contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  companies {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  tags {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  ... on Video {
    liveTime
    videoUrl
  }
  ... on Webcast {
    liveTime
    videoUrl
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    summary
    companies {
      forum {
        latestPosts {
          ...ForumPosts
        }
      }
      name
      id
      viewerIsFollowing
      pageUrl
      defaultInstrument {
        isin
        id
        marketOpen
        marketClose
        marketplace {
          region
        }
        returns {
          total
        }
      }
    }
    tags {
      viewerIsFollowing
      id
      name
      pageUrl
    }
    createdAt
    ... on Video {
      liveTime
    }
    ... on Webcast {
      liveTime
    }
    slug
    ... on CompanyReport {
      reportUrl
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
  }
  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    name
    pageUrl
    defaultInstrument {
      priceData {
        tradeCurrency
      }
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
    id
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  createdAt
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      name
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Analyst

Kasper Mellas

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.

sttinfo.fi              Eden Asunnot investoi asuntokohteeseen Tampereen Santalahdessa | Taaleri...    TAALERI KIINTEISTÖT | LEHDISTÖTIEDOTE | 2.3.2026 KLO 9.00 Eden Asunnot investoi asuntokohteeseen Tampereen Santalahdessa Eden Asunnot sijoittaa Tampereen Santalahteen rakennettavaan asuntokohteeseen. Eden Asunnot rakennuttaa Tampereelle...                             Eden Asunnot is investing in a residential project to be built in Santalahti, Tampere. Eden Asunnot is commissioning the construction of an apartment building in Tampere, which will comprise 58 high-quality rental apartments. The project is centrally located in Santalahti, on the shores of Lake Näsijärvi. A tram stop is located nearby, and Tampere city center is just a 10-minute tram ride away. The proximity to the city center and good local amenities provide convenient access to services, and versatile public transport connections facilitate daily life. The project features an even distribution of apartments of various sizes, ranging from studios and one-bedroom apartments to family apartments. All apartments in the project include balconies. The Santalahti shore, close to nature, offers diverse outdoor activity opportunities and a pleasant environment for residents. Some of the apartments also offer a beautiful view of Lake Näsijärvi. The project is an energy-efficient site with an A-energy rating, compliant with the EU Taxonomy. Construction of the project will begin immediately and will be carried out by Pohjola Rakennus Oy Suomi.

But is it the “cheapest stock on the market” then? Not in my opinion, if the drivers are missing. It’s just “inexpensive”.

@Caravellix Because drivers for a price increase are missing for now. Higher multiples will likely be accepted again once some drivers emerge. Edit. It’s the cheapest, and the return potential is the highest.

Another thing is that Taaleri is “the cheapest stock on the market?” but at a price of 7.3 euros, there is only €1.2 of upside. Why the caution if the stock is so cheap?

Perhaps one reason for the valuation is that Taaleri’s structure still appears confusing. Garantia, investments, and energy. Additionally, I suspect that Taaleri’s relatively weak performance in, for example, real estate funds, Housing, Africa, etc., has actually driven investors away and damaged the company’s reputation; no one talks about these, but performance in some areas has even been abysmally weak. The new strategy should bring a change of pace, and the company should somehow manage to shed this “general store” reputation.

