Here is Frans’s company report based on IH’s Q2 results 
Investors House’s Q2 report was, in the big picture, in line with our expectations. As expected, revenue and profit fell significantly, driven by the major sale of a real estate entity. However, the absolute low profit slightly exceeded our expectations. This year is a year of structural change for the company, following the sale of the fund business and the cancellation of the demerger plan. The company is planning growth investments in both segments for the end of this year/next year, and their success is at the heart of the investment story. We are lowering our target price to 3.3 euros, driven by the large dividends distributed this year relative to earnings, and we reiterate our “reduce” recommendation. We believe the stock’s valuation (Q2’26 P/B 1.25x, dividend yield ~4%) remains tight relative to the smaller business.