Taaleri hosted its CMD today in Helsinki. The CMD offered a detailed description of Taaleri's strategic focus areas and the financial targets set for the period 2026-2028. The main takeaway in terms of strategic initiatives were, in our opinion, Garantia's growth ambitions, where the company set a strategic objective to grow insurance service result by >10% annually (2024: 5%). We note that currently, in our SOTP-based valuation, Garantia corresponds to EUR 6.0-6.8 per Taaleri share. Additional key takeaways included details on targeted flagship fund sizes and M&A growth ambitions. Overall, we found that the CMD event was helpful in providing additional clarity, while determining the growth ambition of the company, amidst the current challenging market environment, where low visibility in the transaction market continues to burden exits and fund-raising.
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