Reported Earnings • May 02
First quarter 2026 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2026 results: EPS: €0.04 (up from €0.02 in 1Q 2025). Revenue: €12.6m (up 35% from 1Q 2025). Net income: €1.19m (up 106% from 1Q 2025). Profit margin: 9.5% (up from 6.2% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 14%. Earnings per share (EPS) missed analyst estimates by 27%. Revenue is forecast to grow 6.7% p.a. on average during the next 3 years, compared to a 6.3% growth forecast for the Capital Markets industry in Finland. Over the last 3 years on average, earnings per share has fallen by 14% per year whereas the company’s share price has fallen by 10% per year. Major Estimate Revision • Apr 23
Consensus EPS estimates fall by 11% The consensus outlook for fiscal year 2026 has been updated. 2026 EPS estimate fell from €0.64 to €0.567 per share. Revenue forecast steady at €61.0m. Net income forecast to shrink 5.2% next year vs 15% growth forecast for Capital Markets industry in Finland . Consensus price target of €8.92 unchanged from last update. Share price was steady at €7.37 over the past week. Declared Dividend • Apr 19
Dividend of €0.15 announced Shareholders will receive a dividend of €0.15. Ex-date: 8th October 2026 Payment date: 16th October 2026 Dividend yield will be 4.0%, which is lower than the industry average of 6.5%. Sustainability & Growth Dividend is covered by both earnings (51% earnings payout ratio) and cash flows (77% cash payout ratio). The dividend has increased by an average of 7.9% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 42% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Apr 14
Taaleri Oyj (HLSE:TAALA) agreed to acquire 51% stake in Nordic Science Investments Ltd. from the management of Nordic Science Investments Ltd. Taaleri Oyj (HLSE:TAALA) agreed to acquire 51% stake in Nordic Science Investments Ltd. from the management of Nordic Science Investments Ltd. on April 13, 2026. Through the transaction, Taaleri will expand its operations into early-stage venture capital funds as well as the commercialization and scaling of research-driven innovations.
All founders will continue in their operational roles. NSI’s partners Mart Maasik operates in Estonia and Gerard de Bourbon in Sweden.
The completion of the transaction is subject to approval by the FIN-FSA. The transaction will not have a material impact on Taaleri’s result for 2026. The transaction includes jointly agreed conditions that, if met, may entitle the sellers to an additional purchase price. If the agreed targets are not achieved, both parties have the right to unwind the transaction.
Karlo Siirala, Janne Lauha, Hannu Huotilainen, Freja Väyrynen and Kiti Karvinen of Asianajotoimisto Castrén & Snellman Oy acted as legal advisors for Taaleri Oyj. Announcement • Apr 08
Taaleri Plc Approves Dividend for the Financial Year Ended 31 December 2025, Payable on 17 April 2026 and 16 October 2026 Respectively Taaleri Plc, at the AGM held on 8 April 2026 approved dividend of EUR 0.30 per share be paid based on the balance sheet adopted for the financial year ended 31 December 2025. The first instalment of the dividend, amounting to EUR 0.15 per share, be paid to shareholders who are registered in the shareholder register maintained by Euroclear Finland Oy on the dividend record date of 10 April 2026. The first instalment of the dividend be paid on 17 April 2026. The second instalment of the dividend, amounting to EUR 0.15 per share, be paid to shareholders who are registered in the shareholder register maintained by Euroclear Finland Oy on the dividend record date of 9 October 2026. The second instalment of the dividend be paid on 16 October 2026. Upcoming Dividend • Apr 02
Upcoming dividend of €0.15 per share Eligible shareholders must have bought the stock before 09 April 2026. Payment date: 17 April 2026. Payout ratio is a comfortable 51% and the cash payout ratio is 77%. Trailing yield: 4.1%. Lower than top quartile of Finnish dividend payers (5.4%). Lower than average of industry peers (5.6%). Reported Earnings • Mar 16
Full year 2025 earnings: EPS in line with analyst expectations despite revenue beat Full year 2025 results: EPS: €0.59 (down from €0.99 in FY 2024). Revenue: €58.9m (down 16% from FY 2024). Net income: €16.6m (down 41% from FY 2024). Profit margin: 28% (down from 40% in FY 2024). Revenue exceeded analyst estimates by 6.0%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 5.7% p.a. on average during the next 3 years, compared to a 5.8% growth forecast for the Capital Markets industry in Finland. Over the last 3 years on average, earnings per share has fallen by 8% per year whereas the company’s share price has fallen by 11% per year. Declared Dividend • Feb 13
