Taaleri: Underlying results remain at a good level - Nordea
Tämä on kolmannen osapuolen analyysi, eikä välttämättä vastaa Inderesin näkemystä tai arvoja
Taaleri's Q1 headline figures missed our and LSEG consensus' estimates, but the miss can be explained mainly by investment operations and personnel cost one-offs, so we do not read too much into this. Yet management's comments of likely missing SolarWind III's EUR 700m target size prompt us to trim group-level EBIT by 2-7% for 2025E-27E. We calculate a lower fair value range of EUR 9.2-10.4 (9.6-10.8), of which Garantia is roughly two-thirds, offering stable footing for the company. Marketing material commissioned by Taaleri.