olivLaw · European equity research
Investors House Oyj INVEST.HE
Finland · Nasdaq Helsinki · Vertical: Listed companies from Finland
Investors House Oyj is a Finnish group that invests in and manages real estate, with a services division for fund and asset management. In 2025 the group sold Apitare, cut its debt and kept raising its dividend, which draws investor attention while the balance sheet is smaller and easier to manage. Total revenue was 8386 thousand EUR and the equity ratio held at 51 %.
At the close of 06 Nov 2026, Investors House Oyj (INVEST.HE) stock was 2.69 EUR (−1.82% on the day), with market capitalisation 17.2 m EUR, P/E 4.0 on diluted EPS of 0.68 EUR over the last 12 months, dividend yield 12.27%, beta 0.18, 52-week range 2.69–4.55 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 31.3
- weak (30–45)
- Bollinger (20, 2)
- 2.74 – 3.01
- below the lower band · %B -0.19 · band width 9.3%
- SMA 50 / 200
- 2.99 / 3.61
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.06 / -0.05
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −7.9% | −0.6% | −7.2 pp | — |
| 3 months | −22.0% | −4.2% | −17.9 pp | — |
| 6 months | −29.2% | +4.3% | −33.5 pp | — |
| Year to date | −25.7% | +7.5% | −33.2 pp | — |
| 1 year | −37.4% | +9.9% | −47.4 pp | −1.3% |
| 3 years | −41.5% | +49.8% | −91.4 pp | +4.4% |
| 5 years | −52.5% | +42.8% | −95.3 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 0 percentile of its own 3-quarter history (min 4.9, median 5.3, max 9.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 6.9 m | 10.0 m | 8.4 m |
| Revenue YoY | unavailable | +45.5% | −15.9% |
| Net income | 3.6 m | 6.9 m | 4.3 m |
| Net income YoY | unavailable | +92.5% | −36.6% |
| Diluted EPS | 0.56 | 1.08 | 0.68 |
| Diluted EPS YoY | unavailable | +92.9% | −37.0% |
| net % | 51.9% | 68.7% | 51.8% |
| Free cash flow | 82.0 k | 2.0 m | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 4.9 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 20.4 m EUR
- Total assets
- 40.4 m EUR
- Debt / equity
- unavailable
- Current ratio
- 1.49x
- ROE
- 12.8%
- ROA
- 6.4%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 6.9 m | 10.0 m | 8.4 m | esef· 24 Mar 2026verified |
| Cost of revenue | 5.1 m | 5.0 m | 4.4 m | esef· 24 Mar 2026verified |
| Gross profit | 1.7 m | 5.0 m | 4.0 m | esef· 24 Mar 2026verified |
| Operating income | 3.9 m | 12.0 m | 5.1 m | esef· 24 Mar 2026verified |
| Interest expense | 735.0 k | 1.7 m | 1.1 m | esef· 24 Mar 2026verified |
| Pre-tax income | 3.5 m | 10.6 m | 4.3 m | esef· 24 Mar 2026verified |
| Income tax | 13.0 k | 2.0 m | -273.0 k | esef· 24 Mar 2026verified |
| Net income | 3.6 m | 6.9 m | 4.3 m | esef· 24 Mar 2026verified |
| Diluted EPS | 0.56 | 1.08 | 0.68 | esef· 24 Mar 2026verified |
| Dividend per share | — | 0.33 | — | esef· 18 Mar 2025verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 8.5 m | 2.2 m | 4.9 m | esef· 24 Mar 2026verified |
| Receivables | 696.0 k | 5.2 m | 2.7 m | esef· 24 Mar 2026verified |
| Current assets | 9.3 m | 7.5 m | 7.7 m | esef· 24 Mar 2026verified |
| Property, plant & equipment, net | 317.0 k | 318.0 k | — | esef· 18 Mar 2025verified |
| Goodwill | 5.7 m | 4.2 m | 4.2 m | esef· 24 Mar 2026verified |
| Intangibles (excl. goodwill) | 488.0 k | 297.0 k | 108.0 k | esef· 24 Mar 2026verified |
| Total assets | 53.5 m | 95.9 m | 40.4 m | esef· 24 Mar 2026verified |
| Accounts payable | 1.3 m | 2.1 m | 1.2 m | esef· 24 Mar 2026verified |
| Current liabilities | 9.1 m | 27.4 m | 5.2 m | esef· 24 Mar 2026verified |
| Total liabilities | 19.6 m | 48.5 m | 20.0 m | esef· 24 Mar 2026verified |
| Equity | 34.0 m | 47.4 m | 20.4 m | esef· 24 Mar 2026verified |
