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Aspo: Performance was wild, but future is worrisome

ASPOResearch03.11.2022 klo 14.56
Sauli Vilén, Kasper Mellas
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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.

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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.

Read more on company page

Key Estimate Figures02.11.2022

202122e23e
Revenue573.3629.6586.5
growth-%14.5 %9.8 %-6.8 %
EBIT (adj.)42.454.440.8
EBIT-% (adj.)7.4 %8.6 %7.0 %
EPS (adj.)1.021.330.93
Dividend0.450.460.47
Dividend %4.0 %6.3 %6.5 %
P/E (adj.)11.15.57.8
EV/EBITDA8.66.65.6

Forum discussions

Jussi Halme has made a video about Aspo Aspo’s share price has soared, and the company is finally carrying out its long-awaited demerger. But...
8/11/2026, 8:47 AM
by Sijoittaja-alokas
3
Kassu and Sale have published a new company report on Aspo following the Q2 results Aspo’s Q2 report was very strong, thanks to Telko’s excellent...
8/3/2026, 7:26 PM
by Sijoittaja-alokas
3
Sale interviewed Aspo CEO Rolf Jansson regarding Q2 Topics: (00:00) Q2 highlights (00:37) ESL receiving a boost from tariffs (01:11) ESL’s other...
8/3/2026, 1:12 PM
by Sijoittaja-alokas
6
That was quite an earnings beat. The report tried to temper expectations by saying that Telko’s high Q2 profit level is unlikely to be maintained...
8/3/2026, 11:39 AM
4
GlobeNewswire News Room – 3 Aug 26 Aspo Plc’s Half-year Financial Report, January 1 – June 30, 2026: Substantial... Aspo Plc Half-year Financial...
8/3/2026, 6:05 AM
by Saunatonttu
8
Kassun pre-commentary ahead of Aspo reporting its Q2 results on Monday, Aug 3rd. We expect ESL’s result to have remained weak due to drydockings...
7/24/2026, 7:01 AM
by Sijoittaja-alokas
2
Actually, I know at least part of the right answer to this, which is that I sold all my Aspos (30k shares) off. It’s cheap, but Optomed and ...
7/11/2026, 5:43 AM
by Zen65
3