Taaleri's Q1 headline figures missed our and LSEG consensus' estimates, but the miss can be explained mainly by investment operations and personnel cost one-offs, so we do not read too much into this. Yet management's comments of likely missing SolarWind III's EUR 700m target size prompt us to trim group-level EBIT by 2-7% for 2025E-27E. We calculate a lower fair value range of EUR 9.2-10.4 (9.6-10.8), of which Garantia is roughly two-thirds, offering stable footing for the company. Marketing material commissioned by Taaleri.
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