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.

If I understood correctly, the company switched to quarterly reporting for its funds at the beginning of the year. This would mean the next report is coming in early April.

Fund reports for January are about a week late. I don’t think this has happened before, or at least it’s quite exceptional. Even holidays don’t explain it. You have to start speculating a bit: unintentional or intentional? And if intentional, then why? Every additional day the reports are nowhere to be seen increases the likelihood that something is indeed in the works. I mean, without being an IT professional, I’d think it must be quite a snag if they can’t update the sites within a week. Titanium Online isn’t working for me either; I recall being able to access it previously.

Sale has published a new company report on Titanium following H2.  We reiterate our target price of EUR 6.0 for Titanium and our Reduce recommendation. The company’s H2 report was well in line with our expectations, and changes to forecasts have remained minor. In our forecasts, the company’s earnings remain in decline for 2026–2027, driven by real estate funds, and the company is under clear pressure to succeed in scaling up its asset management services to fill this earnings gap. If the expansion of asset management succeeds, there is clear potential in the stock, but at the moment, the risks clearly carry more weight.                   Inderes              Titanium H2'25: Varainhoidossa pitää onnistua - Inderes    Titaniumin H2-raportti ei sisältänyt suurempia yllätyksiä, ja iso kuva pysyy ennallaan. Kiinteistörahastoissa tilanne on vaikea ja paine varainhoidossa onnistumiseen on kova.

I just watched the company’s earnings release live (the recording will likely be available later); there wasn’t much new information if you are already well-acquainted with Titanium. Growth investments have been made and are still ongoing, which is reflected in the cost levels. They are aiming to grow asset management into a new pillar, and this year, measures regarding the real estate fund will continue as previously announced. The goal is for AUM to be more evenly distributed across different asset classes in the future. A brand refresh has been completed, featuring new websites and a new client portal; IT and marketing costs have been higher than usual. Now that this growth platform is ready, they are moving into customer acquisition for asset management. The dividend is €0.50, meaning practically the entire year’s earnings will be distributed. Now waiting for the next news or reports to see which way investors’ focus and the company’s earnings growth outlook turn as the year progresses.

Other administrative expenses surged 1,100,000 euros higher than last year? Doubled the amount in 2/2025? Without that, operating profit would have been “only good”—12% smaller than in 2024. Now it is 25%. Does that show what the headline says: “The figures reflect the company’s progress…”? Well, a better half-year regardless than the two previous ones, and if that 1,100,000 is a one-off, then it’s not too bad. Maybe they paid Carnegie a million to take Walter back?

Returns from the Hoiva (Care) fund for Titanium are reasonably likely to decrease in 2027. However, considering only the Hoiva fund’s current project pipeline and the property sales caused by redemptions—from which Titanium is entitled to transaction fees—as well as the redemption fees received from redemption payments, net returns might not actually decrease until 2028–2029. Additionally, wildcards in the mix include the Hoiva fund’s superior track record, especially over the last three years, the potential gradual recovery of the real estate market, and the new regulations coming into effect in April. In my view, the final points of the regulatory changes, such as the possibility to pay redemptions as a contribution in kind (apport), facilitate the opportunities for larger players to acquire units in open-ended real estate funds. It seems that estimates of Titanium’s future profitability and the relevant target price rely very heavily and one-sidedly on this decrease in Hoiva returns. Of course, Hoiva is important to Titanium, but the real estate market—and with it, Hoiva—is not likely to disappear from Finland entirely based on current outlooks. Furthermore, the returns of Titanium’s most important funds in January 2026 have once again been clearly decent. Annualized, Hoiva was 3.3%, PE I-series 9.5%, and Korko (Fixed Income) 6.5%. The property sold in the Baltics in January was sold at book value, which is not a bad achievement either. One could expect good, solid returns to eventually lead to growth as well. This would, of course, also somewhat offset the likely decrease in Hoiva returns. But if one is truly considering Titanium’s future and a realistic target price, the focus should really be shifted elsewhere rather than to a potential temporary drop in Hoiva returns after 2026, or possibly not until 2028. For example, former CEO Walter Ahlström. It is obvious that Walter Ahlström was not hired as Titanium’s CEO to tackle real estate fund problems any more than to sell funds. Very descriptive is the moment when Tommi Santanen was asked what Walter Ahlström has to offer Titanium: Titanium H2'23 ke 14.2. klo 13:00 - Inderes at the 50:10 mark. Tommi Santanen did not mention Walter Ahlström’s merits as, for instance, an asset manager or his expertise in personnel management. Instead, according to Tommi Santanen, he had knowledge and skills to offer that can only be learned by doing. Walter Ahlström moved to Titanium as CEO from DNB Carnegie Investment Bank Ab on May 1, 2024, and returned to his former position at the same bank on November 20, 2025. During Walter Ahlström’s tenure, a brand-new strategy was created for the company, published on November 14, 2024. It differs from the old one in all essential respects. The strategy has already been heavily implemented. For example, only 1 or 2 people in the management team continue with the same job descriptions they had before the strategy renewal. Between 10–15% of the staff, mainly in key positions, were hired during Walter Ahlström’s time. Upon his return to DNB Carnegie Investment Bank Ab, the bank’s CEO welcomed Walter Ahlström back and congratulated him on a job well done, during which a new direction was created for Titanium. It is also worth noting Titanium’s new business infrastructure, including asset management funds that serve the revised operating model. The company’s public image has likewise changed completely, becoming visibly active. Walter Ahlström’s area of expertise lies in various types of corporate arrangements, such as IPOs as well as corporate and business acquisitions (M&A). It is very likely that Walter Ahlström did exactly what he has learned by doing at Titanium. This is, of course, challenging for an analyst to quantify into a single figure when there are hardly any numbers to grasp. But that is no reason to ignore the matter. Doing so does not serve the interest of the investor, and certainly not the retail investor. In this context, a potential decrease in returns from Hoiva has little significance.

When an analyst has the luxury of having the notes to the financial statements available, then quite true, the net income of properties is rents - operating expenses. When a DIYer messes around with monthly reports and calculates based on the “Net property yield” reported in them, no operating expenses are deducted. The reported net property yield is indeed correct, the only problem is that the yield is also not calculated based on the GAV value but on some smaller sum. Which the DIYer doesn’t know. But the factors you mentioned should indeed be deducted from the GAV. I’ll add a row to my tracking Excel that converts the reported GAV into an effective GAV, which is 6% smaller than the reported one.

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 %	15.3 %	17.4 %
P/E (adj.)	12.0	6.2	5.8
EV/EBITDA	8.0	3.6	3.3

Titanium: Potential weighs more than the risks

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Key Estimate Figures24.08.2023

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