The Leipurin segment was divested in August 2025 and ESL Shipping could be sold this year. A Telko compounder strategy could then be the main equity story for Aspo in 2027. Execution of the value-creation strategy could be considered successful if ESL Shipping were to be sold at an EV/EBIT of 12x, and the remaining Telko segment were also traded at the same valuation multiples as Swedish compounder companies. Moreover, we do not rule out the possibility of an extraordinary dividend. Short-term risks associated with the value-creation strategy relate to a weak economic environment and low industrial interest for the ESL Shipping segment. Our estimates still point to a fair value range of EUR 6.7-8.2 per share, based on an equal weighting of our DCF, P/E and SOTP valuations. Note, however, that the SOTP valuation is highly sensitive to a possible divestment price for ESL Shipping.