Investors House: Stable earnings with a solid balance sheet - Nordea

Investors House reported Q2 2024 revenue of EUR 3.1m, 18% above our estimate, while net operating income beat our forecast by 32%. The beat was largely explained by a EUR ~0.4m performance-based compensation in the Service segment, but underlying performance was better than we expected even after adjusting for that, especially within Real Estate. Reported numbers were strong thanks to the EUR ~6m gain on the disposed JV stake. As Investors House now consolidates Apitare (two-thirds ownership), in our view reported numbers will become more stable, but there will be no further upside from the divested JV. Investors House is well positioned to continue increasing its dividend, although we make cuts to our EPS estimates for 2025E-26E owing to higher financial cost estimates. Marketing material commissioned by Investors House.

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