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SENASTE
Ahead of Taaleri's Q1 report due on 29 April, we revise our estimates to match the new reporting structure (introducing the Investments segment), adjust our fair value range, as well as include two upcoming funds in our estimates (SW IV and Bio II). For Q1, we expect continuing earnings of EUR 9.8m (-4% y/y) and do not pencil in any performance fees. We expect Garantia's solid performance to continue with roughly flat continuing earnings q/q and a solid combined ratio of 31%. We are keen to hear about the progress of SolarWind III fundraising and Wind II & III exits, which will largely dictate the continuing earnings and performance fees for 2025. We derive a SOTP-based fair value range of EUR 9.7-10.9 (9.6-10.8). Marketing material commissioned by Taaleri.
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