No new information regarding the possible divestment of the ESL Shipping segment has been released. The divestment or a demerger of ESL Shipping is expected to happen this year. Thus, we believe the Telko segment's compounder strategy could be the main equity story for Aspo in 2027. Yet the remaining operations could trade at a slight discount to the Swedish compounder average on EV/EBITA, owing to weaker growth, margins and M&A activity (versus Swedish peers). Our estimates still point to a fair value range of EUR 6.7-8.2, 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. In the event of a divestment, we do not rule out the possibility of an extraordinary DPS of EUR 1.