After two challenging years, Aspo is finally reaching its potential within its ESL Shipping and Telko segments. Q1 operating profit was a whole 28% above Infront consensus. The Leipurin segment has not yet recovered from the pandemic and full-year EBIT guidance looks modest, but our EBIT forecast for this year is 64% above last year's level; thus, we believe that Aspo will upgrade its guidance this summer. Company-specific risks are coming down, its debt-handling capacity is good, and gearing is nearing the target range of 130%. Based on our new estimates, we calculate a fair value range of EUR 9.0-11.2 (8.0-10.0) per share. Marketing material commissioned by Aspo.
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