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.
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