Copyright © 2021. Inderes Oyj. All rights reserved.

Aspo: A year of great changes - Nordea

Third party research 05.05.2022 8:40 Aspo

Aspo actively continues its investigation into strategic alternatives for its operations in Russia, but we expect the outcome to be Aspo exiting Russia without meaningful financial compensation. We also forecast net sales down this year and also next y/y. Aspo's most recent guidance indicates EUR 27-34m in clean EBIT for 2022, while our new estimate is 4% below the guidance midpoint. With the phasing-out of Russia operations, ESL Shipping will increase its relative importance in the group. Acquisitions to ramp up net sales are possible in the future but we do not yet include these in our estimates. After adjusting our estimates, we calculate a fair value range of EUR 9.0-11.2 (9.9-12.2) per Aspo share, equally weighting our DCF, P/E and SOTP valuations. Marketing material commissioned by Aspo.

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.