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SENASTE
Revenues were 11% above Refinitiv consensus in Q3. Clean operating profit of EUR 13m was EUR 2.7m above market consensus in Q3. We believe a part of good development could have come from favourable official EUR/RUB exchange rate. But ESL Shipping reported a very strong result in Q3. However, fuel prices have increased, spot market rates softened and end demand weakening in Q4. Full year guidance was unchanged (already upgraded in October) and the company still feels very confident about full-year performance in 2022. But further improvement could be challenging in next year and we already expect a lower clean EBIT for 2023 y/y. Negative one-off items will be close to EUR 25m in 2022. The majority of these extra costs and write downs are related to Russia exit. Overall, the company looks to survive relatively well from its Russia exit - at least better than feared in the spring 2022.
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