Investors House reported Q2 revenues of EUR 2.5m, compared to our EUR 2.7m estimate. Net operating income was EUR 1.1m versus our EUR 1.3m estimate. The Q2 operative result was EUR 0.8m, up 28% y/. The 2021 guidance is reiterated: operating result will improve. EPRA NRV was EUR 8.11 per share, up from EUR 7.90 at the end of Q1 2021. EPRA NRV declined from EUR 8.60 y/y but it is worth keeping in mind that EUR 0.8 dividend (0.27 cash and 0.53 Ovaro shares) has been distributed over the past 12 months. The Services business accounted for 58% of sales and Real Estate for 42% compared to 19% and 81% a year ago, respectively. The increase in Service share of sales comes from e.g. the acquisition of Juhola Asset Management and the accounting change of the real estate fund as ownership declined below 50% . The new reporting structure has been in place since Q3 2020. Several projects progressed during and after the quarte r, while the planned real estate loan fund preparation was terminated, which will reduce personnel costs going forward. Solidity remained strong at 47.5%. Investors House trades at a 27% discount to EPRA NRV. We expect a neutral to slightly positive share price reaction on Investors House’s Q2 report, mainly owing to the increased EPRA NRV and maintained positive outlook for 2021.
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