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SENASTE
Q3 net sales were 11% above Refinitiv consensus. A strong shipping market, raw material prices and acquisitions supported sales growth. Clean EBIT is on track for a record high in 2022E, which will make it hard to improve further in 2023E y/y. The Russian exit could prove easier than feared. The development in the shipping market will be critical to operating profit next year, but favourable yields in the shipping market have deteriorated recently. We calculate a fair value range of EUR 10.2-12.5 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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