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Net sales was 8% above consensus (Infront) in Q4. Clean operating profit was very good in Q4 due to ESL Shipping segment. The profitability of all vessel categories was historically strong in Q4. Clean EBIT in Leipurin and Telko segments were close to our expectations. Aspo has booked EUR 8.5m write downs and other one-offs for 2021 result which could be related to a new strategy and changes in the management team. Russia, Ukraine and other CIS countries were 27% from net sales 2021 which could weigh on the valuation multiples that the market accepts for the company. Full year guidance for clean EBIT 2022 was 5.5% over market consensus. The company’s dividend proposal is EUR 0.23+0.22 (consensus EUR 0.44).



Source: Finwire News.

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.