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
  ... on Video {
    liveTime
    videoUrl
  }
  ... on Webcast {
    liveTime
    videoUrl
  }
}

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
    }
    ... 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
    }
  }
}


__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Analyst

Sauli Vilén

Kasper Mellas

Titanium operates in the financial services industry. The group offers a wide range of financial services, mainly in asset management, loan financing and pensions. The group also manages a number of investment funds and structured financial products. Titanium was originally founded in 2009 and is headquartered in Helsinki.

Agreed. The new financing is very likely more expensive than the old. From what source was the previous financing?

It’s good that the financing can be renewed. According to the press release, however, the housing fund’s financing package was taken from Oma Säästöpankki (the care fund’s financing would have been too big a bite for OmaSP to chew). Previously, OmaSP has had a reputation for usually being the most expensive option in terms of margin. The situation may have changed, and I don’t know if both private and corporate customers have an expensive list price. It’s a matter of negotiation, of course. However, for private customers, the margin from Nordea could have been 0.8% and through Oma Säästöpankki 1.5%. Oma Säästöpankki has also financed such projects in smaller localities where other banks do not grant loans. Their customers also include price-insensitive consumer customers. The point of my comment: I don’t believe the loan margin was very favorable. The margin, interest rate hedges, and their prices were not disclosed.

Titanium Oyj – 19 Mar 26              Erikoissijoitusrahasto Titanium Asunto on tehnyt uuden rahoitussopimuksen -...    Suomalainen Rahastoyhtiö ja Sijoituspalvelukonserni         Est. reading time: 1 minute                               Asunto and Hoiva have made new financing agreements. What a coincidence, they hit the interest rate bottoms! Again! Hoiva’s previous interest rate agreement was 2.5% + margin. As I understand it.

12 posts were merged into the thread: Financial Sector as an Investment

Subscription fees, annual management fees, transaction fees (when properties are bought/sold within the real estate portfolio), and redemption fees are already in use. In addition to these, there is now a potential dilution levy of 0–20%. In a good market environment, the dilution levy is likely 0% or close to it, but how much will it be in a poor market environment, now or in the future? In some scenarios, for example, 5%, and the maximum is indeed 20%. Based on this information, the recommended investment horizon for someone investing in the fund should probably be at least 7–10 years. It will be interesting to see how this works in practice. If you place a redemption order, will the customer be given a prior indication of the likely dilution levy percentage (e.g., a range of 3–5%) before the money hits the bank account, allowing them to confirm or cancel the order at the last minute if the levy seems too high from the customer’s perspective this year? Or will the money just appear in the bank account without any prior notification, with the customer having no idea of the levy’s size when placing the redemption order? A fund investor should receive some kind of advance information. It can’t really be the case that either 100,000 euros or 80,000 euros lands in your bank account, and you only find out which it is when the redemption order can no longer be canceled. Otherwise, four years’ worth of fund returns, for instance, could be wiped out in one go during redemption.

Titanium Oyj – 16 Mar 26              Ilmoitus Titaniumin rahastojen osuudenomistajille 16.3.2026 - Titanium...    Suomalainen Rahastoyhtiö ja Sijoituspalvelukonserni         Est. reading time: 1 minute                               Titanium has updated its funds’ rules regarding liquidity management. Going forward, the liquidity of the real estate funds will be managed in the following ways. The following liquidity management tools have been selected for the funds: Titanium Asunto, Titanium Baltia Kiinteistö and Titanium Hoivakiinteistö: redemption restrictions, extension of the notice period and anti-dilution levy. The changes have been made to Section 13 of the rules. In addition to these, it is still possible that under certain circumstances, both subscriptions and redemptions may be suspended.

I suspect this is quite outdated information. If a comprehensive report were produced now, the figures would likely be significantly higher. In any case, it seems clear that Titanium is trying to use every other possible means to pay for the redemptions rather than selling its best assets. It is likely not an easy task.

Titanium

Titanium published an H1 result clearly below our expectations in terms of the main lines. However, the revenue miss came mainly from non-recurring items, so the significance of the estimate undershoot remained small.

<p>Titanium published an H1 result clearly below our expectations in terms of the main lines. However, the revenue miss came mainly from non-recurring items, so the significance of the estimate undershoot remained small. The cost side also grew as the company increased its selling power. The near-term outlook for real estate funds remains challenging, and we have revised our forecasts downwards in terms of new sales. </p> 

	2022	23e	24e
Revenue	27.9	28.4	30.7
growth-%	18.8 %	1.7 %	8.1 %
EBIT (adj.)	16.9	15.8	16.8
EBIT-% (adj.)	60.4 %	55.5 %	54.9 %
EPS (adj.)	1.30	1.21	1.30
Dividend	1.36	1.15	1.31
Dividend %	8.7 %	17.1 %	19.5 %
P/E (adj.)	12.0	5.6	5.2
EV/EBITDA	8.0	3.1	2.8

Titanium: Potential weighs more than the risks

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Key Estimate Figures24.08.2023

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