| Shares outstanding at year end | 6.4 m | 6.3 m | 6.4 m | esef· 24 Mar 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 82.0 k | 2.0 m | 1.0 m | esef· 24 Mar 2026verified |
| Capex | 0 | 0 | — | esef· 18 Mar 2025verified |
| Free cash flow | 82.0 k ≈ | 2.0 m ≈ | — | esef· 18 Mar 2025derived |
| Investing cash flow | 6.1 m | -3.3 m | 26.2 m | esef· 24 Mar 2026verified |
| Financing cash flow | -4.2 m | -5.1 m | -24.5 m | esef· 24 Mar 2026verified |
| Share repurchases | — | 57.0 k | 0 | esef· 24 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 47.9% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: 17.2 m EUR
Key indicators
Coverage and freshness
Score by group
48% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 4.49 – 12.47 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E5.98 – 12.47 (Mid 7.92)23 companies used · median multiple 11.6x · quartiles 8.8x – 18.3xALMA.HE, APETIT.HE, ASPO.HE, ATRAV.HE, BIOBV.HE, CAPMAN.HE, CONSTI.HE, DIGIA.HE, ELEAV.HE, ELISA.HE, ENENTO.HE, ETTE.HE, FORTUM.HE, FSECURE.HE, GLA1V.HE, GRK.HE, HARVIA.HE, ICP1V.HE, ILKKA.HE, KALMAR.HE, KAMUX.HE, KCR.HE, KEMIRA.HE
- Dividend discount (DDM)4.49 – 6.12 (Mid 5.18)
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 47.9% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 51.8% | 100 (vs peers) | 13% |
| FCF conversion · Quality | 23.8% | 0 (on a fixed band) | 13% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 4.8x | 50 (on a fixed band) | 13% |
| Current ratio · Balance sheet | 1.5x | 58 (on a fixed band) | 9% |
| P/E (TTM) · Valuation | 4.0x | 89 (vs peers) | 22% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 6.0% | 75 (on a fixed band) | 17% |
| Shareholder yield (distributions) · Returns | 0.0% | 0 (on a fixed band) | 13% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet53/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality50/100 · 2/3 factors with a value
- Returns· partial0/100 · 1/2 factors with a value
- Valuation83/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Investors House Oyj (INVEST.HE). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 8.4 m EUR in 2025; YoY growth -15.9%; net margin 51.8%; ROE 14.8%.
The estimated value range is 5.24–9.29 EUR per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 6.55 EUR, the price of 2.69 EUR leaves a potential of 143.4% (value / price − 1) and a margin of safety of 58.9% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 47.9% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 51.8%
- P/E (TTM): 4.0x
- FCF yield: 6.0%
- The price is below the estimated value range
What contradicts it
- FCF conversion: 23.8%
- Shareholder yield (distributions): 0.0%
Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, Payout ratio (FCF).
Versus the vertical median
Listed companies from Finland · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| FORTUM.HEFortum Oyj | 20.7 bn | 27.1 | 8.7% | 15.3% | −14.0% | +31% / +80% |
| ELISA.HEElisa Oyj | 5.5 bn | 16.0 | 27.0% | 15.2% | +3.0% | −10% / −17% |
| KEMIRA.HEKemira Oyj | 2.4 bn | 13.5 | 10.5% | 6.6% | −6.6% | −18% / +3% |
| KALMAR.HEKalmar Oyj | 2.4 bn | 14.6 | 24.1% | 9.4% | +1.2% | −0% / unavailable |
| KCR.HEKonecranes Oyj | 2.2 bn | 5.6 | 20.3% | 9.5% | −0.9% | −5% / +132% |
| EXEL.HEExel Composites Oyj | 1.7 bn | — | -18.5% | -5.3% | +3.6% | +157% / +71% |
| BITTI.HEBittium Oyj | 1.2 bn | 54.7 | 17.5% | 17.9% | +40.1% | +69% / +589% |
| ALMA.HEAlma Media Oyj | 1.1 bn | 20.8 | 23.0% | 16.9% | +4.6% | +7% / +54% |
| FIA1S.HEFinnair Oyj | 1.0 bn | 55.3 | 2.9% | 0.6% | +1.9% | +69% / +34% |
| HARVIA.HEHarvia Oyj | 767.8 m | 29.3 | 21.0% | 13.3% | +13.5% | −1% / +64% |
