Strikes and severe winter ice conditions led to clean EBIT coming in below LSEG Data & Analytics consensus in Q1. However, the company's financial strength has improved, growth is being supported by acquisitions and earnings momentum is turning positive. Valuation is undemanding compared to its declining risks and improved outlook. Our estimates point to a fair value range of EUR 7.3-8.9 per share, based on an equal weighting of our DCF, P/E and SOTP valuations. Marketing material commissioned by Aspo.
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