We believe Q1 will be negatively affected by Garantia's investment operations, given the current market turmoil and its relatively high exposure to fixed-income products. Garantia's underlying business, however, likely continued to develop favourably – hence we model significantly improved underlying earnings. After the announced earn-outs and divestment of Ficolo, the top line and earnings for Q2 and Q3 should increase and the company should record substantial carry from old wind-power funds in Q4. Based on our SOTP valuation model, we derive a fair value range of EUR 11.4-13.3 (11.7-13.6) per Taaleri share. Marketing material commissioned by Taaleri.
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