Investors House: 2025E will be a year of more stable earnings - Nordea

In our view, earnings will become more stable, as the company seems satisfied with its structure after multiple acquisitions and disposals in recent years, as well as considering that more than 50% of the Real Estate division's income will derive from long triple-net rental agreements and a high share of public tenants. The stability should also have a positive impact on the valuation; after the Q4 report, we narrow our fair value range to EUR 5.4-7.0 (4.7-6.9) and we view the risk profile as more attractive. Marketing material commissioned by Investors House.

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