At its CMD event on 1 December, Aspo kept its 2021 EBIT guidance unchanged but upgraded its long-term EBIT margin guidance to 8% (6% previously). A sales growth target, which has been missing from guidance, was also introduced at 5-10%. Small acquisitions will be used to support revenue growth in Telko. Aspo is also seeking a new business segment that can offer an organic growth platform in the long term. Based on our estimates, we calculate a fair value range of EUR 11.2-13.8 per share based on equally weighted DCF, P/E and SOTP valuations. Marketing material commissioned by Aspo.
LÄS MER