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Investors House: Positive development for Services segment in Q2 - Nordea

INVESTThird party research2026-08-21 07:10
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This is a third party research report and does not necessarily reflect our views or values

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Investors House's Q2 report was broadly in line with our expectations, with the Real Estate segment slightly weaker than we expected. However, the good profitability for the Services segment was a clear positive, as the segment's performance has been weak for several quarters and cost savings are kicking in. After the significant divestment in 2025, the company reiterated its guidance for earnings to decline significantly in 2026. Our adjusted EPS estimates for 2026-28 are EUR 0.17-0.18, and we find it appropriate to reset the dividend for 2026E to match the current earnings capacity, after the ordinary 2026 dividend of EUR 0.37 and the extra dividend of EUR 3.14 paid in 2025. We derive a slightly lower fair value range of EUR 2.8-3.7 (2.9-3.8). Our fair value range is based on a 2026E P/BV of 0.9-1.2x.