Here is the company report on IH from Frans following Q3 
Investors House’s Q3 results exceeded our expectations thanks to a light cost structure. In particular, Services achieved a significant turnaround in profitability. During this restructuring year, the company has simplified its structure. We estimate that it will continue capital recycling and sell its residential properties early next year. Consequently, for next spring, we forecast a growing dividend of EUR 0.38 in line with the strategy, which primarily represents the distribution of balance sheet equity. Valuation has returned to neutral territory (Q3’26 P/B 1.0x), but low peer valuations, elevated interest rates, and our forecast return on equity of around 5-6% do not, in our view, justify a higher valuation before growth investments materialize. We lower our target price to EUR 2.70 (prev. EUR 3.30). The new target price takes into account our dividend forecast, which clearly exceeds the company’s earnings and reduces the balance sheet. We reiterate our Reduce recommendation.