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Taaleri: Still waiting for a better fundraising market - Nordea

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.

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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