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
  createdAt
  changedAt
  isPremium
  authors {
    __typename
    name
    pageUrl
    id
  }
  companies {
    name
    id
  }
  tags {
    name
    id
  }
  ... 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
      researchContentUrl
    }
    ... 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
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            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
          estimates {
            year
            quarter
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            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
    }
  }
}


taaleri-q225-flash-comment-expected-development

__typename

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isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

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translations

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Analyst

Sauli Vilén

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.

Taaleri announced a new 30 MEUR loan facility this morning.  What makes this interesting is that the company already has 30+10 MEUR facilities. Consequently, the company now has 70 MEUR of debt capital at its disposal. The company’s cash position is currently dry by Taaleri’s standards (Q4/11 MEUR), but there is a massive amount of receivables and investments (+100 MEUR), and significant capital should be realized from these over the next 18 months. The new facility also states that it can be drawn during 2026, meaning there is a clear deadline.  It really smells like Taaleri has some larger arrangement in the works. From the investments on their own balance sheet, a logical target would be Fintoil, whose refinancing is coming up in, if I recall correctly, H1’27. I have previously raised a scenario where Taaleri buys a majority stake in Fintoil for itself. This is, of course, just one path. However, I think it is reasonably likely that something bigger will happen at Taaleri during 2026.

Here’s Sale’s pre-game analysis as Taaleri publishes its Q1 results on Wednesday, April 29th  We predict the quarter will be subdued in terms of numbers due to the write-down of Joensuu Biotehdas and the weakness of Garantia’s investment income. On the report, attention will specifically focus on the growth of Garantia’s insurance premium income and the rapid execution of the company’s strategy. Comments related to balance sheet recycling are also interesting, as it is a key short-term driver in unwinding the stock’s undervaluation.                   Inderes – 23 Apr 26              Taaleri Q1'26 -ennakko: Katseet strategian edistymisessä ja taseen...    Yhtiön strategia on jatkanut ripeää edistymistään ja kommentit tähän liittyen ovat raportin tärkeintä antia.

Regarding the competitive landscape, when talking about small, fairly local operations, it’s best to simply set aside those global giants who are playing a completely different game. There are many players in the Finnish VC scene, but at the same time, the market is in quite a boom, so there is definitely room for good teams. Ultimately, competitive advantage always comes down to the team. Their credibility will be tested in H2, when they start raising the next VC fund together with NSI. Based on current information, I have no meaningful way to evaluate the competence of the NSI team, as the track record from their only fund is short and I haven’t met them before. Regarding PC (Private Credit), it’s impossible to say much yet, as the team and product structure are still unknown. let’s come back to this in the fall when we have more concrete details  P.S. Regarding the previous discussion, I want to remind you that the NSI deal is actually structured quite smartly; if the fundraising target isn’t reached, the parties have the right to cancel the deal. Conversely, if the fundraising is successful, Taaleri will likely pay a fair price for NSI, which is certainly more than justified at this stage. The scenario where NSI’s fundraising fails and Taaleri is left in “limbo” with NSI has therefore been addressed.

This seems more like adding distractions rather than cutting them back, contrary to what an investor might hope for. There’s definitely a strong sense of being haphazard and spinning wheels here. I do buy into the idea of leveraging Garantia’s credit risk model, but at a high level, this feels like straying into side-tracks (insignificant in scale, as has been mentioned many times on this forum). Sauli, how do you see the competitive landscape for these new initiatives and the company’s competitive advantage when compared to local players (eQ, Capman, Nrep, and other Nordic private equity firms) and larger international peers (EQT, Blackstone, KKR, Nuveen, Apollo)?

sttinfo.fi              Eden Asunnot investoi asuntokohteeseen Helsingin Oulunkylässä | Taaleri...    TAALERI KIINTEISTÖT | LEHDISTÖTIEDOTE | 22.4.2026 KLO 9.00 Eden Asunnot investoi asuntokohteeseen Helsingin Oulunkylässä Eden Asunnot sijoittaa Helsingin Oulunkylään rakennutettavaan asuntokohteeseen. 70 vuokra-asunnon kohde sijaitsee keskeisellä...                             Eden Asunnot is investing in a residential project to be constructed in Oulunkylä, Helsinki. The project, consisting of 70 rental apartments, is centrally located in close proximity to the commuter train and comprehensive local services. The Oulunkylä area offers an extensive range of transport links and a short commute to the center of Helsinki. Construction of the project will begin immediately and will be carried out by Fira. The project is estimated to be completed in 2027.

