Taaleri's valuation level has fallen exceptionally low, and the entire group can now be acquired for almost the price of Garantia. Although there is great uncertainty about the realization of value in the parts, the current huge markdown relative to the sum-of-the-parts offers an exceptionally large margin of safety.

Although the Q4 report was better than expected, changes to the forecast remain limited. Taaleri's focus in the next few years will be on the ramp-up of private equity funds and bioindustry balance sheet investments. The valuation of the stock is well below our sum-of-the-parts calculation and the stock is also cheap in absolute terms. However, we do not see clear drivers for near-term value release, with bioindustry investments being a key value driver in the coming years, and thus our own target price is also below the sum-of-the-parts value.

This morning, Taaleri announced a clearly better-than-expected result, boosted by non-recurring fees from Renewable energy. Operationally, the figures were in line with our forecasts. The company was extraordinarily clear on its outlook, and the outlook seems to be well in line with our previous forecasts.