contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  companies {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  tags {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  ... on Video {
    liveTime
    videoUrl
  }
  ... on Webcast {
    liveTime
    videoUrl
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    summary
    companies {
      forum {
        latestPosts {
          ...ForumPosts
        }
      }
      name
      id
      viewerIsFollowing
      pageUrl
      defaultInstrument {
        isin
        id
        marketOpen
        marketClose
        marketplace {
          region
        }
        returns {
          total
        }
      }
    }
    tags {
      viewerIsFollowing
      id
      name
      pageUrl
    }
    createdAt
    ... on Video {
      liveTime
    }
    ... on Webcast {
      liveTime
    }
    slug
    ... on CompanyReport {
      reportUrl
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
  }
  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    name
    pageUrl
    defaultInstrument {
      priceData {
        tradeCurrency
      }
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
    id
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  createdAt
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      name
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


aspo-performance-was-wild-future-worrisome

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Analyst

Sauli Vilén

Kasper Mellas

Aspo operates in the transport and logistics industry. The company is run as a conglomerate with the vision of being an active player in the acquisition and development of companies, mainly in the growth markets of Eastern Europe. The industries in which the company has interests include, for example, the grocery retail, industry, and the IT sector. The headquarters are located in Helsinki.

Kasper has written a new company report following the plunge in Aspo’s share price.  In our view, Aspo is well-positioned with an eye on industrial demand picking up in due course, in addition to which the upcoming structural reorganization offers an interesting special situation. The share price decline in recent days has improved the expected return on the stock, so we are upgrading our recommendation to Accumulate (prev. Reduce). Our forecasts, on the other hand, remain unchanged, so we reiterate our EUR 7.6 target price, which corresponds to our estimate of the company’s sum-of-the-parts value. In our view, the separation of businesses is the most important share price driver in the near future, while clearer earnings growth still awaits a more distinct recovery in volume development.                   Inderes              Aspo: Kurssilasku tarjoaa jälleen hyvän tuotto-odotuksen - Inderes    Aspon liiketoimintojen eriyttäminen on nähdäksemme osakkeen lähitulevaisuuden tärkein kurssiajuri selkeämmän tuloskasvun odotellessa vielä volyymikehityksen selkeämpää piristymistä.

OP TARGET PRICE €8.3, RECOMMENDATION ADD

Kassu has written a company report following Aspo’s Q4 results  In our view, Aspo is well-positioned for an eventual recovery in industrial demand, in addition to which the looming structural reorganization offers an interesting special situation. Following the share price rise and our lowered forecasts, however, the expected return has become insufficient, so we are lowering our recommendation to Reduce (prev. Buy). At the same time, we are adjusting our target price to EUR 7.6 per share (prev. €7.8), which corresponds to our estimate of the value of the company’s parts after the demerger.                   Inderes              Aspo Q4'25: Tuloskasvun pitäisi jatkua, mutta maltillisempana - Inderes    Aspon Q4-tulos jäi selvästi odotuksistamme erityisesti ESL Shippingin matalamman tuloskertymän takia.

Aspo is well on its way to splitting into two separate listed companies, “ESL Shipping” and “Telko”, judging by the CEO’s comments, although he also mentions the possibility of selling ESL. The strategic transformation is progressing, and rightly so. Kasper’s interview revealed that many actions have already been taken and, once the decision is made, the process will be relatively fast. This is a very welcome message. Many investors do not want a “conglomerate” but rather a pure-play in a single industry. After the split: Maritime transport – ESL, industrial distribution business – Telko. This is expected to raise the valuation as the market starts to price the companies “correctly” based on their own industry multiples. When the companies are separated: ESL can be valued like other shipping companies and Telko like other chemical distributors. If one business is clearly more profitable and growing, it will likely command a higher P/E or EV/EBITDA multiple than before. The most important thing in these demergers is that separate companies can focus on their own strategy and make investments suitable for their industry while using capital more efficiently. Thus, ESL can invest in new vessels and greener technology, and Telko can make acquisitions in the distribution market without the needs of the other business “restricting” decisions. As separate companies, they also have a clearer risk profile. Shipping is cyclical and subject to, among other things, fluctuations in freight rates and economic cycles, while also offering cyclical profit potential. Telko, on the other hand, is a distribution business and offers a more stable cash flow. As separate companies, corporate restructurings become easier. Separate entities are easier to sell and easier to merge with other players. It is also easier to attract strategic investors to them.

Kasper interviewed Aspo’s CEO Rolf Jansson about Aspo’s Q4                    Inderes              Aspo Q4'25: Strateginen transformaatio etenee - Inderes    Aika: 16.02.2026 klo 14.27 Aspon Q4:n pääluvut olivat odotuksiamme heikommat. Aspon liikevaihto laski ja tulos jäi ennusteistamme, vaikka parani hieman vertailukaudesta. ESL:n osalta metsäteollisuuden kysyntä oli odotettua heikompaa. Ohjeistus...                             Topics: 00:00 Introduction  00:09 Q4 performance  00:36 Aspo’s 2025  01:36 ESL Shipping  02:43 ESL’s fleet  03:46 Telko  04:49 Potential separation  07:15 Guidance

