Bildkälla: Stockfoto

Aspo: Dry bulk indices at strong levels - Nordea

Aspo will publish its first quarter 2021 results on Wednesday, 5 May at 10 a.m. (EET). For Q1, we are 2% ahead of Infront consensus on net sales and adjusted EBIT.

Given the latest development in the commodity market, we note increased dry bulk rates across the board, which should support Aspo’s ESL-Shipping going forward. On average, Supramax spot rates were up some 85% y/y in Q1, while rates have gained further in April and are now some 200% above last year levels. ESL-Shipping typically operates with longer contracts why we do not expect imminent earnings boost but positive demand situation should have helped volumes in Q1. We model EUR 4.1m EBIT for ESL-Shipping in Q1, while our group EBIT estimate is EUR 6.3m (consensus EUR 6.2m).

In addition to the dry bulk rates, we note skyrocketed plastic prices. Aspo’s Telko segment operates as an intermediary and could have benefited from increasing plastic prices through inventory effect. We however note that demand for plastics has been above supply due to force-majors, which might have hampered sales volumes of plastic products. For Telko, we model 5% y/y sales growth with improving EBIT of EUR 3m (EUR 2.4m a year ago) in Q1.

We currently have a EUR 8-10 fair value range for Aspo.
Börsvärldens nyhetsbrev
ANNONSER