Taaleri's Q2 results came largely in line with our expectations on an underlying basis, owing to good performance in operative segments. In our view, the key takeaway from the results was the details regarding key funds, including the closing of the SolarWind III fund, which is now set to close by the end of the year. Additionally, the company announced that exits from the Wind II and Wind III funds are not expected to happen this year, given the challenging market dynamics. On an underlying basis, our estimates remain largely unchanged; however, with the exits pushed out further, we revise our assumptions for carried interest bookings. For 2025E, we cut EBIT by 36% but raise it by 15% for 2026E. We calculate a lower SOTP-based fair value range of EUR 8.4-9.8 (8.6-9.8). Marketing material commissioned by Taaleri.
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