Investors House: Real Estate and associated companies good in Q3 - Nordea

Investors House reported Q3 2023 revenue of EUR 1.6m, 8% below our estimate, while adjusted EBIT of EUR 0.8m (including associated companies) was 6% below our estimate. Associated companies fared better than we expected while Services profitability remained weak. The reported net result of EUR 0.5m represented more than a doubling from a year ago. Investors House is still waiting for the market to stabilise before making new investments and it will closely monitor acquisition opportunities to enhance its return on capital. Its main focus will be on preparing the Kukkula JV project for the coming years; the JV is already delivering recurring revenues to Investors House, with an uptick expected for 2024. Marketing material commissioned by Investors House.

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