Guiding for strong earnings in 2023 - Nordea

Investors House reported Q4 revenue of EUR 2.1m, 4% above our estimate, and net operating income (NOI) of EUR 0.7m, 18% below our EUR 0.8m forecast, as Real Estate posted higher property costs compared to our estimates. EPRA earnings were EUR 0.4m, down by 60% y/y, owing to divestments conducted in Q4 2021. The share of revenue from Services was 59%. Investors House succeeded in streamlining its operations and its balance sheet through an extra dividend of EUR 1 per share in 2022, which has reduced the EPRA NRV discount further to 5%, from 40% at the end of 2021. The company is waiting for the market to stabilise before it enters new investments and will closely monitor acquisition opportunities to enhance the return on capital. Marketing material commissioned by Investors House.

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