Taaleri: Sells its stake in Ficolo and will record EUR 14m total profit in Q3 - Nordea

Taaleri is selling its stake in Ficolo and exiting Taaleri Datacenter, through which Taaleri and its co-investors own a total of 47% of Ficolo. The company will be purchased by Digital 9 Infrastructure for an enterprise value of approximately EUR 135m. Taaleri expects to record around EUR 14m total profit in the Q3 from the transaction and as performance fees from the co-investment it manages. The co-investment MOIC is about 2.4x. We have had EUR 2m gains from non-strategic exits in 2022 and hence, all else equal, see upside to our estimates after the announced exit. The transaction requires approval from Finland’s Ministry of Economic Affairs and Employment. Taaleri had booked Taaleri Datacenter with fair value of EUR 2.9m and the whole non-strategic investments’ fair value was EUR 30.5m at the end of 2021. Taaleri will report its Q1 on 6 May. We have a fair value range of EUR 11.7-13.6 per Taaleri share.