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Q4 net sales came in 1% above our estimate, but clean EBIT was 7% below our expectation. The Telko segment was weaker than we had anticipated. Aspo says the shipping market is calming down, and thus its guidance also indicates a clear decline in operating profit in 2023 y/y. Our new forecast for revenue growth this year is -7%. We also expect clean EBIT to decline by 24% y/y in 2023. However, the company's outlook in the medium term looks good due to an order for 12 new hybrid coaster vessels. Profitability problems are more related to large Supramax vessels than coasters. We calculate a fair value range of EUR 9.8-12.0 per share for Aspo, based on an equal weighting of our DCF, P/E and SOTP valuations. Marketing material commissioned by Aspo.
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