New report on Aktia, at the same time
target price: 11.0->12.0 eur & more
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Uncle Joakim went shopping. Over ten thousand shares ended up in the gift bag. 
Insider buys at this price level are heartening. 
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A small piece of news from Aktia yesterday regarding an arrangement where the bank has acquired a majority stake in Suomen Yrittäjäturva. This is a joint venture established by Aktia and Veritas, whose task is practically to sell various insurance products. Consequently, the arrangement can be seen as a stronger investment in the insurance sector by Aktia than before. No significant change is occurring here, as Yrittäjäturva has been selling Aktia’s products before. However, the brand is changing from Suomen Yrittäjäturva to Aktia Yrittäjäturva. The income statement won’t be shaken by this subsidiary status either, as sales are commission-based due to the tied agent structure. The purchase price was not mentioned in the press release, but it is likely low due to the company’s business model (a sales organization with results close to zero).
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Here is Kassu’s preview as Aktia releases its Q4 report on Thursday. 
We expect the bank’s comparable result to have decreased from the comparison period as a result of a contracting net interest income. In the report, our attention is particularly focused on the development of asset management new sales, which is a key driver in the company’s long-term growth strategy, as well as the earnings outlook for the current year 2026.
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200th anniversary year, so a special dividend is very likely at some point during the year. This was set up by lowering the dividend for this year.
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Aktia-themed opening in the new Hesuli Activists thread.
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From the analyst’s comment: “In asset management, assets under management developed well and the fee level remained stable. Gross assets under management grew by approximately 1.8% from the previous quarter to EUR 16.6 billion, thanks to both positive net subscriptions and value changes. Compared to peers that have already reported their results, the figure is not high, but considering Aktia’s weak new sales in recent years, the direction is nonetheless correct. The majority of new sales came from international institutional clients, while net subscriptions from Private Banking clients turned negative.”
It’s great that international institutions have become interested. Growth driven by aging Swedish-speaking Finns cannot be relied upon in the future.
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Now that’s quite the tall tale for that €47.7 million write-down – clarifying strategic priorities. It seems a real wordsmith was needed there to mask a failed acquisition.
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Kasper interviewed CEO Anssi Huhta regarding the company’s Q4.
Topics:
00:00 Start
00:08 Summary of Q4 and the year 2025
01:02 Loan demand
02:05 Growth drivers
03:04 Market share growth in Leasing
03:37 Development of customer numbers
04:43 Credit losses
05:38 International sales in Wealth Management
07:26 Write-downs
08:58 Interpreting the achievement of growth program targets
10:36 Guidance for 2026
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Analyst estimates following the earnings report.
Target: 12.0 → 12.5€
Share price drop on results day kept the expected return sufficient
We have examined Aktia’s valuation through balance sheet multiples, a dividend model, and Nordic banking peers. The methods indicate a share value of 11.4–14.1 euros. Due to slightly improved new sales in wealth management, we believe an appropriate support point for Aktia’s valuation can now be found in the middle of the range (previously closer to the lower end), which justifies the small increase in our target price. Although there is clear uncertainty regarding the permanence of the turnaround in wealth management sales, net sales have been positive for three consecutive quarters. Overall, we still consider Aktia’s valuation inexpensive and see the potential for multiple expansion and a strong dividend yield (~7–8%) providing investors with a sufficient expected return (>10%).
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Well, we certainly got a proper tall tale for that €47.7 million impairment – clarifying strategic priorities. It seems a real wordsmith was needed there to mask a failed acquisition.
Hi @roastbeef, thanks for the comment! I happen to be the wordsmith you mentioned, whom you can blame for the choice of words.
Your comment is understandable; I might have reacted the same way myself. However, these word choices are not the famous corporate bs.
Technically, we are talking about a re-evaluation in accordance with IAS 36, which follows from changed strategic choices and growth assumptions.
The goodwill resulting from the Taaleri deal included expectations regarding certain products, customer segments, and growth paths. Aktia’s strategy has since become quite concretely clearer, and choices have been made regarding the period ending in 2025: As we stated yesterday, in wealth management, growth is sought, among other things, strongly from international fixed income fund sales. At the same time, the role of former Taaleri-based products has been deliberately reduced.
When the growth and cash flow expectations for business units are no longer at the same level as at the time of the acquisition, an impairment is recorded. This is how changed growth and future assumptions are tackled from an accounting perspective. The release thus follows accounting logic, even if everything cannot fit into the headline.
In the same breath, it is worth noting that not all of the Taaleri goodwill was written down. Through the deal, Aktia gained customers, products, expertise, etc., which have generated cash flow and partly continue to do so.
Anyway, thanks for the feedback. We will learn from this and strive to communicate in a way that doesn’t sound like a tall tale in the future.
Have a nice weekend!
Best regards,
OT/Aktia IR
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There is no reason to doubt Aktia’s traditional banking operations. What is more interesting is how the significant growth in wealth management outlined in the strategy will be achieved, since it was not successful through the acquisition of Taaleri.
Does Aktia see that the products already exist, and only sales are missing?
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Arvopaperi called the justifications for the write-downs postmodern poetry. The story doesn’t tell whether that’s a compliment or a criticism.
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As the Taaleri analyst at the time, I can comment that at the time of the acquisition, Taaleri Asset Management’s fees consisted roughly of the following (not in order of importance):
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traditional asset management (funds, discretionary asset management [TVK], consultative)
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Alternative products (mostly Taaleri’s own funds)
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Structured products
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Performance fees from selected funds
In my understanding, at least the performance fees have practically disappeared, as these specific funds have shrunk significantly since then and their track records have weakened. In alternatives, the cooperation with Taaleri was supposed to be a key component, but the fees had already remained quite thin earlier (for many reasons, the role of alternatives has remained very small at Aktia), and last summer Taaleri also terminated the cooperation agreement. Also, the volumes of structured products have, to my understanding, decreased significantly, as Taaleri used to produce these in quite high volumes. When you add to this the knowledge that traditional asset management has also faced challenges regarding Taaleri (high turnover), the write-down cannot be seen as a massive surprise. Note! Aktia does not report these items, so these are purely my own guesses 
Anyway, it’s worth remembering that this was now a purely accounting measure 
. The real damage happened years ago when the integration failed for one reason or another 
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Hello @740_GLE,
Thank you for the good question! In asset management, growth is specifically pursued by leveraging strong international demand for Aktia’s high-quality fixed income expertise (a long-term area of strength). In addition to volumes, we are seeking higher-margin AuM (Assets under Management), and the international market is interesting in this regard. The distribution network and sales force are being significantly strengthened. In Q4, international sales already looked promising.
Of course, product development is also taking place, and in addition to the above, we have a strong position in the Premium and Private segments, for example.
Best regards,
OT/IR
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