olivLaw · European equity research
Taaleri Plc TAALA.HE
Finland · Nasdaq Helsinki · Vertical: Listed companies from Finland
Taaleri Plc is a Finnish group operating in non-life insurance through Garantia, in private asset management and in direct development capital investments, with a focus on renewable energy, bioindustry and housing. In 2025 it sought to reorient growth through an updated strategy, and the Taaleri SolarWind III fund reached a final size of EUR 630 million. Its net profit fell as the group worked through a difficult private markets environment.
At the close of 05 Nov 2026, Taaleri Plc (TAALA.HE) stock was 7.09 EUR (−2.48% on the day), with market capitalisation 199.7 m EUR, P/E 12.4 on diluted EPS of 0.57 EUR over the last 12 months, beta 0.49, 52-week range 7.03–7.89 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 40.3
- weak (30–45)
- Bollinger (20, 2)
- 7.02 – 7.61
- in the lower half of the band · %B 0.11 · band width 8.0%
- SMA 50 / 200
- 7.31 / 7.35
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.05 / -0.03
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −7.8% | −0.6% | −7.2 pp | — |
| 3 months | −2.6% | −4.2% | +1.6 pp | — |
| 6 months | −5.7% | +4.3% | −10.1 pp | — |
| Year to date | −9.2% | +7.5% | −16.7 pp | — |
| 1 year | −3.1% | +9.9% | −13.1 pp | −1.2% |
| 3 years | −17.2% | +49.8% | −67.0 pp | +6.8% |
| 5 years | −35.3% | +42.8% | −78.1 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 50 percentile of its own 2-quarter history (min 8.3, median 11.0, max 13.7; quarters with earnings only).
Fiscal years
| Fiscal year | 2024 | 2025 |
|---|---|---|
| Revenue | 72.6 m | 63.7 m |
| Revenue YoY | unavailable | −12.3% |
| Net income | 28.1 m | 16.6 m |
| Net income YoY | unavailable | −40.8% |
| Diluted EPS | 0.97 | 0.57 |
| Diluted EPS YoY | unavailable | −41.2% |
| net % | 38.7% | 26.1% |
| Free cash flow | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 10.7 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 222.8 m EUR
- Total assets
- 306.0 m EUR
- Debt / equity
- unavailable
- Current ratio
- 2.67x
- ROE
- 7.6%
- ROA
- 5.6%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
Balance sheet · EUR
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Cash | 19.6 m | 10.7 m | esef· 18 Mar 2026verified |
| Receivables | 9.3 m | 25.7 m | esef· 18 Mar 2026verified |
| Current assets | 54.6 m | 61.3 m | esef· 18 Mar 2026verified |
| Total assets | 291.9 m | 306.0 m | esef· 18 Mar 2026verified |
| Current liabilities | 20.7 m | 22.9 m | esef· 18 Mar 2026verified |
| Total liabilities | 76.5 m | 83.2 m | esef· 18 Mar 2026verified |
| Equity | 215.3 m | 222.8 m | esef· 18 Mar 2026verified |
| Shares outstanding at year end | 28.1 m | 28.2 m | esef· 18 Mar 2026derived |
Cash flow · EUR
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 27.1% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 199.7 m EUR
Key indicators
Coverage and freshness
Score by group
27% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 4.69 – 10.54 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E4.69 – 10.54 (Mid 6.33)23 companies used · median multiple 11.1x · quartiles 8.2x – 18.5xALMA.HE, APETIT.HE, ASPO.HE, ATRAV.HE, BIOBV.HE, CAPMAN.HE, CONSTI.HE, DIGIA.HE, ELEAV.HE, ELISA.HE, ENENTO.HE, ETTE.HE, FORTUM.HE, FSECURE.HE, GLA1V.HE, GRK.HE, HARVIA.HE, ICP1V.HE, ILKKA.HE, INVEST.HE, KALMAR.HE, KAMUX.HE, KCR.HE
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 26.1% | 95 (vs peers) | 23% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 2.7x | 100 (on a fixed band) | 15% |
| P/E (TTM) · Valuation | 12.4x | 54 (vs peers) | 38% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 0.2% | 3 (on a fixed band) | 23% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial95/100 · 1/3 factors with a value
- Returns· partial3/100 · 1/2 factors with a value
- Valuation· partial54/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Taaleri Oyj (TAALA.HE). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 63.7 m EUR in 2025; YoY growth -12.3%; net margin 26.1%; ROE 7.6%.
The estimated value range is 4.69–10.54 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 6.33 EUR, the price of 7.09 EUR leaves a potential of -10.8% (value / price − 1) and a margin of safety of -12.1% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 26.1%
- Current ratio: 2.7x
What contradicts it
- Shareholder yield (distributions): 0.2%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, EV/EBITDA, FCF yield, Payout ratio (FCF).
