Frans is getting ahead of the curve as IH reports its results this Thursday. 
We expect revenue and earnings to have decreased significantly from the comparison period, driven by the sale of the large Apitare real estate portfolio. We estimate that the result was largely based on continuous operations and do not expect significant one-off gains for the quarter. It is worth noting that Q1 is seasonally a weaker quarter for the company, as property taxes are recognized in full at the beginning of the year. This is the first quarter under the leadership of the new CEO Jukka Akselin, and we are following his comments on the company’s future direction with interest.