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. 

Q3 net sales were 11% above Refinitiv consensus. A strong shipping market, raw material prices and acquisitions supported sales growth. Clean EBIT is on track for a record high in 2022E, which will make it hard to improve further in 2023E y/y.

Aspo Plc
Stock exchange release
November 2, 2022 at 11:30 a.m.

Aspo's Board of Directors decided on the payment of the second dividend installment

The Board of Directors of Aspo Plc has decided on the payment of the second dividend installment of EUR 0.22 per share, based on the authorization of the Annual Shareholders' Meeting on April 6, 2022. The dividend will be paid to shareholders who are registered in the shareholders' register maintained by Euroclear Finland Ltd on the record date November 4, 2022.

Aspo’s Q3 results topped estimates. In our view the beat was driven by ESL, where Q3 was again a very strong quarter.