Versus the vertical median
Listed companies from Finland · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| FORTUM.HEFortum Oyj | 20.8 bn | 27.2 | 8.7% | 15.3% | −14.0% | +32% / +81% |
| ELISA.HEElisa Oyj | 5.6 bn | 16.3 | 27.0% | 15.2% | +3.0% | −8% / −15% |
| KALMAR.HEKalmar Oyj | 2.4 bn | 14.7 | 24.1% | 9.4% | +1.2% | +0% / unavailable |
| KCR.HEKonecranes Oyj | 2.2 bn | 5.6 | 20.3% | 9.5% | −0.9% | −4% / +134% |
| EXEL.HEExel Composites Oyj | 1.8 bn | — | -18.5% | -5.3% | +3.6% | +163% / +74% |
| BITTI.HEBittium Oyj | 1.2 bn | 55.8 | 17.5% | 17.9% | +40.1% | +73% / +603% |
| ALMA.HEAlma Media Oyj | 1.2 bn | 21.2 | 23.0% | 16.9% | +4.6% | +9% / +57% |
| FIA1S.HEFinnair Oyj | 927.4 m | 50.4 | 2.9% | 0.6% | +1.9% | +54% / +22% |
| GRK.HEGRK Infra Oyj | 788.5 m | 18.3 | 27.8% | 4.9% | +19.7% | +52% / unavailable |
| HARVIA.HEHarvia Oyj | 768.7 m | 29.3 | 21.0% | 13.3% | +13.5% | −1% / +64% |
| ATRAV.HEAtria Oyj | 451.7 m | 11.1 | 9.8% | 2.2% | +3.3% | +13% / +57% |
| ANORA.HEAnora Group Oyj | 317.6 m | 57.8 | 1.4% | 0.8% | −4.9% | +26% / +11% |
| CAPMAN.HECapMan Oyj | 300.2 m | 23.1 | 6.8% | 20.9% | +9.4% | −8% / −20% |
| ICP1V.HEIncap Oyj | 261.0 m | 18.7 | 10.4% | 6.5% | −6.7% | −3% / +37% |
| FSECURE.HEF-Secure Oyj | 243.7 m | 10.9 | 43.4% | 15.3% | −0.4% | −17% / −23% |
| ASPO.HEAspo Oyj | 219.4 m | 9.3 | 15.4% | 5.0% | +2.1% | +2% / +9% |
| TAALA.HETaaleri Oyj | 199.7 m | 12.4 | 7.6% | 26.1% | −12.3% | −3% / −17% |
| ETTE.HEEtteplan Oyj | 173.7 m | 16.4 | 8.8% | 2.9% | +0.1% | −27% / −51% |
| DIGIA.HEDigia Oyj | 131.6 m | 10.5 | 14.5% | 5.9% | +5.5% | −16% / −12% |
| ILKKA.HEIlkka Oyj | 93.8 m | 8.1 | 6.2% | 30.8% | +22.6% | +0% / +21% |
| CONSTI.HEConsti Oyj | 77.4 m | 11.6 | 15.3% | 2.0% | +2.9% | −8% / −6% |
| APETIT.HEApetit Oyj | 75.6 m | 8.4 | 8.2% | 5.4% | +3.1% | −14% / −3% |
| ESENSE.HEEnersense International Oyj | 74.9 m | 74.7 | 3.1% | 0.4% | −27.7% | +12% / +9% |
| CTH1V.HEComponenta Oyj | 66.1 m | 324.0 | 0.8% | 0.2% | −4.6% | +49% / +182% |
| KAMUX.HEKamux Oyj | 47.4 m | 10.3 | 4.2% | 0.5% | +0.8% | −40% / −77% |
1- and 3-year price returns: for TAALA.HE from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 3.92 Total return -45% · Per year -45% | 6.97 Total return -2% · Per year -2% | 10.55 Total return 49% · Per year 49% |
| 3 years | 3.12 Total return -56% · Per year -24% | 6.29 Total return -11% · Per year -4% | 10.55 Total return 49% · Per year 14% |
| 5 years | 2.47 Total return -65% · Per year -19% | 5.68 Total return -20% · Per year -4% | 10.55 Total return 49% · Per year 8% |
- Exit P/E± 1.57
- Net margin± 1.10
- Annual revenue growth± 0.99
- Annual dilution± 0.09
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Taaleri Plc is a Finnish group operating in non-life insurance through Garantia, in private asset management and in direct development capital investments, with a focus on renewable energy, bioindustry and housing. In 2025 it sought to reorient growth through an updated strategy, and the Taaleri SolarWind III fund reached a final size of EUR 630 million 1. Its net profit fell as the group worked through a difficult private markets environment.
SWOT
Strengths
- Garantia holds a strong position in the mortgage guarantee market, with high profitability and a stable credit rating 1.
- The group combines investment expertise with engineering know-how, allowing it to manage the whole project value chain 1.
- The SolarWind III fund closed well above its predecessor's size, signalling investor confidence 1.
Weaknesses
- Return on equity fell in 2025 compared with the prior year, and the group did not reach its continuing earnings growth target 1.
