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Taaleri's Q2 2024 results were well above LSEG Data & Analytics consensus and our expectations, mainly driven by higher-than-expected investment income. Recurring revenues from private asset management rose by 7% y/y, while group recurring revenues were in line with our estimate. We make only minor estimate revisions and now model a 2% y/y increase in recurring revenues for the group in 2024E and 6% y/y net sales growth from the segments, dependent on exit timings for the Wind II and III funds. We derive an SOTP-based fair value range of EUR 9.6-11.2 (9.4-11.0) for Taaleri. Marketing material commissioned by Taaleri.
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