Taaleri's Q1 report was subdued, but its significance is limited as the focus is on the strategy update. The stock continues to trade at a hefty discount relative to its sum of the parts, and it is also very cheap in absolute terms. The key question is how to highlight the undeniable value of the parts.

Taaleri published a clearly weaker-than-expected result this morning. The earnings shortfall was almost entirely attributable to investments and one-off items, and, therefore, its significance is limited. Operationally, Garantia’s performance was once again excellent, but SolarWind 3 fund sales seem to be falling short of the target.

Taaleri will publish its Q1 result on Tuesday at 08:00 am EEST. New flow has been very quiet in the quarter, and the Q1 report should not offer any surprises in terms of figures. Investors are currently in a "wait-and-see mode" regarding Taaleri, as the critical fundraising and the sale of old wind funds are in the final stages.

Taaleri's valuation level has fallen exceptionally low, and the entire group can now be acquired for almost the price of Garantia. Although there is great uncertainty about the realization of value in the parts, the current huge markdown relative to the sum-of-the-parts offers an exceptionally large margin of safety.