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SENASTE
Taaleri reported Q3 EBIT of EUR 5.7m, coming slightly below Refinitiv consensus at EUR 6.3m. Based on segment reporting, Q3 total income was EUR 13.1m, 5% above our estimate. Recurring revenues were EUR 10.3m in Q3, 10% below our estimate, driven by Private asset management. Fair value changes of investments were EUR 1.0m in Q3, while we had anticipated EUR 1.0m. Investment operations income of EUR 2.8m came well above our estimate of EUR 1.0m, driven by EUR 0.9m invoicing related to renewable energy projects with corresponding costs recognized in operating expenses. In addition, the company recorded EUR 0.7m positive purchase price revision and EUR 0.3m positive impact from FX (US wind project). The company did not book any carry in Q3 (in line with our expectations). Private asset management EBIT came 94% above our estimate mainly due to above-mentioned bookings. On underlying basis, cost base in Renewable energy was slightly lower than we had anticipated, similar to other private asset management cost. Private asset management recurring revenues came 10% below our estimate while due to investment gains, total income came 16% above our estimate. Garantia’s loan losses continued at a low level (-5.8%) while insurance service revenue was flat y/y at EUR 4.6m, while we had EUR 4.7m. Insurance service expenses were down 26% y/y. Combined ratio continued at a strong level and was 22% in Q3 (27.1% in Q2), slightly below our estimate of 26.3%. Solvency was at 271%. Private asset management AuM was flat q/q at EUR 2.6bn (EUR 2.5bn in Q3 2022), 4% below our estimate. SolarWind III had its first closing in Q2 with EUR 286m of commitments and the company expects continue strong demand due to significant number of investors in active due diligence. Taaleri targets EUR 700m of commitments for SW III (we have modelled EUR 700m in 2025E). On initial take, we expect consensus to make only limited estimate revision. We have a fair value range of EUR 10.1-11.6 per Taaleri share.
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