Investors House: New Growth Areas Sought After Recent Divestments

Nordea maintains a EUR 2.9-3.8 fair value for Investors House despite a Q1 miss, noting that the company is transitioning and resetting dividends following major 2025 divestments.

Key Takeaways

• 1.Q1 2026 results were weaker than expected, burdened by one-off costs and poor operative performance in both Real Estate and Services segments.
• 2.Earnings for 2026 are expected to decline significantly following the major divestment of the Apitare JV in Q2 2025.
• 3.Nordea maintains an unchanged fair value range of EUR 2.9-3.8, applying a 2026E P/BV multiple of 0.9-1.2x.

Table of Contents

• KEY DATA
• PERFORMANCE
• VALUATION APPROACH (EUR)
• ESTIMATE CHANGES
• New growth areas sought after recent divestments
• Q1 results burdened by one-offs, but operations also weaker
• Net operating income estimates trimmed by 1-11% for 2026-28
• EUR 2.9-3.8 fair value range unchanged
• SUMMARY TABLE - KEY FIGURES
• Q1 deviation and estimate revisions
• Detailed estimates
• Reported numbers and forecasts
• Disclaimer and legal disclosures

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