Final dividend of €0.15 announced Shareholders will receive a dividend of €0.15. Ex-date: 9th April 2026 Payment date: 17th April 2026 Dividend yield will be 5.4%, which is lower than the industry average of 6.5%. Sustainability & Growth Dividend is covered by both earnings (51% earnings payout ratio) and cash flows (77% cash payout ratio). The dividend has increased by an average of 13% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 42% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 12
Full year 2025 earnings: EPS in line with analyst expectations despite revenue beat Full year 2025 results: EPS: €0.59 (down from €0.99 in FY 2024). Revenue: €63.7m (down 9.3% from FY 2024). Net income: €16.6m (down 41% from FY 2024). Profit margin: 26% (down from 40% in FY 2024). The decrease in margin was primarily driven by higher expenses. Revenue exceeded analyst estimates by 6.0%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 3.8% p.a. on average during the next 3 years, compared to a 5.2% growth forecast for the Capital Markets industry in Finland. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has fallen by 14% per year, which means it is performing significantly worse than earnings. Major Estimate Revision • Feb 11
Consensus EPS estimates fall by 10% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from €62.4m to €61.1m. EPS estimate also fell from €0.681 per share to €0.61 per share. Net income forecast to shrink 29% next year vs 13% growth forecast for Capital Markets industry in Finland . Consensus price target of €8.75 unchanged from last update. Share price fell 8.2% to €7.12 over the past week. Announcement • Jan 07
Taaleri Oyj to Report Fiscal Year 2025 Final Results on Mar 11, 2026 Taaleri Oyj announced that they will report fiscal year 2025 final results on Mar 11, 2026 Major Estimate Revision • Nov 04
Consensus revenue estimates increase by 14% The consensus outlook for revenues in fiscal year 2025 has improved. 2025 revenue forecast increased from €52.1m to €59.1m. EPS estimate increased from €0.335 to €0.545 per share. Net income forecast to shrink 4.3% next year vs 6.0% growth forecast for Capital Markets industry in Finland . Consensus price target of €8.93 unchanged from last update. Share price was steady at €7.30 over the past week. New Risk • Oct 29
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 25% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 25% per year for the foreseeable future. Minor Risk Dividend is not well covered by cash flows (374% cash payout ratio). Reported Earnings • Oct 29
Third quarter 2025 earnings: EPS and revenues exceed analyst expectations Third quarter 2025 results: EPS: €0.43 (up from €0.39 in 3Q 2024). Revenue: €23.6m (up 6.2% from 3Q 2024). Net income: €12.1m (up 11% from 3Q 2024). Profit margin: 51% (up from 49% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 84%. Earnings per share (EPS) also surpassed analyst estimates significantly. Revenue is forecast to stay flat during the next 3 years compared to a 7.6% growth forecast for the Capital Markets industry in Finland. Over the last 3 years on average, earnings per share has fallen by 6% per year whereas the company’s share price has fallen by 8% per year. Announcement • Oct 28
Taaleri Oyj, Annual General Meeting, Apr 08, 2026 Taaleri Oyj, Annual General Meeting, Apr 08, 2026. Upcoming Dividend • Sep 25
Upcoming dividend of €0.25 per share Eligible shareholders must have bought the stock before 02 October 2025. Payment date: 10 October 2025. Payout ratio is a comfortable 70% but the company is paying out more than the cash it is generating. Trailing yield: 6.9%. Within top quartile of Finnish dividend payers (6.0%). In line with average of industry peers (6.5%). Major Estimate Revision • Aug 20
Consensus EPS estimates fall by 42% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from €57.6m to €52.1m. EPS estimate also fell from €0.575 per share to €0.335 per share. Net income forecast to shrink 13% next year vs 13% decline forecast for Capital Markets industry in Finland. Consensus price target broadly unchanged at €9.05. Share price was steady at €7.22 over the past week. Reported Earnings • Aug 14
Second quarter 2025 earnings: EPS and revenues miss analyst expectations Second quarter 2025 results: EPS: €0.07 (down from €0.11 in 2Q 2024). Revenue: €13.5m (up 6.6% from 2Q 2024). Net income: €1.88m (down 40% from 2Q 2024). Profit margin: 14% (down from 25% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 18%. Earnings per share (EPS) also missed analyst estimates by 56%. Revenue is forecast to grow 3.2% p.a. on average during the next 3 years, compared to a 6.0% growth forecast for the Capital Markets industry in Finland. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Announcement • Jun 14
