Investors House: No hurry to conduct M&A in current market - Nordea

Investors House reported Q1 revenue of EUR 1.8m, 16% below our estimate, mainly owing to Services, while net operating income (NOI) was EUR 0.7m, 8% below our EUR 0.8m forecast. Adjusted EBIT including associates was EUR 0.6m, 16% below our EUR 0.7m estimate. The Q1 EPRA result was EUR 0.3m and improved by 187% y/ y. The share of revenue from Services was 56%. Investors House has succeeded in streamlining its operations and balance sheet by distributing Ovaro shares and an extra dividend of EUR 1 per share, which has reduced the EPRA NRV discount to 25% from 40% after the Q4 report. Marketing material commissioned by Investors House.

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