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Q2 operating profit and full-year guidance were already pre-announced, eliminating any major excitement from the earnings report on 11 August, but the market environment has been favourable for Aspo and the outlook for H2 2021 is strong. The shipping market has been healthy and the Telko segment improved significantly, hence we forecast a 90% y/y improvement for operating profit this year. After a few challenging years, Aspo is finally reaching its potential within its ESL Shipping and Telko segments. The Leipurin segment has not yet recovered from the pandemic but it should be able to reach EUR 4m annual operating profit in a positive scenario. Based on our new estimates, we calculate a fair value range of EUR 10.3-12.7 (9.7-12.0) per share. Marketing material commissioned by Aspo.
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