Here are the comments on today’s news:                   Inderes – 21 Apr 26              Taaleri laajentaa private credittiin - Inderes    Laajennus on looginen lisä Taalerin tuotetarjontaan, mutta uuden rahastotuotteen ylösajo vie parhaassakin skenaariossa pitkään.                             A bit like with that VC, it’s quite a logical addition and very important that the strategy is progressing. However, in the big picture, we are on the wrong side of the decimal point here, and even in the best-case scenario, this will only properly show up in the group’s figures well into the next decade.

Taaleri              Taaleri laajentaa pohjoismaiseen private credit -liiketoimintaan...    21.4.2026 09:00:02 EEST | Taaleri Oyj | Sijoittajauutiset TAALERI OYJ  |  SIJOITTAJAUUTINEN  |  21.4.2026 KLO 9.00 Taaleri laajentaa pohjoismaiseen private credit -liiketoimintaan vahvistaakseen pääomarahastokokonaisuuttaan Taaleri laajentaa...                             Taaleri expands into Nordic private credit business to strengthen its private equity fund offering Taaleri is expanding its private equity fund offering by establishing a new private credit business, which focuses mainly on direct lending to small and medium-sized enterprises in the Nordics and other nearby countries. The expansion is a strategic step into a growing asset class and complements Taaleri’s strong expertise in private equity, infrastructure, and credit risk assessment through its subsidiary Garantia. Taaleri’s first private credit fund aims to provide flexible, non-dilutive capital to companies in the Nordics and other nearby countries. The strategy aims to achieve attractive risk-adjusted returns through tailored and structured debt financing solutions. Private credit solutions complement bank financing by providing debt-based growth financing for situations where bank financing is not available. Strong strategic fit The private credit business expands Taaleri’s offering to institutional investors seeking diversification, a stable return profile, and defensive characteristics from their investments. Tightening banking regulation and growing demand for alternative financing create a favorable operating environment for flexible and specialized non-bank financing. The Nordic market remains underserved and offers significant long-term growth potential. Significant synergies within the Group The new business leverages the strengths of the Taaleri Group. Long-standing experience in fundraising and private equity fund management, as well as strong market knowledge and expertise in credit risk assessment through Garantia, enable rapid integration of the business. Furthermore, the cooperation enables broader utilization of the deal flow and the development of new products. Preparatory work for the private credit strategy will progress during 2026, and the next steps will be published in the autumn of 2026.

Taaleri

This morning, Taaleri published a report in line with our expectations. Garantia performed strongly, and the SolarWind3 fund increased slightly in size during Q2. The earnings miss compared to our estimates is due to the negative impact of the dollar on the investment portfolio and an exceptionally high tax rate, both of which are of minor significance. 

<p class="MsoNormal"><strong><em><span lang="EN-GB">Translation: Original published in Finnish on 08/13/2025 at 09:14 am EEST</span></em></strong></p> <div class="table-wrapper"> <table> <tbody> <tr> <td>Estimates</td> <td> </td> <td>Q2'24</td> <td>Q2'25</td> <td>Q2'25e</td> <td>Q2'25e</td> <td colspan="3">Consensus</td> <td>Difference (%)</td> <td>2025e</td> </tr> <tr> <td dir="LTR">MEUR / EUR</td> <td> </td> <td>Comparison</td> <td>Actualized</td> <td>Inderes</td> <td>Consensus</td> <td>Low</td> <td> </td> <td>High</td> <td>Act. vs. Inderes</td> <td>Inderes</td> </tr> <tr> <td>Revenue</td> <td> </td> <td>12.6</td> <td>12.9</td> <td>13.4</td> <td> </td> <td> </td> <td> </td> <td> </td> <td>-4%</td> <td>57.2</td> </tr> <tr> <td>EBIT (adj.)</td> <td> </td> <td>4....</td></tr></tbody></table></div>

	2024	25e	26e
Revenue	72.6	56.6	61.2
growth-%	10.6 %	-22.0 %	8.1 %
EBIT (adj.)	38.1	23.0	28.2
EBIT-% (adj.)	52.4 %	40.7 %	46.1 %
EPS (adj.)	0.99	0.51	0.73
Dividend	0.50	0.31	0.44
Dividend %	6.2 %	4.2 %	6.0 %
P/E (adj.)	8.1	14.2	10.0
EV/EBITDA	5.8	7.6	6.3

Taaleri Q2’25 flash comment: Expected development

Key Estimate Figures2025-04-29

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