Frans has written another company report following Investors House’s Q4. 
Investors House’s Q4 report was slightly better than our expectations, especially thanks to the Services segment. The company delivered yet another dividend surprise, and the Board proposes a dividend of EUR 0.37. The company’s guidance was cautious as expected, and 2026 will be a year of structural change as the company is likely to split into separate services and real estate businesses. The outlook for the Services segment is better than before, and we believe the company’s strong historical track record justifies a higher valuation level than in the past. However, the expected return remains negative due to the downside in valuation (2026e P/B 1.44x) despite the 8.7% dividend yield. We raise our target price to EUR 3.70 (prev. EUR 3.50) driven by forecast changes and the increase in the fair value of the Services segment, but we reiterate our Reduce recommendation.