Taaleri's Q3 results were above our expectations on all group key figures, supported mainly by positive fair value changes. Continuing earnings (EUR 12.0m) were above our expectation (EUR 10.4m), and grew by 18% y/y. Segment EBIT of EUR 9.4m was 29% ahead of our estimate, due to larger-than-expected positive fair value changes in Investments and Garantia. Following our estimate revisions and including the impact of a larger investment portfolio, we marginally raise our SOTP-based fair value range to EUR 8.4-9.6 (8.4-9.4).
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