Taaleri Oyj Announces Executive Changes Taaleri appointed Timo Teivaanmäki (M.Sc. Econ., CEFA, b. 1982) as the company’s Head of Institutional Sales and a member of the Executive Management Team. He will assume his position by 13 October 2025 the latest. Teivaanmäki has extensive experience in leadership roles at the client interface within the asset management sector. Since the beginning of 2023, he has served as Client Director responsible for Family Office clients and ultra-high-net-worth individuals at Mandatum Asset Management. Prior to that, he worked at Handelsbanken Finland Asset Management as Head of Private Banking Sales from 2021 to 2023 and as Investment Director from 2016 to 2021. He has also worked as an asset manager and partner at Front Capital Oy from 2008 to 2016. As a result of the appointment, Mikko Ervasti, Taaleri’s Head of Capital Development & Partnerships, will step down from the Executive Management Team on 13 October 2025 but will continue to support the development of sales alongside Teivaanmäki. Reported Earnings • May 02
First quarter 2025 earnings: Revenues miss analyst expectations First quarter 2025 results: Revenue: €9.31m (down 46% from 1Q 2024). Net income: €577.0k (down 92% from 1Q 2024). Profit margin: 6.2% (down from 43% in 1Q 2024). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 19%. Revenue is forecast to grow 2.1% p.a. on average during the next 3 years, compared to a 5.5% growth forecast for the Capital Markets industry in Finland. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to €6.40, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 13x in the Capital Markets industry in Finland. Total loss to shareholders of 30% over the past three years. Upcoming Dividend • Mar 27
Upcoming dividend of €0.25 per share Eligible shareholders must have bought the stock before 03 April 2025. Payment date: 11 April 2025. Payout ratio is a comfortable 50% but the company is paying out more than the cash it is generating. Trailing yield: 6.5%. Within top quartile of Finnish dividend payers (5.9%). In line with average of industry peers (6.5%). Reported Earnings • Mar 17
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: €0.99 (up from €0.81 in FY 2023). Revenue: €70.2m (up 14% from FY 2023). Net income: €28.1m (up 22% from FY 2023). Profit margin: 40% (up from 37% in FY 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 7.8%. Earnings per share (EPS) also surpassed analyst estimates by 4.9%. Revenue is forecast to stay flat during the next 3 years compared to a 4.0% growth forecast for the Capital Markets industry in Finland. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Declared Dividend • Feb 28
Dividend of €0.25 announced Shareholders will receive a dividend of €0.25. Ex-date: 3rd April 2025 Payment date: 11th April 2025 Dividend yield will be 3.2%, which is lower than the industry average of 6.5%. Sustainability & Growth Dividend is covered by earnings (50% earnings payout ratio) but not covered by cash flows (136% cash payout ratio). The dividend has increased by an average of 19% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 20% over the next 3 years. However, it would need to fall by 44% to increase the payout ratio to a potentially unsustainable range. Announcement • Feb 15
Taaleri Oyj to Report Fiscal Year 2024 Final Results on Mar 11, 2025 Taaleri Oyj announced that they will report fiscal year 2024 final results at 10:00 AM, USSR Zone1 on Mar 11, 2025 New Risk • Feb 14
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.0% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 1.0% per year for the foreseeable future. Minor Risk Dividend is not well covered by cash flows (136% cash payout ratio). Reported Earnings • Feb 14
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: €0.99 (up from €0.81 in FY 2023). Revenue: €70.2m (up 14% from FY 2023). Net income: €28.1m (up 22% from FY 2023). Profit margin: 40% (up from 37% in FY 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 7.8%. Earnings per share (EPS) also surpassed analyst estimates by 4.9%. Revenue is forecast to stay flat during the next 3 years compared to a 4.0% growth forecast for the Capital Markets industry in Finland. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Major Estimate Revision • Feb 05
