Aspo's updated clean EBIT guidance is not challenging – the company should easily reach the upper end (EUR 39m) of the new range. We expect a good performance thanks to the strong shipping market. Telko has also improved, but Leipurin continues to struggle with low profitability. Company-specific risks are coming down, its debt-handling capacity is solid, and gearing is nearing the target range of 130%. Based on our new estimates, we calculate a fair value range of EUR 11.2-13.8 (10.3-12.7) per share by equally weighting our DCF, P/E and SOTP valuations. Marketing material commissioned by Aspo.
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