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Taaleri: Demand for renewables holding up - Nordea

Taaleri's Q1 was underpinned by the strong performance of Garantia, but higher-than-expected costs within renewable energy. Garantia's insurance service result was up 44% y/y, with insurance revenue up 13% y/y. Renewable energy earnings continued on a positive trajectory and were up 12% y/y, but the cost base increased notably y/y, partly due to a EUR 0.4m higher variable pay reservation. SolarWind III should have its first close in Q2, although the company did not specify a target for this. The final target remains at EUR 700m, double the size of SolarWind II. In addition, Taaleri announced preparations for a next Bio fund, for investing in startups. We maintain our fair value range of EUR 9.9-11.4 per share. Marketing material commissioned by Taaleri.

Taaleri's Q1 was underpinned by the strong performance of Garantia, but higher-than-expected costs within renewable energy. Garantia's insurance service result was up 44% y/y, with insurance revenue up 13% y/y. Renewable energy earnings continued on a positive trajectory and were up 12% y/y, but the cost base increased notably y/y, partly due to a EUR 0.4m higher variable pay reservation. SolarWind III should have its first close in Q2, although the company did not specify a target for this. The final target remains at EUR 700m, double the size of SolarWind II. In addition, Taaleri announced preparations for a next Bio fund, for investing in startups. We maintain our fair value range of EUR 9.9-11.4 per share. Marketing material commissioned by Taaleri.
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