Taaleri's Q3 2024 results were solid on an underlying basis and fairly in line with our estimates. The overall results missed our expectations, due to a lack of carry bookings in Q3, which were offset by strong investment income and lower costs in Private asset management. Recurring revenues declined by 6% y/y and missed our estimate by 4%. We trim our continuing earnings estimates for 2024-26 and now forecast 0% y/y growth. We derive a SOTP-based fair value range of EUR 9.4-10.7 (9.2-10.4) per Taaleri share. Marketing material commissioned by Taaleri.
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