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Aspo: A very strong shipping market - Nordea

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). For Q3, we are 1% ahead of Infront consensus on net sales and 3% ahead on adjusted EBIT. A very strong shipping market should have favoured ESL Shipping segment in Q3. We model EUR 9.1m EBIT for ESL-Shipping in Q3, while our revenue growth forecast is 44% y/y for the segment. In addition to the dry bulk rates, high plastic prices should support Telko segment. Telko operates as an intermediary and could have benefited from increasing plastic prices through inventory effect. For Telko segment, we model 14% y/y sales growth with improving EBIT of EUR 5.1m (EUR 4.2m a year ago) in Q3. Overall, we forecast a 90% y/y improvement for operating profit this year.

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). For Q3, we are 1% ahead of Infront consensus on net sales and 3% ahead on adjusted EBIT. A very strong shipping market should have favoured ESL Shipping segment in Q3. We model EUR 9.1m EBIT for ESL-Shipping in Q3, while our revenue growth forecast is 44% y/y for the segment. In addition to the dry bulk rates, high plastic prices should support Telko segment. Telko operates as an intermediary and could have benefited from increasing plastic prices through inventory effect. For Telko segment, we model 14% y/y sales growth with improving EBIT of EUR 5.1m (EUR 4.2m a year ago) in Q3. Overall, we forecast a 90% y/y improvement for operating profit this year.
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