Inderes              Aspo Oyj:n tilinpäätöstiedote 1.1.–31.12.2025: Merkittävä tulosparannus...    Aspo Oyj Tilinpäätöstiedote 16.2.2026 klo 9.00 Aspo Oyj:n tilinpäätöstiedote 1.1.–31.12.2025: Merkittävä tulosparannus haastavassa markkinassa vuonna 2025 Tämä on tiivistelmä Aspo Oyj:n tilinp...                                               Inderes              Aspon lyhyen aikavälin palkitsemisjärjestelmän osakepalkkiot - Inderes    Aspo Oyj Pörssitiedote 16.2.2026 klo 9.15 Aspon lyhyen aikavälin palkitsemisjärjestelmän osakepalkkiot Aspon hallitus on päättänyt, että 50 % toimitusjohtajan, johtoryhmän ja Aspon muiden avainhenkil...                                               Inderes              Aspo Oyj, Webcast, Q4'25 - Inderes    Time: 16.02.2026 klo 12.00 Language: en Language: en Sector: Service & Transports Activity: Webcast                                               Inderes              Robokommentti Aspon Q4-tuloksesta - Inderes    Aspon Q4-tulos jäi odotuksistamme, kun liikevaihto laski ja vertailukelpoinen EBITA alitti ennusteemme. ESL Shippingin heikko suoriutuminen painoi kokonaistulosta, kun spot-markkinat säilyivät vaisuina ja metsäteollisuuden kysyntä oli odotettua...                              October–December 2025   Net sales, total group was EUR 158.0 million (159.8)   Net sales from continuing operations decreased and were EUR 119.3 million (124.5)   Comparable EBITA, total group increased and was EUR 8.9 million (8.0), or 5.7% of net sales (5.0)   ESL Shipping EUR 3.8 million (4.3)   Telko EUR 4.4 million (3.9)   Discontinued operations EUR 2.0 million (1.1)   Other operations EUR -1.2 million (-1.2)     EBITA, total group was EUR 16.2 million (8.1). ESL Shipping’s EBITA was EUR 13.3 million (4.4), Telko’s EUR 4.0 million (3.9) and discontinued operations’ EUR 1.3 million (1.1)   Comparable return on equity (ROE), total group was 10.8% (13.0)   Comparable earnings per share, total group was EUR 0.06 (0.15)   Free cash flow was EUR 26.2 million (-18.7)   In November 2025, Aspo announced it would continue the strategic review of the company, with the main alternatives being the sale of ESL Shipping or a potential partial demerger of Aspo.   M/S Kallio was sold to The Qrill Company AS in October 2025. The sale price was approximately EUR 18 million and the gain on sale was EUR 9.6 million. The gain on sale is not included in the comparable EBITA.   The international Science Based Targets initiative (SBTi) approved Aspo’s near-term emission reduction targets in October 2025.    Guidance for 2026 Aspo Group’s comparable EBITA from continuing operations is expected to increase compared to the previous year (EUR 29.4 million in 2025). Aspo Group’s comparable EBITA from continuing operations does not include the Leipurin business, which is reported as a discontinued operation. The sale of Leipurin was announced on August 15, 2025, and it is expected to be completed during the first quarter of 2026.  The Board of Directors proposes to the Annual General Meeting to be held on April 17, 2026, that a dividend of EUR 0.25 per share be distributed for the financial year 2025 and that no dividend be paid for the treasury shares held by Aspo Plc. The proposed dividend is 49% of Aspo’s comparable earnings per share in 2025. The dividend is proposed to be paid in a single installment. The dividend, EUR 0.25 per share, is proposed to be paid to shareholders who are registered in the company’s shareholder register maintained by Euroclear Finland Ltd on the record date of April 21, 2026. The Board proposes that the dividend payment date be April 28, 2026.

Kassu’s pre-comments as Aspo reports its Q4 results on Monday, Feb 16.  * We expect Aspo’s Q4 result to have grown from the comparison period. Although industrial volumes remaining sluggish continue to hinder a clearer recovery, Aspo’s result in our forecasts is supported especially by ESL Shipping’s improved cost efficiency. However, ahead of the earnings day, we slightly lowered our estimate for ESL’s performance for the end of the year, which led to a very modest decrease of about one percent in our 2025 EBITA forecast. In addition to the earnings figures, the guidance for the current year and any potential further information regarding the separation of businesses are of particular interest.                   Inderes              Aspo Q4’25 -ennakko: Odotuksissa kohtuullisen hyvä loppuvuosi - Inderes    Vaikka teollisuuden vaisuina säilyneet volyymit jarruttavat yhä selkeämpää piristymistä, saa Aspon tulos ennusteissamme tukea erityisesti ESL Shippingin parantuneesta kulutehokkuudesta.

Aspo

On Wednesday, Aspo published a Q3 result that was stronger than we expected. We have raised our earnings estimates for the next few years, as the report improved visibility of Telko's profitability...

<p>On Wednesday, Aspo published a Q3 result that was stronger than we expected. We have raised our earnings estimates for the next few years, as the report improved visibility of Telko's profitability level adjusted for Russian operations. Moreover, completed acquisitions will increase earnings in the next few years. Although the valuation is low in absolute terms, we are still cautious especially due to the significant uncertainty related to ESL’s performance. </p> 

	2021	22e	23e
Revenue	573.3	629.6	586.5
growth-%	14.5 %	9.8 %	-6.8 %
EBIT (adj.)	42.4	54.4	40.8
EBIT-% (adj.)	7.4 %	8.6 %	7.0 %
EPS (adj.)	1.02	1.33	0.93
Dividend	0.45	0.46	0.47
Dividend %	4.0 %	6.7 %	6.9 %
P/E (adj.)	11.1	5.1	7.4
EV/EBITDA	8.6	6.4	5.4

Aspo: Performance was wild, but future is worrisome

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Key Estimate Figures02.11.2022

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