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SENASTE
Net sales came 4% below consensus (LSEG) in Q3. The company's clean Q3 EBITA was 10% under our expectations. The market environment has been weak and yields in the shipping segment are under pressure. However, Aspo is still investing heavily in all of its segments. We believe that its capability to generate earnings in the future is growing, but it could take several years to see the full potential. Risks in the short term are related to weak end demand and funding of the selected growth initiatives, in our view. Much also depends on the strategy execution. Aspo decided to cancel the payment of the second (EUR 0.23) instalment of the expected EUR 0.47 dividend in this year. Our estimates point to a fair value range of EUR 7.3-8.9 per share, based on an equal weighting of our DCF, P/E and SOTP valuations. However, the shipping market needs to recover before the share can rerate, we believe. Marketing material commissioned by Aspo.
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