Investment income boosted a strong Q1
Taaleri’s result exceeded our expectations clearly, driven by stronger investment income than expected. Garantia’s operational development was also strong. Our earnings forecast for the coming years remained fairly unchanged, but going ex dividend and the reduction in the investment portfolio slightly reduced our sum of the parts, which is now EUR 9.5 per share (was EUR 10.0). Thus, we consider the stock correctly priced and the dividend yield does not provide sufficient support for the expected return either.
Taaleri
Taaleri operates in the financial sector. The company is a Nordic private equity fund company that focuses on renewable energy and other alternative investments. The company has two business segments: Equity Funds and Strategic Investments. With its capital funds, Taaleri creates, for example, wind and solar power, biofuels and real estate. The company was founded in 2007 and its head office is located in Helsinki, Finland.
Read more on company pageKey Estimate Figures07.05
2023 | 24e | 25e | |
---|---|---|---|
Revenue | 65.6 | 65.0 | 64.7 |
growth-% | 3.82 % | -0.97 % | -0.45 % |
EBIT (adj.) | 31.9 | 33.8 | 33.3 |
EBIT-% (adj.) | 48.58 % | 51.98 % | 51.48 % |
EPS (adj.) | 0.81 | 0.83 | 0.81 |
Dividend | 1.00 | 0.52 | 0.54 |
Dividend % | 11.12 % | 6.52 % | 6.77 % |
P/E (adj.) | 11.09 | 9.67 | 9.83 |
EV/EBITDA | 7.13 | 5.72 | 6.03 |