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
          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

changedAt

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.

Updated fund values are now available online. The Q-reviews have not yet been published, but I assume they will appear in the service in the coming days. No drama in the values, PE slightly down and Hoiva and Baltia slightly up.

Enterprise software stocks have indeed fallen by tens of percent during the year. Certain companies have fallen much more sharply. Valuation levels have come down significantly. It will be interesting to see if the valuation level within the PE fund has remained (at least seemingly) at the previous high level or even increased further. I don’t know what companies are within the Vista fund; divestments have probably not been made at these prices. So the valuation is not based on transaction prices but on future estimates. The video interview about real estate funds linked in the eQ thread, and the comment in the video, was indeed interesting, stating that in the Helsinki metropolitan area, public service properties can somehow be sold at reasonable prices, but not so much in the provinces. Has Titanium now been able to sell care properties outside the Helsinki metropolitan area, and at what price? The Q1 report might provide more information. Do eQ and Titanium see the market situation in the same way, or are there differences?

By the way, Titanium will be releasing Q1 reports for key funds next week or the week after. In the healthcare sector, the point of interest is, of course, whether individual properties have been sold (these might not be announced separately). In addition, other information is naturally of interest, although there should be no surprises in those, by all accounts. Regarding housing, it’s interesting to see how many redemptions were in arrears. This will again provide a good indication of how much potential redemption pressure there might be in the healthcare fund. For PE, it’s naturally interesting to see how much of this has been sold. The H2 momentum would be important to continue, and AUM should be at least 30 MEUR. It’s also interesting to see if Titanium has made changes to the portfolio composition. Earlier, Titanium has spoken like this:  Source: PE December monthly review. Currently, enterprise software has been hit the hardest in the stock market during the SaaS-geddon, and this matter has surely been considered in portfolio management.

Titanium pays off the outstanding redemptions for Asunto: Ilmoitus Erikoissijoitusrahasto Titanium Asunnon osuudenomistajille 30.3.2026 - Titanium OyjTitanium Oyj I assume that properties have been sold and a new financing package makes this possible. It’s great that they can meet their obligations! I would also like to remind you that Asunto’s significance to Titanium’s figures is marginal, as its size is small and Hoiva accounts for over a third of the entire Asunto fund.

Agreed. The new financing is very likely more expensive than the old. From what source was the previous financing?

It’s good that the financing can be renewed. According to the press release, however, the housing fund’s financing package was taken from Oma Säästöpankki (the care fund’s financing would have been too big a bite for OmaSP to chew). Previously, OmaSP has had a reputation for usually being the most expensive option in terms of margin. The situation may have changed, and I don’t know if both private and corporate customers have an expensive list price. It’s a matter of negotiation, of course. However, for private customers, the margin from Nordea could have been 0.8% and through Oma Säästöpankki 1.5%. Oma Säästöpankki has also financed such projects in smaller localities where other banks do not grant loans. Their customers also include price-insensitive consumer customers. The point of my comment: I don’t believe the loan margin was very favorable. The margin, interest rate hedges, and their prices were not disclosed.

Titanium Oyj – 19 Mar 26              Erikoissijoitusrahasto Titanium Asunto on tehnyt uuden rahoitussopimuksen -...    Suomalainen Rahastoyhtiö ja Sijoituspalvelukonserni         Est. reading time: 1 minute                               Asunto and Hoiva have made new financing agreements. What a coincidence, they hit the interest rate bottoms! Again! Hoiva’s previous interest rate agreement was 2.5% + margin. As I understand it.

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 %	17.1 %	19.5 %
P/E (adj.)	12.0	5.5	5.2
EV/EBITDA	8.0	3.1	2.8

Titanium: Potential weighs more than the risks

Key Estimate Figures2023-08-24

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