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Investors House: Expanding Service business through M&A - Nordea

Investors House reported Q2 revenue of EUR 1.9m, 5% below our estimate, mainly owing to Services. Net operating income (NOI) was EUR 0.6m, 29% below our EUR 0.9m forecast, as Real Estate posted elevated property costs. Adjusted EBIT including associates was EUR 0.5m, 37% below our EUR 0.8m estimate. The Q2 EPRA result was EUR 0.4m and declined by 48% y/ y owing to divestments conducted in Q4 2021. The share of revenue from Services was 57%. 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 16% from 25% after the Q1 report and from 40% after the Q4 2021 report. Marketing material commissioned by Investors House.

Investors House reported Q2 revenue of EUR 1.9m, 5% below our estimate, mainly owing to Services. Net operating income (NOI) was EUR 0.6m, 29% below our EUR 0.9m forecast, as Real Estate posted elevated property costs. Adjusted EBIT including associates was EUR 0.5m, 37% below our EUR 0.8m estimate. The Q2 EPRA result was EUR 0.4m and declined by 48% y/ y owing to divestments conducted in Q4 2021. The share of revenue from Services was 57%. 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 16% from 25% after the Q1 report and from 40% after the Q4 2021 report. Marketing material commissioned by Investors House.
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