And here’s the company report itself, in Frans’s style. 
Investors House’s Q4 result was weaker than our expectations at the reported result level due to a goodwill impairment in the services segment. Operationally, however, the result was good thanks to the strong performance of the real estate segment. Guidance and dividend were expected, and the company is increasing its basic dividend for the 10th consecutive year. Our forecasts decreased slightly due to the weak short-term outlook for the services segment. In our opinion, the company’s valuation (Q4’24 P/B 0.93x) is at a fairly reasonable level, which is why we await a better buying opportunity for additional purchases. We reiterate our target price of 5.70 euros and lower our recommendation to ‘reduce’ (previously ‘add’).