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Taaleritehdas: Need to redeem expectations in 2021E - Danske

The H2 20 report was slightly mixed, as total income beat consensus (FactSet) estimates
by 2% but continuing earnings (-2% y/y) were suppressed by the poor development in
Wealth Management (-12% y/y). For 2021, we slightly raise our total income estimates
for 2021, as poor development in Wealth Management was compensated by favourable
results in Insurance and Energy. We keep our fair value range at EUR8.0-9.5.

The H2 20 report was slightly mixed, as total income beat consensus (FactSet) estimates
by 2% but continuing earnings (-2% y/y) were suppressed by the poor development in
Wealth Management (-12% y/y). For 2021, we slightly raise our total income estimates
for 2021, as poor development in Wealth Management was compensated by favourable
results in Insurance and Energy. We keep our fair value range at EUR8.0-9.5.
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