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SENASTE
The last two quarters have been the best ever in terms of clean EBIT, despite all the problems in Eastern markets. A favourable shipping market and a tight situation in the plastic and chemical sectors were the main reasons for the strong results in Q2. Management is confident about its 2022 performance, and a Russian exit could prove easier for Aspo than previously feared. Telko might not be able to keep up its strong performance, however, when excluding the effects of pricing and FX in Russia. A new business model for ESL Shipping, an exit from Russia and a potential acquisition by Telko could also heavily alter consensus estimates for H2 2022. We calculate a new fair value range of EUR 10.2-12.5 (9.6-11.7) per share for Aspo, based on an equal weighting of our DCF, P/E and SOTP valuations. Marketing material commissioned by Aspo.
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