- The private asset management segment depends on fund exits whose timing and value are hard to predict 1.
- Fundraising remained difficult, and the group had to strengthen its commercial team 1.
Opportunities
Risks
- Delayed fund exitshigh
If exits from funds in their final phase are postponed, performance fees and capital returned to investors could be affected 1.
- Lower continuing earnings from management feeshigh
Continuing earnings in renewable energy could fall in 2026, and fund exits reduce the fee base 1.
- Garantia's exposure to the housing marketmedium
Garantia depends on mortgage lending, so a renewed downturn in housing could reduce volumes 1.
- Investment valuation riskmedium
Profit in the investment segment depends on fair value changes of investments, which can be volatile 1.
- Raw material costs in bioindustrylow
Wood-energy prices, though lower than earlier peaks, remain at historically high levels, which could pressure project margins 1.
Investment thesis
What would need to be true (bull case)
- Garantia has grown its market share and kept profitability high, supporting its role as the group's main profit driver 1.
- The SolarWind III fund closed well above its predecessor's size, indicating confidence in the group's strategy 1.
- The housing and credit market appears to be recovering, which could accelerate guarantee volumes 1.
What would break the thesis
What to watch
- Development of continuing earnings from private asset management and fund exits2026
- Growth in mortgage guarantee volumes and Garantia's market share2026
- Results of Garantia's first international credit risk insurance transactions2026
- Progress toward the 2026–2028 strategic targets, especially profit growth and return on equitynext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Taaleri runs three related business segments: non-life insurance through Garantia Insurance Company Ltd, private asset management (renewable energy, bioindustry, real estate) and development capital financing through direct investments 1. The group emphasises end-to-end expertise, from project development to operational stages. Its long-term target is growth in operating profit from continuing earnings of about 12% a year on average over 2026–2028 1.
Garantia provides mortgage guarantees and corporate guarantees and in 2025 took its first steps abroad with a credit risk insurance transaction outside Finland 1. S&P Global Ratings affirmed its A- rating with a stable outlook in December 2025 1. Management describes Garantia as the main driver of the group's profit growth 1.
In private asset management, Taaleri manages funds focused on themes such as wind and solar energy, bioeconomy and residential real estate. The 2026–2028 strategy aims to grow existing funds and to expand into new product groups where client demand and scalability justify it 1.
Segments
Garantia (non-life insurance)
Garantia increased its share of the Finnish mortgage guarantee market in 2025, and its combined ratio stayed at 35.3% 1. The segment expects moderate growth in insurance revenue in 2026 with stable profitability.
Private asset management
The segment includes renewable energy, bioindustry and real estate funds. Continuing earnings in renewable energy could decline in 2026 after management fees recognised in 2025 on the closing of SolarWind III, and planned fund exits reduce the fee base 1.
Development capital investments
Direct investments returned 62% in 2025, and the group completed one new investment, in Ren-Gas 1. Segment operating profit depends heavily on fair value changes and the timing of exits, which remain uncertain.
Market context
The Finnish housing market showed moderate signs of recovery in 2025, with more new mortgage lending and home sales, although demand remains well below long-term averages 1. The Finnish real estate transaction volume nearly doubled compared with 2024 1.
Investment in renewable energy is still growing but more slowly, and the European PPA market has softened, making project financing harder 1. European electricity prices fell from the 2022–2023 peaks but remain well above pre-energy-crisis levels 1.
Trends
- Recovery of the Finnish housing markettailwind
Rising mortgage lending and transactions could increase demand for Garantia's mortgage guarantees if the recovery continues 1.
- Green transition and electrificationtailwind
Falling costs of wind and solar parks and electrification of industry and transport support demand for renewable energy projects 1.
- EU bioeconomy and circular economy policymixed
The new EU bioeconomy strategy and circular economy legislation could support the group's bioindustry business, but wood-energy prices remain at historically high levels 1.
- Difficult fundraising and exit marketsheadwind
Fundraising and exit markets remained challenging, and delayed exits keep investor capital tied up and make new commitments harder to secure 1.
Competitive position
Taaleri operates in private asset management and guarantee insurance, where it competes with other fund managers, investment funds and credit insurers in the Nordics and Central Europe. The sources do not name specific competitors, so this view is partial.
In mortgage guarantees, Garantia competes with banks and other guarantee providers, and its advantage comes from the availability and usability of its product, according to management 1. Competitive pressure in Central and Eastern European renewable energy funds could rise as more investors pursue these opportunities.
- Other European energy infrastructure fund managers
Compete for renewable energy fund capital from institutional investors.
- Finnish mortgage guarantee and credit insurance providers
Compete with Garantia for mortgage and corporate guarantee business.
- Finnish commercial banks
Offer alternative collateral solutions for mortgages, limiting room for guarantees.
- Bioindustry and circular economy investment firms
Compete for scale-up projects in bioeconomy and for development capital.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202518 Mar 2026
- Annual report 202518 Mar 2026
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Taaleri Plc · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.