by Koala
9
Taaleri considers it a long-term investment. If we just have the patience to wait 20–30 years, through the magic of compound subsidence, it ...
yesterday
by Warren Fyffet
13