Taaleri’s Q4 report and update have now been released. In my opinion, more important than the earnings figures themselves was the fact that there has finally been a clear change in rhythm in the company’s strategy.  This is more than welcome after a prolonged period of slow progress.  Garantia’s performance in Q4 (and for the full year) was again excellent. The outlook is good as the market begins to recover and the company’s own growth initiatives start to materialize. Garantia also raised its dividend to EUR 18 million (forecast 15m). If this EUR 18 million/year were the new normal, Garantia’s value cannot be brought below EUR 200 million using any reasonable parameters. In fact, with a dividend stream of EUR 18 million/year, even with conservative forecasts, Garantia’s value is equivalent to the group’s current market capitalization. IF Garantia returns to robust growth and the dividend stream starts to grow from that EUR 18 million (a perfectly possible scenario), the value would quickly be closer to EUR 300 million than EUR 200 million.  The value of Renewable Energy is ~EUR 100 million and offsets group costs (~EUR 90 million). It is noteworthy that the value of Renewable Energy is fully justifiable by its current earnings performance and no longer relies on raising the next fund and scaling the results.  On top of this, Taaleri has a portfolio of approximately EUR 90 million, consisting of EUR 60 million in investments and the rest in receivables and cash.  This raises the million-dollar question: Why on earth are investors pricing Taaleri’s other investment portfolio as practically worthless?  In our calculations, the gap between the sum-of-the-parts and the market capitalization is currently very severe. If Taaleri were to announce now that it is selling this ~EUR 90 million portfolio at a -50% discount and stating it would focus only on operational activities in the future, the share price would likely rise by the EUR 45 million turning into cash, which is ~EUR 1.5/share. Some discount on that portfolio is certainly justified, but surely not -100%.  As I wrote in the report’s title, Taaleri is likely the cheapest stock on the exchange right now. P/E under 10x, P/B under 1x (note: 10-year ROE ~24%), the discount to the sum-of-the-parts is historically wide, etc. At the same time, I well understand why investors aren’t getting excited about the case. The potential has been here for the last 10 years, but except for a brief moment, it hasn’t fully materialized. The conglomerate structure, a blank check for unclear investment activities, and recent challenges in the bioindustry do not encourage jumping on board. Furthermore, the potential returns from the investment portfolio are very far in the future. Against this background, it’s also difficult as an analyst to take a stronger view when there are no clear triggers for the value to be unlocked. On the other hand, the strategy has now shifted into a completely new gear, which could be the key to at least a partial unlocking of value.  The report can be found here: Taaleri Q4'25: Pörssin halvin osake? - Inderes Ps. as a reminder that the sum-of-the-parts of our colleagues (Nordea and Carnegie) are in the exact same ballpark as ours (the comparison can be found earlier in the thread).

Bad news, massive write-downs were just made. I would remind you that the investors in the Africa fund are practically all private individuals, and these customers moved to Aktia along with the Asset Management business. Taaleri itself no longer has any links to these customers. Taaleri sells directly to institutions and to private investors through partners. And I do believe that everyone who invested in this fund was aware of the high risk profile

Taaleri

Taaleri announced this morning that the company’s current CEO, Peter Ramsay, is resigning. Ilkka Laurila, Taaleri's current CFO, has been appointed as the new CEO and will start as CEO immediately. 

Translation: Original published in Finnish on 1/9/2025 at 9:00 am EET.
Taaleri announced this morning that the company&#x2019;s current CEO, Peter Ramsay, is resigning. Ilkka Laurila, Taaleri&apos;s current CFO, has been appointed as the new CEO and will start as CEO immediately. Laurila has been the company&apos;s CFO for just under a year, so he knows the company fairly well. The transition is therefore expected to be smooth.
Elina Lintuala, currently Group Controller, has been appointed Interim CFO. The recruitment of the new CFO has started.
Taaleri also announced that it will arrange a Capital Markets Day in the fall of this year 2025 and that it will also adjust its strategy in this context. The current strategy period runs from 2023 to 2026, so the timing of the strategy update may be considered somewhat early and even surprising.

	2023	24e	25e
Revenue	65.6	69.4	68.7
growth-%	3.8 %	5.8 %	-1.1 %
EBIT (adj.)	31.9	37.2	37.6
EBIT-% (adj.)	48.6 %	53.6 %	54.8 %
EPS (adj.)	0.81	0.95	0.93
Dividend	1.00	0.57	0.56
Dividend %	11.1 %	7.9 %	7.8 %
P/E (adj.)	11.1	7.6	7.7
EV/EBITDA	7.1	5.8	5.1

Change of CEO at Taaleri

Key Estimate Figures2024-11-05

Forum discussions