Investors House's Q3 report was the first since the divestment of the Apitare JV, of which Investors House owned two-thirds. The Q3 results were somewhat better than we expected. Both the Real Estate and Services segments performed better than we anticipated, although Services' performance continued to be unsatisfactory, and the company has successfully implemented cost reductions in the segment. We keep our adjusted EPS estimates of EUR 0.19-0.21 for 2026-27 unchanged. We derive a lower fair value range of EUR 3.1-4.2 (5.3-7.1) following the distribution of the EUR 3.14 extra dividend paid in Q3. Our fair value range is based on 2026E P/BV of 0.85-1.15x.
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