Consensus EPS estimates fall by 17% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from €74.0m to €67.3m. EPS estimate also fell from €1.11 per share to €0.924 per share. Net income forecast to grow 2.3% next year vs 16% decline forecast for Capital Markets industry in Finland. Consensus price target of €9.00 unchanged from last update. Share price was steady at €7.84 over the past week. Price Target Changed • Feb 04
Price target decreased by 10.0% to €9.00 Down from €10.00, the current price target is provided by 1 analyst. New target price is 13% above last closing price of €7.96. Stock is down 15% over the past year. The company is forecast to post earnings per share of €0.92 for next year compared to €0.81 last year. Price Target Changed • Jan 18
Price target decreased by 10.0% to €9.00 Down from €10.00, the current price target is provided by 1 analyst. New target price is 17% above last closing price of €7.71. Stock is down 16% over the past year. The company is forecast to post earnings per share of €1.11 for next year compared to €0.81 last year. Reported Earnings • Nov 05
Third quarter 2024 earnings: EPS and revenues exceed analyst expectations Third quarter 2024 results: EPS: €0.39 (up from €0.16 in 3Q 2023). Revenue: €22.2m (up 77% from 3Q 2023). Net income: €10.9m (up 137% from 3Q 2023). Profit margin: 49% (up from 37% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 20%. Earnings per share (EPS) also surpassed analyst estimates by 32%. Revenue is expected to decline by 3.9% p.a. on average during the next 3 years, while revenues in the Capital Markets industry in Finland are expected to grow by 4.2%. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Major Estimate Revision • Oct 30
Consensus EPS estimates increase by 13% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has improved. 2024 revenue forecast increased from €69.7m to €73.8m. EPS estimate increased from €0.958 to €1.08 per share. Net income forecast to grow 34% next year vs 13% decline forecast for Capital Markets industry in Finland. Consensus price target of €9.50 unchanged from last update. Share price was steady at €7.94 over the past week. Announcement • Oct 23
Taaleri Oyj Announces Composition of Shareholders’ Nomination Board Taaleri Oyj announced composition of Shareholders’ Nomination Board. the company's three largest shareholders have nominated the following members to the Shareholders’ Nomination Board: · Pertti Laine, Veikko Laine Oy’s Chairman of the Board of Directors, nominated by Veikko Laine Oy · Peter Fagernäs, Oy Hermitage Ab’s Chairman of the Board of Directors, nominated by Oy Hermitage Ab· Juhani Elomaa, Taaleri Plc’s Chairman of the Board of Directors, nominated by Juhani Elomaa At its meeting on 23 October 2024, the Shareholders’ Nomination Board elected Peter Fagernäs as its Chairman. The Nomination Board consists of three members that represent the company’s largest shareholders. Nomination right belongs to the three shareholders who hold the largest number of votes calculated of all shares in the company on the basis of the registered holdings in the company’s shareholders’ register held by Euroclear Finland Ltd. or based on information represented by the nominee registered shareholders as of the last weekday in August in the year preceding the next Annual General Meeting. The Nomination Board’s main duties include preparing and presenting proposals covering the election and remuneration of the members of the company’s Board of Directors to an Annual General Meeting and, where needed, to an Extraordinary General Meeting as well as identifying successors to existing members of the Board. New Risk • Aug 21
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 33% Last year net profit margin: 49% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 4.2% per year for the foreseeable future. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (33% net profit margin). Major Estimate Revision • May 14
Consensus EPS estimates increase by 15% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has improved. 2024 revenue forecast increased from €66.8m to €69.9m. EPS estimate increased from €0.822 to €0.947 per share. Net income forecast to shrink 15% next year vs 3.9% growth forecast for Capital Markets industry in Finland . Consensus price target down from €10.00 to €9.50. Share price fell 2.6% to €8.47 over the past week. Reported Earnings • May 08
First quarter 2024 earnings: EPS and revenues exceed analyst expectations First quarter 2024 results: EPS: €0.26 (up from €0.019 in 1Q 2023). Revenue: €17.2m (up 76% from 1Q 2023). Net income: €7.40m (up €6.88m from 1Q 2023). Profit margin: 43% (up from 5.4% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 31%. Earnings per share (EPS) also surpassed analyst estimates significantly. Revenue is expected to decline by 2.6% p.a. on average during the next 3 years, while revenues in the Capital Markets industry in Finland are expected to grow by 5.0%. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Apr 15
