Investors House: Strong balance sheet set for M&A and JVs - Nordea

Investors House reported Q4 revenue of EUR 3.0m, in line with our estimate, while net operating income (NOI) was EUR 1.3m, 17% below our EUR 1.5m forecast. Adjusted EBIT including associates was EUR 2.0m, 20% above our EUR 1.7m estimate. However, there were net positive one-offs of EUR 0.3m, so when adjusting for these, EBIT was broadly in line with our estimate. The Q4 operating result was EUR 1.0m and improved by 102% y/y. The share of revenue from Services increased y/y to 81%, from 63%. The EUR 46m Kukkula JV in Jyväskylä should start to generate rental income in 2022. We estimate a EUR 0.7-0.8m positive impact on the associated companies line annually, although the long-term potential is more interesting from developing the area, mostly for residential use. With a growing pipeline and a growing Services business, we see good potential for further value creation. Marketing material commissioned by Investors House.

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