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Aktieanalys utförd av tredje part

Investors House: Q3 results largely in line with our expectations on solid associated companies contribution - Nordea

Investors House

Detta är en aktieanalys producerad av tredje part och reflekterar därför nödvändigtvis ej våra åsikter och värderingar

Ladda ner rapporten (PDF)
Investors House reported Q3 revenues of EUR 1.6m, 8% below our estimate. Net operating income was EUR 0.5m, which was down 42% y/y and 42% below our estimate. Real Estate division posted virtually flat sales y/y with net operating income down 38% y/y. The Services segment posted weaker results than we had anticipated with sales down 37% y/y and EBIT down 79% y/y. Associated companies, which includes e.g. the Kukkula-project in Jyväskylä, contributed more to earnings in Q3 than we expected. Fair value changes were limited in Q3. EBIT excluding fair value change was EUR 0.8m, 6% below our estimate. The Services business accounted for 48% of sales and Real Estate for 52% in Q1-Q3. The 2023 guidance was reiterated: earnings will be at the same level or slightly better from 2022. We have expected a slight increase in earnings in 2023. EPRA NRV was EUR 5.74 per share which translates to an 18% EPRA NRV discount. The equity ratio improved slightly q/q to 63% from 62% in Q2 and cash position was EUR 7.7m. We expect a neutral share price reaction on the Q3 results and reiterated guidance for 2023.
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