Taaleri's Q1 results were largely in line with our expectations on an underlying basis, owing specifically to a strong performance in Garantia. Relative to our estimates, the group's top-line and profitability beat reflected higher revenue in Private Asset Management and stronger revenue and profitability in Garantia. Continuing earnings (EUR 10.5m) came in slightly above our expectation (EUR 9.9m), resulting in 13% y/y growth. Segment EBIT of EUR 2.1m was 13% above our estimate. Following our estimate revisions, we lower our SOTP-based fair value range slightly to EUR 8.4-9.5 (EUR 8.6-9.8).
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