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Aspo: Good Q4 result, clean EBIT for 2022 is guided same y/y - Nordea

Net sales was 8% above consensus (Infront) in Q4. Clean operating profit was very good in Q4 due to ESL Shipping segment. The profitability of all vessel categories was historically strong in Q4. Clean EBIT in Leipurin and Telko segments were close to our expectations. Aspo has booked EUR 8.5m write downs and other one-offs for 2021 result which could be related to a new strategy and changes in the management team. Russia, Ukraine and other CIS countries were 27% from net sales 2021 which could weigh on the valuation multiples that the market accepts for the company. Full year guidance for clean EBIT 2022 was 5.5% over market consensus. The company’s dividend proposal is EUR 0.23+0.22 (consensus EUR 0.44).

Net sales was 8% above consensus (Infront) in Q4. Clean operating profit was very good in Q4 due to ESL Shipping segment. The profitability of all vessel categories was historically strong in Q4. Clean EBIT in Leipurin and Telko segments were close to our expectations. Aspo has booked EUR 8.5m write downs and other one-offs for 2021 result which could be related to a new strategy and changes in the management team. Russia, Ukraine and other CIS countries were 27% from net sales 2021 which could weigh on the valuation multiples that the market accepts for the company. Full year guidance for clean EBIT 2022 was 5.5% over market consensus. The company’s dividend proposal is EUR 0.23+0.22 (consensus EUR 0.44).
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