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Taaleri

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Analyst

Sauli Vilén

Sauli Vilén

Pääanalyytikko

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Matias Arola

Matias Arola

Analyytikko

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Net impact profile

Third party research
10.5.
2021

Q1 21 provided a first glimpse of the new Taaleri, as the transaction with Aktia regarding Taaleri’s Wealth Management operations was completed at the end of April 2021.

Third party research
9.4.
2021

In March 2021, Taaleri announced that it would sell its Wealth Management operations to Aktia. After the deal, Taaleri is set to become an alternative investment fund manager with expertise in sustainability-themed funds, mainly renewable energy but also real estate, bio-industry and infrastructure funds. We raise our fair value range to EUR9.5- 11.5, as we believe the deal is the first step for Taaleri to crystallise its company value.
Third party research
11.3.
2021

Taaleri sold its wealth management operations to Aktia with EV EUR120m (excl. debt and cash). The deal is set to go through in May 2021, pending regulatory approval. Even though the majority of Taaleri’s AUM (2020 EUR7.6bn) is transferred to Aktia, Taaleri is left with approximately EUR1.8bn of mainly private equity and energy AUM with very high earnings and future carry potential, in our view.

Third party research
19.2.
2021

The H2 20 report was slightly mixed, as total income beat consensus (FactSet) estimates
by 2% but continuing earnings (-2% y/y) were suppressed by the poor development in
Wealth Management (-12% y/y). For 2021, we slightly raise our total income estimates
for 2021, as poor development in Wealth Management was compensated by favourable
results in Insurance and Energy. We keep our fair value range at EUR8.0-9.5.

Third party research
21.1.
2021

Driven by the strong financial market in H2 20, we expect Taaleri to report a good H2 print with income and operating profit growth of 10% and 39% y/y, respectively. We estimate double-digit growth to continue in 2021-22E and find the shares attractively valued at a 2021E P/E of 11.8x, 21% below the Finnish peer median and 7% below the company’s five year average. Taaleri reports H2 20 on 18 February.

Taaleri