| GRK.HEGRK Infra Oyj | 758.7 m | 17.6 | 27.8% | 4.9% | +19.7% | +46% / unavailable |
| ATRAV.HEAtria Oyj | 453.9 m | 11.2 | 9.8% | 2.2% | +3.3% | +13% / +58% |
| ANORA.HEAnora Group Oyj | 316.3 m | 57.5 | 1.4% | 0.8% | −4.9% | +25% / +10% |
| CAPMAN.HECapMan Oyj | 283.3 m | 21.8 | 6.8% | 20.9% | +9.4% | −13% / −24% |
| ICP1V.HEIncap Oyj | 266.0 m | 19.0 | 10.4% | 6.5% | −6.7% | −1% / +40% |
| FSECURE.HEF-Secure Oyj | 239.5 m | 10.7 | 43.4% | 15.3% | −0.4% | −19% / −24% |
| ASPO.HEAspo Oyj | 216.1 m | 9.2 | 15.4% | 5.0% | +2.1% | 0% / +7% |
| ETTE.HEEtteplan Oyj | 180.2 m | 17.0 | 8.8% | 2.9% | +0.1% | −25% / −49% |
| DIGIA.HEDigia Oyj | 131.1 m | 10.4 | 14.5% | 5.9% | +5.5% | −17% / −12% |
| ILKKA.HEIlkka Oyj | 93.0 m | 8.0 | 6.2% | 30.8% | +22.6% | −1% / +20% |
| CONSTI.HEConsti Oyj | 77.5 m | 11.6 | 15.3% | 2.0% | +2.9% | −8% / −6% |
| APETIT.HEApetit Oyj | 75.6 m | 8.4 | 8.2% | 5.4% | +3.1% | −14% / −3% |
| ESENSE.HEEnersense International Oyj | 71.5 m | 71.3 | 3.1% | 0.4% | −27.7% | +7% / +4% |
| CTH1V.HEComponenta Oyj | 65.7 m | 322.0 | 0.8% | 0.2% | −4.6% | +48% / +180% |
| KAMUX.HEKamux Oyj | 49.4 m | 10.8 | 4.2% | 0.5% | +0.8% | −37% / −76% |
1- and 3-year price returns: for INVEST.HE from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 1.44 Total return -38% · Per year -38% | 2.56 Total return 7% · Per year 7% | 3.87 Total return 58% · Per year 58% |
| 3 years | 1.14 Total return -34% · Per year -13% | 2.31 Total return 19% · Per year 6% | 3.87 Total return 86% · Per year 23% |
| 5 years | 0.91 Total return -31% · Per year -7% | 2.08 Total return 30% · Per year 5% | 3.87 Total return 114% · Per year 16% |
- Exit P/E± 0.58
- Net margin± 0.40
- Annual revenue growth± 0.36
- Annual dilution± 0.03
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Investors House Oyj is a Finnish group that invests in and manages real estate, with a services division for fund and asset management. In 2025 the group sold Apitare, cut its debt and kept raising its dividend, which draws investor attention while the balance sheet is smaller and easier to manage. Total revenue was 8386 thousand EUR and the equity ratio held at 51 %.
SWOT
Strengths
- A property portfolio with very high occupancy and recurring rental income.
- A sturdier capital structure after debt repayment and the Apitare sale.
- A track record of growing dividends per share, supported by stable operating results.
Weaknesses
- Dependence on the Finnish property market, which limits geographic diversification.
- The services segment posted negative results in the first part of 2025.
- Management changes and internal reorganisations can create operational uncertainty.
Opportunities
- Integrating service operations could raise efficiency and recurring revenue.
- Acquiring properties in growth areas could expand the portfolio.
- Lower energy costs from moving away from electric heating systems.
Threats
- Rising interest rates could increase financing costs and reduce property values.
- An economic downturn could reduce demand for commercial space.
- Changes in rental regulation could limit residential income.
Risks
- Rental riskmedium
If occupancy falls, cash flow could be affected. The company diversifies investments across housing, commercial space and services.
- Financing riskmedium
Higher interest rates or difficulty obtaining financing could weaken the financial position. Loans are covered by hedging instruments.
- Property valuation riskhigh
A decline in property market values could reduce asset values and equity.
- Technical building riskmedium
Unexpected technical problems could create major repair costs.
