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The Russian attack on Ukraine significantly weakens the company's operating conditions in the Eastern market and we have lowered our forecasts. Currently, making forecasts is exceptionally difficult when visibility is very low. Although Asco has excellent evidence of navigating past crises, the current crisis is quite different in scale. Even with forecast decreases, the share price remains favorable, but in the light of the required return that has clearly increased due to the crisis, it’s difficult for us to see any upside in the share, especially as earnings growth turns negative. Therefore, the return/risk ratio has turned neutral as a result of significantly increased risks.

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Trade. (Aspo)

Aspo is a conglomerate that specializes in demanding B-to-B customers. It owns and develops its businesses in Northern Europe and in selected growing markets. Aspo's wholly owned subsidiaries ESL Shipping, Leipurin, Telko and Kauko operate under their own strong brands and provide value for their customers. The objective of the trade and logistics businesses is to be the market leaders in their sectors. Aspo's value is produced by the entity formed by its businesses.