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Aktieanalys utförd av tredje part

Investors House: Strong reported Q1 results on asset revaluations - 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 Q1 revenues of EUR 1.6m, 4% below our 1.7m estimate. Net operating income was EUR 0.2m, which was up from EUR 0.1m y/y and above our EUR 0.1m estimate. Real Estate division posted 4% sales growth, in line with our estimate, with net operating income up 126% y/y in the seasonally small quarter. The Services segment posted slightly weaker results than we had anticipated with sales down 6% y/y while operative EBIT was up y/y. Associated companies, which includes e.g. the Kukkula-project in Jyväskylä (Apitare), contributed less to earnings in Q1 than we expected. EBIT excluding fair value change was EUR 0.0m, we had expected EUR 0.3m which is to a large extent explained by higher administration costs y/y. Reported Q1 earnings were EUR 0.8m versus EUR -0.2m a year ago and the biggest impact comes from the revaluation of Investors House increasing its ownership in JV Apitare from 1/3 to 2/3. This is included in other income, which amounted to EUR 1.0m in Q1. The former JV Apitare will be consolidated from Q2 onwards. The guidance for 2024 was reiterated: earnings will be at the same level as in 2023 (2023: EUR 3.5m). Equity per share was EUR 5.40 versus EUR 5.27 in Q4 2023. The equity ratio declined q/q from 63% in Q4 2023 to 44% following the Apitare consolidation at the end of Q1 We expect an initial neutral to slightly positive share price reaction.
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