Luo ilmainen tili jotta voit seurata yrityksiä, osallistua foorumin keskusteluun sekä kommentoida meidän sisältöä. Valitse sinulle sopivin tili.
Oliko sinulla jo tili?
Follow this company like 4960 other investors.
Aspo held its CMD, where the key message was that focus is more towards add-on M&A as opposed to exits (except for the sale of Kauko and Leipurin’s Vulganus machines).EBIT margin target raised to 8% from the previous 6%Aspo’s EBIT has gained a lo
At its CMD event on 1 December, Aspo kept its 2021 EBIT guidance unchanged but upgraded its long-term EBIT margin guidance to 8% (6% previously). A sales growth target, which has been missing from guidance, was also introduced at 5-10%.
Aspo holds a CMD event today. Its new long-term operating profit target is 8% (previously 6%).The company’s ROE target (>20%) and gearing target (<130%) were unchanged.
Aspo’s Q3 EBIT was EUR 12.8m without the one-offs. Valuation is still not very high as we see scope for well above EUR 40m EBIT next year, but we consider multiples neutral. Our TP is EUR 14.0 (12.5), rating HOLD (BUY).
Aspo's updated clean EBIT guidance is not challenging – the company should easily reach the upper end (EUR 39m) of the new range. We expect a good performance thanks to the strong shipping market.
Net sales was 4% above consensus in Q3. Operating profit, without EUR 3.4m goodwill write down, was even 25% above market (Infront) consensus in Q3. A good result was related to ESL Shipping and Telko segments.
Aspo’s headline EUR 7.6m Q3 EBIT didn’t meet estimates, but the figure includes a EUR 3.4m Kauko impairment loss. Both ESL and Telko recorded new profitability highs.
The market environment has been favourable for Aspo and the outlook for H2 2021 is strong. Aspo will publish its third quarter 2021 results on Wednesday, 27 October at 9:30 a.m. (EET).
Aspo’s Q2 group-level EBIT was known before the report. We make minor upward revisions to our estimates, and we see Aspo on a firm track towards full profitability potential.
Q2 operating profit and full-year guidance were already pre-announced, eliminating any major excitement from the earnings report on 11 August, but the market environment has been favourable for Aspo and the outlook for H2 2021 is strong.