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to €8.74, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 11x in the Capital Markets industry in Finland. Total returns to shareholders of 25% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €13.32 per share. Board Change • Apr 14
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 4 non-independent directors. Independent Director Petri Castren was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Buy Or Sell Opportunity • Apr 05
Now 22% undervalued Over the last 90 days, the stock has risen 14% to €10.50. The fair value is estimated to be €13.40, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has grown by 33%. For the next 3 years, revenue is forecast to grow by 0.7% per annum. Earnings are forecast to decline by 5.4% per annum over the same time period. Upcoming Dividend • Apr 04
Upcoming dividend of €1.00 per share Eligible shareholders must have bought the stock before 11 April 2024. Payment date: 19 April 2024. Payout ratio is a comfortable 62% but the company is paying out more than the cash it is generating. Trailing yield: 4.6%. Lower than top quartile of Finnish dividend payers (5.7%). Lower than average of industry peers (5.9%). Reported Earnings • Mar 18
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: €0.81 (up from €0.73 in FY 2022). Revenue: €61.8m (up 9.1% from FY 2022). Net income: €23.0m (up 12% from FY 2022). Profit margin: 37% (in line with FY 2022). Revenue missed analyst estimates by 4.1%. Earnings per share (EPS) also missed analyst estimates by 21%. Revenue is forecast to stay flat during the next 3 years compared to a 5.4% growth forecast for the Capital Markets industry in Finland. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Announcement • Mar 06
Taaleri Oyj Proposes Dividend for the Financial Year Ended 31 December 2023, Payable on April 19, 2024 Taaleri Oyj proposed that a dividend of EUR 1.00 per share be paid based on the balance sheet adopted for the financial year ended 31 December 2023. The proposed dividend is based on a dividend of EUR 0.50 of profit from continuing operations and a dividend of EUR 0.50 of profit from the sales of the asset management business. The dividend will be paid to shareholders who on the dividend record date of 12 April 2024 are entered as shareholders in the company’s shareholder register held by Euroclear Finland Ltd. The Board of Directors proposes that the dividend be paid on 19 April 2024. Announcement • Mar 05
Taaleri Oyj Appoints Linda Tierala as Head of IR and Communications Linda Tierala appointed as Head of IR and Communications. Taaleri has appointed Linda Tierala as Head of Investor Relations and Communications. She will take up her position no later than 6 May 2024. Tierala has more than a decade of experience in IR and an understanding of sustainability communications. Tierala will transfer to Taaleri from private asset management company CapMan. Tierala has a master’s degree in economics. On 4 December 2023, Taaleri announced the resignation of Siri Markula, Head of Investor Relations, Sustainability and Communications. Markula stepped down from the position at the end of February. Reported Earnings • Feb 16
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: €0.81 (up from €0.73 in FY 2022). Revenue: €65.6m (up 7.8% from FY 2022). Net income: €23.0m (up 12% from FY 2022). Profit margin: 35% (up from 34% in FY 2022). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 4.1%. Earnings per share (EPS) also missed analyst estimates by 21%. Revenue is forecast to stay flat during the next 3 years compared to a 6.4% growth forecast for the Capital Markets industry in Finland. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Announcement • Jan 13
Taaleri Oyj Appoints Ilkka Laurila as Member of the Executive Management Team, Effective 6 February 2024 Taaleri Oyj appointed Ilkka Laurila as the Group’s CFO and a member of the Executive Management Team. He will take up his position on 6 February 2024. Laurila has long experience as a CFO of a listed company and versatile financial expertise. Laurila served as Terveystalo Plc’s CFO and member of the management team from 2015 to 2022, and before that, from 2012 onwards, e.g. as the company’s Head of Treasury and Finance & Head of Procurement. In the past, he has worked as an advisor in e.g. financing and corporate transactions. Most recently, he has worked as a business management consultant and CFO of Plugit Finland Ltd. He also acts as a member of the board in e.g. Musti Group Plc and Nightingale Health Plc. Laurila has a master’s degree in economics from Lappeenranta University and a master’s degree in forestry from Joensuu University. Announcement • Jan 12
