Weak shipping volumes and declining crude oil prices could keep organic revenue growth relatively modest. Acquisitions, however, will likely lead to strong reported revenue growth for H2 2024. We do not view the company's 2024 EBITA guidance of above EUR 32m challenging to reach, but a market recovery and clear demand growth are needed for Aspo to reach its full potential. We also believe the share price has considerable upside potential if the strategic execution is successful. We reiterate our fair value range of EUR 7.3-8.9 per share. Our fair value is based on equal weightings of our DCF, P/E and SOTP valuations. Marketing material commissioned by Aspo.
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