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.

When an analyst has the luxury of having the notes to the financial statements available, then quite true, the net income of properties is rents - operating expenses. When a DIYer messes around with monthly reports and calculates based on the “Net property yield” reported in them, no operating expenses are deducted. The reported net property yield is indeed correct, the only problem is that the yield is also not calculated based on the GAV value but on some smaller sum. Which the DIYer doesn’t know. But the factors you mentioned should indeed be deducted from the GAV. I’ll add a row to my tracking Excel that converts the reported GAV into an effective GAV, which is 6% smaller than the reported one.

The FIN-FSA’s guidance on page 3 continues with a comment on this, image attached. The FIN-FSA’s bulletin states that the view may change if different perspectives emerge from Europe later, but based on current information, according to the FIN-FSA’s view, point 1 should be included in the fund rules, and in addition, (at least) 2 others must be chosen from options 2–8. This is how the wording should be interpreted, in my opinion. How this will be implemented in practice remains to be seen—whether there will be a one-year transition period or if the fund management company decides to implement the changes immediately. I personally cannot know what kind of guidance will come from higher European authorities, whether every detail has already been agreed upon, or if they will be clarified further later.

It is clear, but this is option 1. It has nothing to do with option 2. The options are separate entities. In the future, the fund must choose two options from the eight provided, which will be recorded in the fund’s rules and followed in exceptional situations. Option 2, among others: Redemption restriction (AIFML Chapter 8, Section 6 a, Paragraph 2; SRL Chapter 5, Section 4, Paragraph 2; in English: redemption gate)  AIFML and SRL description: temporary and partial restriction of unitholders’ right of redemption, whereby unitholders can only redeem a certain portion of their units.  According to the RTSs, redemption restrictions can be used in different ways. In alternative investment funds, redemption restrictions can be used more diversely than in investment funds, etc… As I see it, this option doesn’t restrict subscriptions in any way, even if redemption rights are restricted. The option would be very suitable specifically for Hoiva, which does have quite reasonable cash flow. If at least part of the redemptions could be handled with cash flow, it might significantly ease the selling pressure.

In my opinion, an H2 beat/miss doesn’t really have much significance in this case. This is simply because the factors relevant to the stock are not fully reflected in the figures. Two key things are 1) the scale of redemptions (will make a dent in the H2’25 earnings level) and 2) the start of wealth management (a key contributor to filling the gap left by the Care redemptions). The report is unlikely to say anything extraordinary about these, and for that reason, today’s webcast will be the main point of interest for me

Operating expenses must indeed be deducted to obtain the net rental yield. Attached is an image from the notes to the financial statements. I would rather look at the numbers in the financial statements here than the “net rental yield” reported by the fund. This net rental yield calculation varies significantly between companies, and usually, only real estate properties are included. So, in Hoiva’s case, cash and the ownership in the Asunto (Residential) fund are likely excluded (I am not completely certain of Hoiva’s calculation formula). Properties under construction are also usually adjusted out (though Hoiva hasn’t really had many of these in recent years). eQ previously reported the net rental yield as a forward-looking 12-month estimate but has since switched to the realized figure. As a result, for example, the net rental yield of the Commercial Property (Liikekiinteistö) fund dropped significantly in the fall. For 2024, Hoiva’s average GAV was 684 MEUR and the net rental yield was 5.89% => net rent 40.3 MEUR. The actual figure appears to be 37.3 MEUR (rental income - operating expenses). The difference is likely explained, at least in part, by cash and the Asunto fund.

I haven’t discussed the matter with the Financial Supervisory Authority, but in my own opinion, the interpretation of this point is quite clear.  You are right about this, and I was under the impression that this would come into effect as early as this April. It is hard to see that this 1-year delay would change the situation significantly, as subscriptions are currently at an anemic level across the entire sector, and no rapid recovery is in sight.  Of course, it is not a matter of punishment. In practice, however, the FSA (Fiva) wants to make it clear that postponing redemptions and waiting for subscriptions is not a liquidity management tool.

The report mentions the year 2025. A small mistake

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 %	16.3 %	18.5 %
P/E (adj.)	12.0	5.8	5.4
EV/EBITDA	8.0	3.3	3.0

Titanium: Potential weighs more than the risks

Key Estimate Figures2023-08-24

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