Taaleri - Clear earnings beat
Taaleri’s H1 results clearly beat our estimates, with income of EUR 35.2m vs. 31.9m Evli and EBIT of EUR 12.4m vs. 6.9m Evli. The earnings were attributable to the Wealth Management segment, mainly due to investment income.
- Net sales in H1 were EUR 35.2m (EUR 38.7m in H1/17), beating our estimates (Evli EUR 31.9m). The group’s continuing earnings grew seven per cent.
- EBIT in H1 was EUR 12.4m (EUR 15.4m in H1/17), well above our estimates (Evli EUR 6.9m). The higher than expected earnings were attributable to the Wealth Management segment, where performance fees and investment income of EUR 5.6m and EUR 4.9m respectively were recorded, along with growth in fee income.
- The Wealth Management segments net sales in H1 were EUR 28m vs. EUR 23.2m Evli and EBIT EUR 14.1m vs. EUR 6.1m Evli.
- The Financing segments net sales in H1 were EUR 6.2m vs. EUR 9m Evli and EBIT EUR 2.4m vs. EUR 4.8m Evli.
- The Energy segments net sales in H1 were EUR 1.1m vs. EUR 1.4m Evli and EBIT EUR -0.9m vs. EUR -0.5m Evli.
- Net sales from other operations in H1 were EUR -1.5m vs. EUR -1.7m Evli and EBIT EUR -3.3m vs. EUR -3.5m Evli.
- Assets under management at the end of H1/18 amounted to EUR 6.0m.