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Aspo: A record Q2 profitability - Evli

Aspo released preliminary information regarding Q2 results already last week and so the Q2 report was no news event in terms of group-level EBIT. Telko’s profitability was higher than we expected.

- Aspo’s Q2 revenue was EUR 142.9m vs the EUR 133.6m/134.5m Evli/consensus estimates. Q2 EBIT was EUR 9.6m.

- ESL’s top line was EUR 46.0m, compared to our EUR 38.9m estimate, while EBIT amounted to EUR 5.4m vs our EUR 5.2m estimate. Market freight rates improved significantly y/y in all vessel categories, while there were strong fluctuations in loading demand. High dockings also limited profitability potential.


Our rating; Buy, with target price 11,5 EUR.
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