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Aspo actively continues its investigation into strategic alternatives for its operations in Russia, but we expect the outcome to be Aspo exiting Russia without meaningful financial compensation. We also forecast net sales down this year and also next y/y. Aspo's most recent guidance indicates EUR 27-34m in clean EBIT for 2022, while our new estimate is 4% below the guidance midpoint. With the phasing-out of Russia operations, ESL Shipping will increase its relative importance in the group. Acquisitions to ramp up net sales are possible in the future but we do not yet include these in our estimates. After adjusting our estimates, we calculate a fair value range of EUR 9.0-11.2 (9.9-12.2) per Aspo share, equally weighting our DCF, P/E and SOTP valuations. Marketing material commissioned by Aspo.
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