Report published August 13, 2026
Taaleri Q2 2026 Equity Research: Valuation & Segment Performance by Nordea
Source and citation context
- Issuer
- Nordea
- Report date
- August 13, 2026
- Analysis as of
- Not stated in source
Authors / editors: Patrick Campbell (Analyst), Joni Sandvall (Analyst)
Finvaulta summarizes Nordea's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
Nordea updated its coverage on Taaleri following mixed Q2 2026 results that saw strong investment income at Garantia offset by negative fair value changes and performance fees in other segments. The SOTP-based fair value range is adjusted slightly down to EUR 8.4-9.4 per share.
Key Takeaways
- 1.Taaleri's Q2 group results were broadly in line with expectations (continuing earnings of EUR 9.8m, down 8% y/y), though segment performance showed notable divergence between Guarantia outperformance and weaker Private Asset Management/Investments.
- 2.Garantia drove group profitability with EUR 9.8m operating profit (vs EUR 4.9m forecast), boosted by EUR 8.6m in positive investment income despite a higher combined ratio of 36.7%.
- 3.Nordea lowered its SOTP-derived fair value range slightly to EUR 8.4-9.4 (from EUR 8.5-9.6) following cuts of 3-6% to 2026-2027 adjusted EBIT estimates.
Table of Contents
- Smooth sailing in rough waters
- Q2 imperfections balanced out
- Outlook intact
- Fair value of EUR 8.4-9.4 per share
- Q2 results and revisions
- ESTIMATE REVISIONS AFTER THE Q2 2026 REPORT (EPS AND DPS IN EUR)
- Valuation
- Detailed estimates
- Main risks
- Reported numbers and forecasts
- Disclaimer and legal disclosures
- Fair value and sensitivity
- Marketing material
Report data
TAALERI: SOTP VALUATION (EURm AND EUR)
| Metric | Estimate | Context |
|---|---|---|
| Share price close | 7.28 EUR | Taaleri share price close at time of report publication |
| Fair value range (12 months) | 8.4-9.4 EUR | SOTP-based implied fair value range per share |
| Q2 2026 Continuing earnings | 9.8 EURm | Continuing earnings vs estimate of EUR 10.5m |
| Garantia Q2 Operating profit | 9.8 EURm | Garantia operating profit beat Nordea estimate of EUR 4.9m |
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Authors / Editors
Reported Data Context
- Share price close: 7.28 EUR (2026-08-13) · Source: LSEG Data & Analytics
- Fair value range (12 months): 8.4-9.4 EUR (12-month horizon) · Source: Nordea estimates
- Q2 2026 Continuing earnings: 9.8 EURm (Q2 2026) · Source: Company data and Nordea estimates
- Garantia Q2 Operating profit: 9.8 EURm (Q2 2026) · Source: Company data and Nordea estimates
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