Research 20201210
Aktuellt
SENASTE
Aspo upgraded its full-year guidance on 9 December and now expects 2020 EBIT of EUR 18-20m (previously EUR 14-16m). Although our EBIT forecast was already above the previous guidance range, the dry bulk market recovery appears to be stronger than we or the company had expected. Furthermore, Telko's continued earnings growth also creates confidence about the sustainability of the profit improvement. Overall, the 2021 outlook remains positive and we continue to forecast a clear improvement in operating profit next year. Aspo should reach its financial targets ahead of schedule in 2022, we believe. Based on our new estimates, we calculate a fair value range of EUR 7.1-9.0 (6.8-8.6) per share.
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