Investors House's Q1 report was solid, with Real Estate posting slightly better results than we estimated, while the Services segment remained weaker than the company's targets. Nearly two-thirds of the Real Estate division's income derives from public tenants, and the majority is made up of long triple-net rental agreements. We argue that 2025 will be a clearly more stable year for Investors House (compared with previous years), when the portfolio is transformed into the current stable set-up. We derive a slightly higher DCF- and multiples-based fair value range of EUR 5.5-7.2 (5.4-7.0) and view the risk profile as more attractive, given the increased stability. Marketing material commissioned by Investors House.
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