Investors House's Q3 report was broadly in line with our expectations, with the Real Estate segment slightly weaker than we expected. However, the good profitability development for the Services segment continued, and we believe the lower cost base for the segment will continue to improve profitability. After the significant divestment in 2025, the company reiterated its guidance for earnings to decline sharply in 2026. Our adjusted EPS estimates for 2026-28 are EUR 0.14-0.17, and we believe the company will need to lower its dividend to match the lower net result level, although it still has distributable capital to pay a growing dividend for 2026E. However, we expect the dividend to eventually be lowered to EUR 0.10-0.12 for 2026-28. We derive a lower fair value range of EUR 2.6-3.4 (2.8-3.7). Our fair value range is based on 2026E P/BV of 0.9-1.2x.
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