Before Taaleri's Q3 2025 results on 28 October, we make slight estimate revisions, reflecting the CMD held in September 2025 and the new strategy set for 2026-28. We note, however, that we do not expect the positive impact from the new strategy period to become visible in our estimates before 2027. For Q3, we estimate that continuing earnings (EUR 9.7m) will remain flat on a y/y basis, which reflects softer performance in Garantia and improved performance in Private Asset Management. With our estimates largely intact, we calculate a higher SOTP-based fair value range of EUR 8.6-10.0 (8.4-9.8), owing solely to a lower discount factor.
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