Investors House: Transaction level high; JV moves forward - Nordea

Investors House reported Q3 revenue of EUR 2.4m, 8% below our EUR 2.6m estimate, while net operating income (NOI) was EUR 1.1m, 17% below our EUR 1.3m forecast. Adjusted EBIT including associates was EUR 1.5m, 12% below our EUR 1.7m estimate. The Q2 operative result was EUR 0.9m and improved by 2% y/y. The share of revenue from Services increased y/y to 54%, from 36%. The EUR 46m Kukkula JV in Jyväskylä should start to generate rental income in 2022. We estimate a EUR 0.7m 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 Service business, we see good potential for further value creation. Marketing material commissioned by Investors House.

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