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

Sauli Vilén

Kasper Mellas

Titanium operates in the financial services industry. The group offers a wide range of financial services, mainly in asset management, loan financing and pensions. The group also manages a number of investment funds and structured financial products. Titanium was originally founded in 2009 and is headquartered in Helsinki.

I agree with that. But then there is the point about liquidity. If fund redemptions are restricted, subscriptions are still possible. That 5% is not mandated by law. It could apparently be even lower. With a strong buffer and good cash flow, the fund could be kept open for subscriptions for longer. Liquidity management tools The following fund-specific liquidity management tools have been selected for use by the fund:  redemption restriction, extension of the notice period, and redemption in kind.  A redemption restriction refers to a decision to limit the total amount of  redemption orders executed on a Redemption Date.  If the total amount of redemption orders submitted on a Redemption Date exceeds five (5)  percent of the Fund’s net asset value (NAV), the Management Company may decide to limit the amount of  redemptions to be executed to five (5) percent of the Fund’s net asset value, if it is in the  interest of the Fund’s unitholders.

To return to this redemption/subscription matter. In S-Pankki’s new Housing Fund rules, there’s a section like this:  https://dokumentit.s-pankki.fi/tiedostot/s-pankki-asunto-saantomuutos-fi-27032026 At least S-Bank interprets this regulation the same way as I do, because otherwise it would make no sense for the fund to suspend subscriptions when redemptions are suspended.

Laurila’s successor at Danske already started work in August of last year. One could guess from this that Laurila’s stint at Titanium was potentially settled even earlier than that. If not with Titanium itself, then at least with Titanium’s major shareholders. One could further speculate that the roadmap for the future has been laid out for a good while now and the next steps are relatively clear at this point. Waiting for the continuation…

A lot has happened at Titanium over the past three years. Most importantly, of course, the many recruitments that are charting the company’s path into the future. As a continuation of all this change, Laurila is like the cherry on top of a beautiful cake. (If Inderes somehow rewards the most beautiful and touching comments, I’m probably a strong contender with this one; I even got a bit emotional myself.) The matter could be considered and speculated upon from many perspectives. At this moment, as a single event, Laurila’s appointment couldn’t have come at a better time, considering that Eeva Raita is leaving her board seat and Walteri Ahlström stepped down in November. Assessing from the outside, Raita and Ahlström were the individuals who were/are most “outside the bubble” with extensive contact networks. It seemed as if the company was, in a way, turning inward. Laurila, having been in the industry for a long time, will surely fill that gap excellently. Titanium updated its strategy on November 14, 2024. The new strategy states, among other things:  A significant portion of the assets under service will be directed toward new products, services, and target customer groups. Titanium is strengthening its position as a strategic partner by offering more personalized service and expanding its customer base, especially among professional and international investors.  When the strategy was announced, the aforementioned goals were, shall we say, mere rhetoric in a thin atmosphere. Now, just under a year and a half later, and certainly with the appointment of Laurila, the aforementioned goals are gaining strong concrete form. Furthermore, I am of the opinion that the best is yet to come, and after Laurila’s appointment, we won’t have to wait much longer to see it.

What are the thread’s thoughts on the new CEO? My own feelings are a bit mixed. A strong sales background and a quick start are big pluses, but the lack of an asset management background is a minus. I don’t actually know the person, so these are just initial observations based on their CV.

Here are Sale’s comments on Titanium naming Jukkapekka Laurila as the new CEO  Titanium announced on Monday that it has appointed Jukkapekka Laurila, MBA, as the company’s new CEO starting April 1, 2026. Laurila has over 20 years of experience in the financial sector and capital markets, and he moves to the position from Danske Bank’s Large Corporates & Institutions unit. We consider it important that the new CEO can start quickly, although his background focused on institutional sales was a surprise to us. The appointment has no impact on our forecasts or our view of the company.                   Inderes              Titaniumin uudeksi toimitusjohtajaksi Jukkapekka Laurila - Inderes    Uusi toimitusjohtaja pääsee aloittamaan jo huhtikuun alussa, ja emme odota strategiaan muutoksia.

## The new package is larger and longer-term The newly signed financing package replaces the previous 203 MEUR package signed in 6/2024, which was provided by Danske and OP. According to our estimate, the previous package was maturing this summer. The new financing package is long-term, which we estimate to mean a 3–5 year maturity. Consequently, the fund’s operational stability is now secured for a longer period. The package is also larger in size (240 vs. 203 MEUR) than the previous one, giving the fund more room for maneuver. We note that the fund’s equity was 463 MEUR as of 12/2025, and the entire external capital cannot be utilized even under the fund’s rules (leverage may be at most 50%). In principle, we do not expect the fund to increase its current leverage level of approximately 40%, even if the package allows for it. The interest costs of the package were not commented on in the announcement, but we do not expect them to change significantly from before. From the Care Fund’s rules: The management company may, on behalf of the Fund, take out credit for the Fund’s investment activities and asset management in an amount corresponding to a maximum of one hundred (100) percent of the Fund’s Net Asset Value (NAV). So the maximum loan amount is 463 million, if equity is 463 million and GAV is 926 million. If, on the other hand, GAV is 663 million, as it is for the Care Fund according to the December report, the maximum loan amount is 331.5 million. The Care Fund’s LTV (loans relative to assets) is a moderate 30%. The debt-to-equity ratio (loans relative to equity) is 43%. (According to the rules, as far as I can see, it can be 100%) In theory, the Care Fund could take on more debt and pay out redemptions of a good 80 million. In this case, with 80 million, GAV would be approximately 583 million, NAV 303 million, and debt 280 million. So in theory, 40 million could well be used for paying redemptions. Apparently, the Real Estate Fund Act (1173/1997), which stipulated the maximum debt for a real estate fund at 50% of GAV, is valid until April 16, 2026? I wonder if the debt levels for open-ended real estate funds will still be regulated by a specific percentage after April 16, 2026?

Titanium

Titanium published an H1 result clearly below our expectations in terms of the main lines. However, the revenue miss came mainly from non-recurring items, so the significance of the estimate undershoot remained small.

<p>Titanium published an H1 result clearly below our expectations in terms of the main lines. However, the revenue miss came mainly from non-recurring items, so the significance of the estimate undershoot remained small. The cost side also grew as the company increased its selling power. The near-term outlook for real estate funds remains challenging, and we have revised our forecasts downwards in terms of new sales. </p> 

	2022	23e	24e
Revenue	27.9	28.4	30.7
growth-%	18.8 %	1.7 %	8.1 %
EBIT (adj.)	16.9	15.8	16.8
EBIT-% (adj.)	60.4 %	55.5 %	54.9 %
EPS (adj.)	1.30	1.21	1.30
Dividend	1.36	1.15	1.31
Dividend %	8.7 %	15.7 %	17.9 %
P/E (adj.)	12.0	6.0	5.6
EV/EBITDA	8.0	3.4	3.2

Titanium: Potential weighs more than the risks

Key Estimate Figures2023-08-24

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