contentSlug

type

ContentPage_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentPage_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  createdAt
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
  companies {
    viewerIsFollowing
    id
    name
    pageUrl
    forum {
      threadUrl
    }
    defaultInstrument {
      symbol
      id
    }
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  createdAt
  changedAt
  isPremium
  authors {
    __typename
    name
    pageUrl
    id
  }
  companies {
    name
    pageUrl
    id
  }
  tags {
    name
    id
  }
  ... on Video {
    liveTime
    videoUrl
    videoEmbedUrl(location: "inderes")
  }
  ... on Webcast {
    liveTime
    videoUrl
    videoEmbedUrl(location: "inderes")
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    summary
    companies {
      forum {
        threadUrl
        latestPosts {
          ...ForumPosts
        }
      }
      name
      id
      viewerIsFollowing
      pageUrl
      ...ExtensiveCoverage_Company
      defaultInstrument {
        isin
        id
        symbol
        marketOpen
        marketClose
        marketplace {
          region
        }
        returns {
          total
        }
      }
    }
    tags {
      viewerIsFollowing
      id
      name
      pageUrl
    }
    createdAt
    ... on Video {
      liveTime
    }
    ... on Webcast {
      liveTime
    }
    slug
    pageUrl
    ... on CompanyReport {
      reportUrl
      researchContentUrl
      researchContent {
        title
        lang
        pdfUrl
        relatedContent {
          __typename
          ...PublishingDetails
          ...Reactions
          id
        }
        content {
          title
          lang
          htmlBody
          publishedAt
          createdAt
          changedAt
          isOutdated
          isPremium
        }
      }
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
    ...ExtensiveCoverage_Snapshot
  }
  ...TrendingContent_1jQ2Cn
}

fragment ExtensiveCoverage_Company on Company {
  id
  defaultInstrument {
    estimateData {
      researchCurrency
      estimates {
        date
        recommendation
        targetPrice
      }
    }
    id
  }
}

fragment ExtensiveCoverage_Snapshot on Content {
  __isContent: __typename
  companies {
    id
    defaultInstrument {
      snapshot {
        transaction {
          date
          recommendation
          targetPrice
        }
      }
      id
    }
  }
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    name
    pageUrl
    defaultInstrument {
      priceData {
        tradeCurrency
      }
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
    id
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      name
      id
    }
    authors {
      __typename
      imgUrl
      name
      id
    }
  }
}


investors-house-positive-development-for-services-continues-nordea

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

pageUrl

publishers

authors

reactionGroups

translations

imgUrl

description

changedAt

Investors House operates in the real estate industry. The investments are mainly found in larger commercial properties around the Finnish market, with a focus on growing university cities. In addition to direct ownership and management, the properties are also leased to various tenants. Operations are held in the Finnish market and the head office is located in Helsinki.

Yeah exactly, I tried to explain this clearly in the report. Historically, though, I’ve noticed that communicating this clearly is surprisingly difficult, and of course people need to actually read at least a little bit of the report to figure this out

At first, I was wondering why Frans-Mikael had slashed the target price down by nearly 20% since the August report, but reading the report cleared it up: unlike the previous one, the new report assumes a dividend payout of 38 cents in the spring, of which around 27 cents is simply an unwinding of the balance sheet. Naturally, that has to be deducted from the target price, i.e., the assumed price a year from now. Makes sense.

Here is the company report on IH from Frans following Q3   Investors House’s Q3 results exceeded our expectations thanks to a light cost structure. In particular, Services achieved a significant turnaround in profitability. During this restructuring year, the company has simplified its structure. We estimate that it will continue capital recycling and sell its residential properties early next year. Consequently, for next spring, we forecast a growing dividend of EUR 0.38 in line with the strategy, which primarily represents the distribution of balance sheet equity. Valuation has returned to neutral territory (Q3’26 P/B 1.0x), but low peer valuations, elevated interest rates, and our forecast return on equity of around 5-6% do not, in our view, justify a higher valuation before growth investments materialize. We lower our target price to EUR 2.70 (prev. EUR 3.30). The new target price takes into account our dividend forecast, which clearly exceeds the company’s earnings and reduces the balance sheet. We reiterate our Reduce recommendation.                    Inderes – 5 Nov 26              Investors House Q3'26: Arvostustaso on laskeutunut neutraaliin maastoon -...    Investors Housen Q3-tulos ylitti odotuksemme kevyen kulutason ansiosta. Erityisesti Palvelut tekivät merkittävän kannattavuuskäänteen. Yhtiö on kuluvana rakennemuutoksen vuonna yksinkertaistanut rakennettaan. Arvioimme sen jatkavan taseen...

