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Aspo: Outlook for ESL Shipping has clearly improved - Nordea

Clean operating profit in Q3 was better than consensus expected and momentum is turning positive after the weak summer. Aspo has thus lifted its 2020 EBIT guidance midpoint by EUR 1m (7%). We also upgrade our EBIT forecast for this year, by EUR 2.3m, and next year we expect to see a clear EBIT improvement y/y due to ESL Shipping and Telko.

We assume Leipurin cannot build up similar positive momentum in 2021. The share price indicates that problems will continue next year, but we believe the 2021 outlook is now much brighter. Based our new estimates, we calculate a fair value range of EUR 6.2-7.8 (6.1-7.7) for the share.

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