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We raise our full-year group clean EBIT forecast by ~50%. Previously, we expected the Telko segment to be loss-making in H2 2022 due to operational problems in Russia. Our new H2 2022 forecast for Telko's clean EBIT margin is 4%, but we also add EUR 15m in Russia-related costs to Q2 2022E as a one-off item related to Telko's problems in H2 2022E. We now calculate a fair value range of EUR 9.6-11.7 (9.0-11.2) per share for Aspo, based on an equal weighting of our DCF, P/E and SOTP valuations. Aspo could sell its Russian operations (~20% of sales) in H2 2022, leading to an upgrade for accepted valuation multiples. The company's P/E is currently 7x for 2023E, but we believe it could be more than 10x following an exit from Russia. The company will release its Q2 report on 10 August. Marketing material commissioned by Aspo.
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