@Frans-Mikael_Rostedt interviewed CEO Jukka Akselin regarding Q3:

Here are Frans’s quick comments on IH’s Q3 results   Both segments of Investors House exceeded our expectations in Q3 net operating income and earnings levels. The beat came particularly from clearly lower-than-projected costs in the Services segment, but also from lower-than-expected maintenance costs and modernization investments in the Real Estate segment. Higher financial expenses and slightly larger-than-expected corporate costs ate into part of the beat, but earnings per share still beat our forecast. The company reiterated its guidance, and based on our preliminary assessment, our earnings estimates for the current year face slight upward pressure following the earnings beat, while for the coming years our earnings forecasts look fairly solid.                    Inderes – 4 Nov 26              Investors House Q3'26 -pikakommentti: Tulos ylitti odotuksemme kevyen...    Investors Housen molempien segmenttien Q3-nettotuotot ja tulostasot ylittivät odotuksemme. Tulosylitys tuli erityisesti Palveluiden odotettua pienemmistä kuluista.

Here are Frans’s previews ahead of IH reporting its earnings tomorrow   The quarter is the first where the comparison period is already from the post-Apitare divestment period, meaning it reflects the “new normal” business structure. We forecast revenue to have decreased only slightly and operating profit to have remained at the comparison period’s level, as the improved profitability in the Services segment compensates for a slight earnings drop in Real Estate. On the earnings release date, our attention will be particularly focused on potential growth investments and the sustainability of the profitability improvement in Services. At the end of September, the company also announced that it is very ambitiously targeting a level of profitability that would enable the continued growth of the dividend per share from last spring’s EUR 0.37 per share level, and we are looking for more concrete details behind these targets on earnings day.                    Inderes – 3 Nov 26              Investors House Q3'26 -ennakko: Melko tasaista tekemistä odotuksissa, katseet...    Palvelut-segmentin parantuva kannattavuus kompensoi Kiinteistöjen pientä tulospudotusta Q3-ennusteessamme.

Here are Frans’s comments on IH’s new targets   On Monday, Investors House’s Board of Directors announced the company’s strategic targets for 2026–2028. As before, the company aims to maintain an equity ratio of at least 45% and achieve profitability that enables the continuous growth of the dividend per share from last spring’s level of EUR 0.37. At first glance, we consider the profitability target to be very ambitious, as the company’s equity has halved following the giant dividend distribution, while its earnings level has simultaneously declined clearly. In our view, achieving the target will require successful development projects or balance sheet realizations and the distribution of liberated funds to shareholders. The release does not prompt immediate changes to our forecasts for the coming years.                    Inderes – 28 Sep 26              Investors House asetti kunnianhimoisen kannattavuustavoitteen ja tavoittelee...    Tavoite kasvattaa osinkoa 0,37 eurosta on kunnianhimoinen, sillä ennustamme tuloksen laskevan selvästi lähivuosille pienentyneen taseen seurauksena.

Investors House

Investors House's Q3 report was broadly in line with our expectations, with the Real Estate segment slightly weaker than we expected. However, the good profitability development for the Services...

Investors House's Q3 report was broadly in line with our expectations, with the Real Estate segment slightly weaker than we expected. However, the good profitability development for the Services segment continued, and we believe the lower cost base for the segment will continue to improve profitability. After the significant divestment in 2025, the company reiterated its guidance for earnings to decline sharply in 2026. Our adjusted EPS estimates for 2026-28 are EUR 0.14-0.17, and we believe the company will need to lower its dividend to match the lower net result level, although it still has distributable capital to pay a growing dividend for 2026E. However, we expect the dividend to eventually be lowered to EUR 0.10-0.12 for 2026-28. We derive a lower fair value range of EUR 2.6-3.4 (2.8-3.7). Our fair value range is based on 2026E P/BV of 0.9-1.2x.

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Investors House: Positive development for Services continues - Nordea

Investors House: Positive development for Services continues - Nordea