Taaleri Oyj Appoints Ilkka Laurila as the Group’s CFO, Effective 6 February 2024 Taaleri Oyj appointed Ilkka Laurila as the Group’s CFO and a member of the Executive Management Team. He will take up his position on 6 February 2024. Laurila has long experience as a CFO of a listed company and versatile financial expertise. Laurila served as Terveystalo Plc’s CFO and member of the management team from 2015 to 2022, and before that, from 2012 onwards, e.g. as the company’s Head of Treasury and Finance & Head of Procurement. In the past, he has worked as an advisor in e.g. financing and corporate transactions. Most recently, he has worked as a business management consultant and CFO of Plugit Finland Ltd. He also acts as a member of the board in e.g. Musti Group Plc and Nightingale Health Plc. Laurila has a master’s degree in economics from Lappeenranta University and a master’s degree in forestry from Joensuu University. Announcement • Dec 21
Taaleri Oyj (HLSE:TAALA) commences an Equity Buyback Plan for 2,000,000 shares, representing 7.05% of its issued share capital, under the authorization approved on April 13, 2023. Taaleri Oyj (HLSE:TAALA) commences share repurchases on December 20, 2023, under the program mandated by the shareholders in the Annual General Meeting held on April 13, 2023. As per the mandate, the company is authorized to repurchase up to 2,000,000 shares, representing 7.05% of its issued share capital. The purpose of the program is to develop the company’s capital structure, to finance or implement corporate acquisitions, investments or other arrangements related to the company’s business operations, to be used as part of the company’s incentive scheme, or to be cancelled if justified from the point of view of the company and its shareholders. This authorization is valid for 18 months. As of March 7, 2023, the company had 28,350,620 shares in issue and 45,000 shares in treasury.
On December 19, 2023, the company announced a share repurchase program. Under the program, the company will repurchase up to 200,000 shares, representing 0.71% of its issued share capital, for €1.90 million. The shares will be repurchased using the company’s unrestricted equity. The repurchases will start on December 20, 2023 at the earliest and end on April 10, 2024 at the latest. Price Target Changed • Dec 20
Price target decreased by 8.0% to €10.00 Down from €10.88, the current price target is provided by 1 analyst. New target price is 18% above last closing price of €8.49. Stock is down 22% over the past year. The company is forecast to post earnings per share of €0.88 for next year compared to €0.73 last year. Announcement • Nov 22
Taaleri Oyj Announces Change in Executive Management Team The director of Taaleri’s real estate business changes. The current director Essi Sten will leave her position and Taaleri Group’s Executive Management Team immediately. The company has appointed Mikko Krootila to the position and as a member of the Executive Management Team as of 1 January 2024. The CEO of Taaleri Group, Peter Ramsay, acts as the temporary director of the real estate business. Krootila will transfer to Taaleri from fund manager Helix Real Estate, where he has worked as Managing Partner since the founding of the company in 2021. Prior to that, Krootila worked among others at Logicor, where he last operated with Nordic investments as a Portfolio Director. Krootila has a Master of Science degree from Aalto University. Reported Earnings • Nov 06
Third quarter 2023 earnings: EPS and revenues exceed analyst expectations Third quarter 2023 results: EPS: €0.16 (down from €0.51 in 3Q 2022). Revenue: €12.5m (down 33% from 3Q 2022). Net income: €4.60m (down 68% from 3Q 2022). Profit margin: 37% (down from 77% in 3Q 2022). The decrease in margin was primarily driven by higher expenses. Revenue exceeded analyst estimates by 9.3%. Earnings per share (EPS) also surpassed analyst estimates by 39%. Revenue is expected to decline by 4.0% p.a. on average during the next 3 years, while revenues in the Capital Markets industry in Finland are expected to grow by 7.7%. Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Oct 25
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 14%. The fair value is estimated to be €10.54, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 20% over the last 3 years. Earnings per share has grown by 56%. For the next 3 years, revenue is forecast to decline by 7.3% per annum. Earnings is also forecast to decline by 18% per annum over the same time period. Announcement • Oct 06
