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Investors house: Strong Q2 result boosted by disposals with underlying operations solid - Nordea

Investors House

This is a third party research report and does not necessarily reflect our views or values

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Investors House reported Q2 revenues of EUR 3.1m, 18% above our EUR 2.6m estimate. Net operating income was EUR 1.9m, which was up from EUR 0.6m y/y and above our EUR 1.4m estimate. Real Estate division posted EUR 1.9m in sales versus our EUR 1.8m estimate. The Services segment posted better sales and EBIT than we estimated. Adjusted EBIT was EUR 1.8m versus our EUR 1.2m estimate while reported EBIT of EUR 7.7m included EUR 5.8m in net gains from asset disposals (the 1/3 disposal of the JKK JV). Operationally, the results were better than expected. The guidance for 2024 was reiterated: earnings will increase significantly compared to 2023 (2023: EUR 3.5m) thanks to the significant asset disposal gains in H1. The equity ratio improved q/q from 44% in Q1 2024 to 46%. We expect an initial positive share price reaction.
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