Based on segment reporting, Taaleri reported Q1 sales of EUR 7.2m and operating profit of EUR -0.7m, clearly above Refinitiv consensus expectations. Investment operations had a negative impact on the Q1 top line and earnings, although not to the extent we had anticipated. The company is advancing its SolarWind II projects, while the new SolarWind III fund could start fundraising already this autumn with first close in 2023. Earnouts from Finsilva and divestment of Ficolo will support Q2-Q3, while Wind funds' carry will most likely be booked in Q4. Garantia's outlook remains positive and we expect the company to continue to report a strong combined ratio. In addition, Garantia's high solvency ratio could offer a dividend surprise for Taaleri. We derive a fair value range of EUR 11.7-13.7 (11.4-13.6) per Taaleri share. Marketing material commissioned by Taaleri.
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