Taaleri Oyj’s CFO Minna Smedsten Resigns in December 2023 Taaleri’s CFO Minna Smedsten has resigned and is moving to a new position outside the company. She has worked at Taaleri since 2013. Smedsten will leave her position as Taaleri’s CFO and member of the Executive Management Team in December 2023. company will begin the process of recruiting a new CFO immediately. Reported Earnings • Aug 17
Second quarter 2023 earnings: EPS and revenues exceed analyst expectations Second quarter 2023 results: EPS: €0.49 (up from €0.001 in 2Q 2022). Revenue: €23.8m (up 85% from 2Q 2022). Net income: €13.8m (up €13.7m from 2Q 2022). Profit margin: 58% (up from 0.3% in 2Q 2022). The increase in margin was primarily driven by higher revenue. Revenue exceeded analyst estimates by 21%. Earnings per share (EPS) also surpassed analyst estimates by 117%. Revenue is expected to decline by 8.8% p.a. on average during the next 3 years, while revenues in the Capital Markets industry in Finland are expected to grow by 8.4%. Over the last 3 years on average, earnings per share has increased by 57% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Aug 14
Consensus EPS estimates increase by 13% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has improved. 2023 revenue forecast increased from €61.0m to €64.7m. EPS estimate increased from €0.71 to €0.801 per share. Net income forecast to grow 3.4% next year vs 21% growth forecast for Capital Markets industry in Finland. Consensus price target of €11.13 unchanged from last update. Share price was steady at €9.61 over the past week. Reported Earnings • May 05
First quarter 2023 earnings: EPS and revenues miss analyst expectations First quarter 2023 results: EPS: €0.02 (up from €0.054 loss in 1Q 2022). Revenue: €10.1m (up 26% from 1Q 2022). Net income: €524.0k (up €2.06m from 1Q 2022). Profit margin: 5.2% (up from net loss in 1Q 2022). Revenue missed analyst estimates by 5.6%. Earnings per share (EPS) also missed analyst estimates by 33%. Revenue is forecast to stay flat during the next 3 years compared to a 8.3% growth forecast for the Capital Markets industry in Finland. Over the last 3 years on average, earnings per share has increased by 61% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Apr 08
Upcoming dividend of €0.70 per share at 4.1% yield Eligible shareholders must have bought the stock before 14 April 2023. Payment date: 24 April 2023. Payout ratio is a comfortable 62% and this is well supported by cash flows. Trailing yield: 4.1%. Lower than top quartile of Finnish dividend payers (5.2%). Lower than average of industry peers (5.6%). Reported Earnings • Mar 20
Full year 2022 earnings: EPS in line with expectations, revenues disappoint Full year 2022 results: EPS: €0.73 (down from €0.75 in FY 2021). Revenue: €60.9m (down 16% from FY 2021). Net income: €20.6m (down 2.7% from FY 2021). Profit margin: 34% (up from 29% in FY 2021). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 3.8%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to stay flat during the next 3 years compared to a 8.5% growth forecast for the Capital Markets industry in Finland. Over the last 3 years on average, earnings per share has increased by 55% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Reported Earnings • Feb 17
Full year 2022 earnings: EPS in line with expectations, revenues disappoint Full year 2022 results: EPS: €0.73 (down from €0.75 in FY 2021). Revenue: €61.0m (down 16% from FY 2021). Net income: €20.6m (down 2.9% from FY 2021). Profit margin: 34% (up from 29% in FY 2021). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 3.8%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to stay flat during the next 3 years compared to a 8.2% growth forecast for the Capital Markets industry in Finland. Over the last 3 years on average, earnings per share has increased by 55% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Announcement • Feb 14
Taaleri Oyj Announces Composition of Shareholders’ Nomination Board Taaleri Oyj announced the shareholders’ nomination board consists of Peter Fagernäs (Oy Hermitage Ab’s Chairman of the Board), who acts as the Chairman of the Nomination Board. The other members of the Nomination Board are Pertti Laine, Veikko Laine Oy’s Chairman of the Board, and Juhani Elomaa, Taaleri Plc’s Chairman of the Board. Announcement • Nov 09
Aktia Commercial Properties funds managed by Taaleri Oyj (HLSE:TAALA) acquired a commercial building in Turku.. Aktia Commercial Properties funds managed by Taaleri Oyj (HLSE:TAALA) acquired a commercial building in Turku on November 7, 2022.