- Shareholder concentration risklow
Major shareholders and entities linked to management hold a significant share of the stock, which can influence governance decisions.
Investment thesis
What would need to be true (bull case)
- If the group keeps occupancy high and service revenue grows, profitability could support stable or rising dividends.
- A more balanced capital structure after repayments could provide flexibility for acquisitions or shareholder distributions.
- Consolidating services into one entity could improve margins over the long term.
What would break the thesis
- If interest rates rise or demand for commercial space falls, results could be weaker than in 2025.
- The services segment made losses in the first part of the year and recovery could be slow.
- Management changes and reorganisations could create uncertainty for the long-term strategy.
What to watch
- Approval of the proposed dividend of 0.37 EUR per share at the AGM2026
- Completion of the sale of Investors House Rahastot Oy and the share buyback2026
- Development of the Services segment result after internal mergersQ1 2027
- Appointment of a new CEO following the announced departure2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Investors House Oyj, based in Finland, operates in real estate across the country, from project development and property ownership to asset management services. The group has two reported segments: 'Properties', covering buildings owned wholly or partly, shares in housing companies and development projects, and 'Services', which provides fund and property management services as well as office space. According to the annual report, the investment activity is capital-intensive, while the services segment is more of an expertise business that supports group profitability.
In 2025 rental income was the main source of revenue, while service revenue rose as a share of the total toward year-end, reaching almost half of Q4 2025 revenue. Service revenue is largely recurring and contract-based. The group sold the shares of its subsidiary Apitare Oy for 60 M EUR and merged several service entities into Infonia Oy.
The strategy for 2024-2027 aims to keep the dividend per share growing and to achieve a long-term target return on equity. Management has announced that the CEO will leave during the year, and the company has decided to abandon its planned partial demerger. For an investor, these structural and management changes are worth following in the upcoming reports.
Segments
Properties
The Properties segment includes residential and commercial buildings held directly or through subsidiaries and managed funds. In Q4 2025 the segment had sales of 932 thousand EUR, and for the full year 5712 thousand EUR, with an operating result of 5754 thousand EUR for 2025, down from the prior year due to property sales in 2024. The occupancy rate stayed high at 99 %.
Services
The Services segment covers fund and property asset management through Infonia Oy, plus office space services. In 2025 the segment had sales of 2673 thousand EUR, down on the previous year, but its operating result turned positive in the fourth quarter. If this positive trend holds, the segment could contribute more to group profitability.
Market context
The Finnish housing and commercial property market is driven mainly by rental demand in metropolitan areas and larger cities, where the company concentrates its investments. Property values are assessed periodically by authorised appraisers, and the fair value of the portfolio depends on financing conditions and demand. The company values the services segment using revenue and EBITDA multiples compared with other operators in the sector.
The interest rate and financing environment affects the cost of debt and the ability to acquire new assets. The company repaid a significant part of its debt in 2025, which reduced its interest rate exposure, but the property market remains sensitive to the wider economy.
Trends
- Debt reductiontailwind
The group significantly reduced its debt through asset sales and early repayments, which improved the balance sheet. If this continues, financial flexibility could increase.
- Energy coststailwind
Moving away from direct electric and natural gas heating in many buildings has had a positive effect as energy prices rose, reducing operating cost risk.
- Interest rates and financingheadwind
The cost of borrowing remains an important factor. The company hedges its loans with interest rate instruments, but a rise in rates could hurt profitability if not covered.
- Housing demandmixed
Rental demand in areas with demographic growth remains stable, but an economic downturn could reduce demand for commercial space, a mixed effect on the properties segment.
Competitive position
Investors House competes with other Finnish real estate investment companies and with fund managers offering similar asset management services. The company's advantage lies in combining its own property portfolio with recurring service revenue, which supports the stability of results.
In the services segment the company is compared with asset management and real estate consulting firms, and competitive pressure may limit margins. The company has chosen to concentrate its service activities through internal mergers, which could improve efficiency.
- Other Finnish real estate investors
Competition in the residential and commercial property market in Finland; no US listing identified in the source.
- Real estate fund managers
Competition for asset and fund management services, especially in the services segment.
- Real estate consulting and appraisal firms
Competition for appraisal and property management services, especially for institutional clients.
- Local property developers
Competition for development projects and land acquisitions in Finnish cities.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202524 Mar 2026
- Annual report 202418 Mar 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Investors House Oyj · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.