Investors House: Much relies on associated companies in 2024 - Nordea

Investors House reported Q4 2023 revenue of EUR 1.8m, the same as our estimate, while adjusted EBIT of EUR 1.6m (including associated companies) beat our forecast by 61%. Associated companies fared better than we expected, whereas Services profitability remained weak. Real Estate was broadly in line but EUR -1m in fair value changes weighed on earnings, as did the EUR 0.6m writedown of Juhola Asset Management in Services. Company guidance for 2024 expects a flat net result, which implies strong earnings from associated companies. The company's 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, and development of the Kukkula project might bring additional positive surprises from a valuation perspective. Marketing material commissioned by Investors House.