Aktia Commercial Properties funds managed by Taaleri Oyj (HLSE:TAALA) completed the acquisition of a commercial building in Turku on November 7, 2022. Reported Earnings • Nov 06
Third quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2022 results: EPS: €0.53 (up from €0.11 in 3Q 2021). Revenue: €19.9m (up 51% from 3Q 2021). Net income: €15.1m (up 366% from 3Q 2021). Profit margin: 76% (up from 25% in 3Q 2021). The increase in margin was primarily driven by lower expenses. Revenue missed analyst estimates by 14%. Earnings per share (EPS) exceeded analyst estimates by 25%. Revenue is expected to decline by 4.0% p.a. on average during the next 3 years, while revenues in the Capital Markets industry in Finland are expected to grow by 7.6%. Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 20
Second quarter 2022 earnings: EPS and revenues miss analyst expectations Second quarter 2022 results: EPS: €0.001 (down from €0.077 in 2Q 2021). Revenue: €12.9m (down 24% from 2Q 2021). Net income: €34.0k (down 98% from 2Q 2021). Profit margin: 0.3% (down from 13% in 2Q 2021). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 4.6%. Earnings per share (EPS) also missed analyst estimates by 100%. Over the next year, revenue is forecast to stay flat compared to a 7.7% growth forecast for the Capital Markets industry in Finland. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Aug 19
Consensus EPS estimates fall by 17% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from €67.3m to €60.8m. EPS estimate also fell from €0.87 per share to €0.72 per share. Net income forecast to grow 23% next year vs 5.6% decline forecast for Capital Markets industry in Finland. Consensus price target of €0 unchanged from last update. Share price fell 6.1% to €10.16 over the past week. Announcement • Jul 08
Aktia Commercial Properties managed by Taaleri Oyj (HLSE:TAALA) acquired 2,200-square-metre store building in Järvenpää. Aktia Commercial Properties managed by Taaleri Oyj (HLSE:TAALA) acquired 2,200-square-metre store building in Järvenpää on June 30, 2022.
Aktia Commercial Properties managed by Taaleri Oyj (HLSE:TAALA) completed the acquisition of 2,200-square-metre store building in Järvenpää on June 30, 2022. Announcement • Jul 01
Taaleri Oyj Announces Executive Changes Taaleri has appointed Pasi Erlin as the Group’s General Counsel and a member of the Executive Management Team. He will take up his position on 12 September 2022. Erlin has worked for the private equity company CapMan for more than a decade in a range of legal positions, and before that he has experience in a law firm, among other places. He has also been involved in international crisis management operations. Erlin has a master's degree in law from the University of Helsinki. On 11 April 2022, Taaleri announced the resignation of Janne Koikkalainen, the current General Counsel and member of the Executive Management Team. Koikkalainen will continue in his position until Erlin takes office and will also be available to the company during the transition period. Major Estimate Revision • May 05
Consensus revenue estimates increase by 17% The consensus outlook for revenues in 2022 has improved. 2022 revenue forecast increased from €53.4m to €62.3m. EPS estimate increased from €0.47 to €0.72 per share. Net income forecast to shrink 3.9% next year vs 6.2% growth forecast for Capital Markets industry in Finland . Consensus price target of €11.70 unchanged from last update. Share price was steady at €10.14 over the past week. Announcement • Apr 26
Ficolo Oy entered into agreement to acquire D9 Holdco Plc from Taaleri Oyj (HLSE:TAALA), Pontos Oy and others for €135 million. Ficolo Oy entered into agreement to acquire D9 Holdco Plc from Taaleri Oyj (HLSE:TAALA), Pontos Oy and others for €135 million on April 25, 2022. The transaction requires approval from Finland’s Ministry of Economic Affairs and Employment, and it is expected to close during the third quarter. Torch Partners acted as the exclusive financial advisor to Taaleri and Pontos. Hannes Snellman acted as legal advisor to Pontos. 